Forex Knight Rider
Overview
| EA Name | Homepage | Pair | Timeframe | Takeprofit | Stoploss | ECN | 5-Digits | Comments |
|---|---|---|---|---|---|---|---|---|
| Forex Knight Rider | Click Here! | EURUSD | M15 | 6 | 60 | no | automatic |
Forward Test (Demo)
Status: stopped (moved to LIVE-Trading)
Last update: 2010 February 23, 14:00 (GMT)
| EA Name | Statement | Weekly Net P/L [Pips] | Weekly Profit | Weekly Trades | Winning Trades | Max/Min [Pips] | Closed P/L [Pips] | Open P/L [Pips] | Total Profit | Max. DD [%] | Weeks in Test |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Forex Knight Rider | Statement | 4 | 1% | 4 | 92% | 9 / -62 | 38 | 0 | 8% | 19% | 10 |
Backtest
| EA Name | Statement | Period | Pair | Closed P/L [Pips] | Open P/L [Pips] | Trades | Winning Trades | Max/Min [Pips] | Max. DD [%] | Comment |
|---|---|---|---|---|---|---|---|---|---|---|
| Forex Knight Rider | Statement | 2009 | EURUSD | 747 | 0 | 228 | 96% | 8 / -60 | 20% | |
| Forex Knight Rider | Statement | 2008 | EURUSD | -173 | 0 | 221 | 89% | 12 / -64 | 59% | |
| Forex Knight Rider | Statement | 2007 | EURUSD | -196 | 0 | 201 | 89% | 11 / -62 | 89% | |
| Forex Knight Rider | Statement | 2006 | EURUSD | -478 | 0 | 66 | 79% | 10 / -62 | 96% | |
Homepage / Vendor
Forex Knight Rider is a Product of Next Generation FX Trading (Forex Godfather etc…). The homepage contains not a lot of information about the prodcut itself beside the information that it is a kind of scalping robot. As a proof of it’s functionality some backtest summaries, Balance Graphs and sample trades are shown. None of this information is complete so they are all worthless to judge about the profitability of the product.
Delivery
As owner of Forex Knight Rider you get:
- the Forex Knight Rider Expert Advisor (compiled .ex4 file)
- a 36 page PDF installation guide
Installation / License
The installation guide contains a step by step instruction to install the product which is an easy task as it needs only 1 file copied to the right place. There is no additional activation step needed and the robot is not locked to a specific account.
How does it work ?
Forex Knight Rider trades only during specific time of the day which is outside of the asian session used by other scalpers. It enters new trades based on a combination if Commodity Channel Index, Relative Strength Index and Moving Average. Forex Knight Rider opens only 1 trade at a time. To exit trades a fixed takeprofit / stoploss is used. This exit criteria are handled internally there is a 2nd set of values which is used externally / at the broker.
Settings / Money Management / Broker Requirements
Knight Rider has only a few parameters to define. These are the takeprofit / stoploss values, the money management parameters and the GMT Offset which is the most important one to ensure that the EA trades at the right time. The built in money management is Leverage based. This means you define how many times your actual balance you want to trade. By default this value is set to 20. This means on a $1000 USD account you trade $20′000 which is equal to 0.2 standard lots. Taking the 60 pips stoploss into account this means the risk taken is 120 USD or 12%.
The automatic calculation does not work correctly on brokers which have a lotsize different to 100′000. Forex Knight Rider automatically adapts to 4- / 5-digit price quotes. On the homepage they state that Knight Rider works on ECN brokers which in our point of view is not correct as it does not support market orders.
Conclusion
An interesting approach to scalp outside of the asian session. The product seems to be consistent so far. They main concern are the backtest results which looks good only for 2009, this is an indication of a highly optimized strategy which may fail with changing market conditions in future.