It makes sense to use robots trading on small timeframes for automated trading, because the bot won’t miss a single deal. Glory Champion expert advisor can be called a scalper, but despite the small working timeframe, it trades consistently and profitably.

This automated scalper (also known as Magic Champ) is recommended to use on timeframes not exceeding m5: according to the developers, the optimal result is received on trading EUR/USD and GBP/USD. Moreover, the algorithm of the EA initially targeted a small profit, about 10-20 points in one transaction, and rare deals allow to earn more than 50-60 points.

The ratio of SL and TP used in trading does not exactly fit into the classic recommendations – they are approximately equal, and in some cases SL even exceeds the expected profit. The creators of the robot bet on reliability and a high percentage of winning trades.

As for the rules of making deals, it is known only that the market analysis is performed based on the indicators’ readings. They involve moving averages, Stochastic, RSI. Volatility is estimated on ATR data.

Glory Champion expert advisor: general settings

This bot is different from most of the MTS due to abundance of settings. In addition to the block of standard parameters, the authors paid special attention to MM, because handsome profit at a large number of transactions can only be received through competent capital management. The standard settings are:

• MagicNumber – the EA assigns a unique number to each order, thanks to which the bot does not confuse the orders;
• Long/short allowed – by default set to “true”, settings allow you to enable/disable to sell/buy;
• Splitlot – when “true”, the transaction will close in parts;
• slippage – the maximum allowable drawdown;
• Maxspread – limits the maximum spread, it is useful if the broker has a floating spread;
• BreakAfterSL – a pause is indicated in minutes, during which the EA will not trade after receiving the loss;
• AutoTradeOpen – when enabled, the bot will trade on its own;
• Auto SL/TP Management – when “true”, the size of SL and TP is calculated automatically.

Among other settings, we can single out a group that is responsible for the trading time (section of parameters Trading Start/Stop). You can also specify what time to use – local or server – in the time settings.

Methods of money management

A trader can choose from 3 options of money management, the Glory Champion expert advisor can both trade with a fixed lot and increase the volume along with the growth of the deposit. The first version of the MM (adaptive money management) provides trading with a certain percentage of the deposit.
Parameters Risk long/short percent define risk in transactions to buy/sell. You may want to use a more clever way to calculate the risk of the transaction using the divisors (Divisor long/short).

Imagine that the initial deposit was $15,000, profit – $4,000 ($3,000 – to buy, $1,000 ¬– to sell). The acceptable risk for buy and sell deals is set at 4%. An adaptive MM with Divisor parameters of 3 is used. In this case, acceptable risk (to buy) in the usual manner of calculation will be 0,04x19,000 = $760, and using a divisor – 3,000/3 = $1,000. In this case, the EA would have used the risk of the transaction to buy as $1,000.

The second MM option uses a combination of the fixed lot and the percentage of gains/losses resulting from trading. Basic settings are:

• BasicRisk L/S – value of the fixed lot (specified in the deposit currency);
• Reinvest PcL/PcS – specifies what percentage of the profit/loss in percentage will be added to the fixed lot;
• MaxRisk PcL/PcS – limiting the maximum risk in percentage.

The last MM option is the easiest: trading is conducted with a fixed lot. Lot size is determined by the lots long/short parameters. It can be considered the most conservative way of trading. After launching the EA, the basic information is displayed in the left part of the window.

Testing of the EA

Despite the small timeframe, even when tested on a period of several years, the Glory Champion expert advisor looks good; the deposit is growing steadily. Compared with the pound, EUR/USD looks better – the deposit growth curve has no obvious failures and horizontal sections. Earnings for the testing period amounted to $89,325.64.

GBP/USD also gives a good result, however, after 2010 the profitability of the EA slightly decreased, this area on the curve of the deposit was characterized by the movement of the curve in a horizontal channel. As for profit, over the period from 2007 to 2012, the pound allowed to earn $36,411.78.

As the authors promised, most of the transactions are closed with profit; the percentage of successful transactions is about 88% for both currency pairs. Drawdown is low (within 15%) and can be explained by the fact that the 1 type of MM was used in testing, that is, the lot was constantly increasing.

At present, the situation is slightly worse; the default settings don’t show such good results anymore. Thus, since the beginning of 2014, the bot was able to earn only $549.52, i.e. profit was only 5.5% annually. At the same time, a small number of transactions draw attention – only 47. This figure is very low for day trading on m5 timeframe.

Summing-up

The Glory Champion expert advisor used to be one of the best scalping robots. Despite m5 working timeframe, it guaranteed profitable and stable trading for many years. Unfortunately, over time, its default settings went no longer actual, so in 2014 the result of trading can hardly be called acceptable.

It can only be recommended for use only after optimization, and you also need to pay attention to the combination of the default settings – perhaps, changing the MM can change the situation for the better.

The fact that even now there is still a high percentage of profitable trades speaks in favor of the algorithm the EA is based on. Without optimization, this figure is around 80%. This suggests the viability of methods of trading, and the problem is in finding the optimal parameters.