Pipthief
Overview
| EA Name | Homepage | Pair | Timeframe | Takeprofit | Stoploss | ECN | 5-Digits | Comments |
|---|---|---|---|---|---|---|---|---|
| Pipthief | Click Here! | EURUSD | H1 | 160 | 50 | yes | automatic |
Forward Test (Demo)
Status: stopped
Last update: 2010 February 11, 09:56 (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 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Pipthief | Statement | -2 | 0% | 3 | 37% | 94 / -52 | -23 | 0 | 2% | 18% | 11 |
Backtest
| EA Name | Statement | Period | Pair | Closed P/L [Pips] | Open P/L [Pips] | Trades | Winning Trades | Max/Min [Pips] | Max. DD [%] | Comment |
|---|---|---|---|---|---|---|---|---|---|---|
| Pipthief | Statement | 2008 | EURUSD | 1427 | 0 | 233 | 39% | 223 / -52 | 43% | |
| Pipthief | Statement | 2007 | EURUSD | -43 | 0 | 226 | 35% | 146 / -50 | 61% | |
| Pipthief | Statement | 2006 | EURUSD | -941 | 0 | 240 | 31% | 108 / -43 | 91% | |
Homepage / Vendor
The homepage of Pipthief mainly contains a weird story about a chinese programmer who was part of a development team which wrote an EA for some Japanese people which was the source of this robot. There is no information about how it works and there is no kind of proof for it’s success on the page.
After you fill out a form on the page you get a mail with a list of trades for september 2009.
Delivery
As owner of Pipthief you get:
- the PipThief Autoinstaller
- a short readme file
Installation / License
Pipthief comes with an autoinstaller. To start the tool you need to enter a license key which was provided on the download page. The tool then copies the expert advisor and a dll library inside the selected metatrader and in addition a library to the operating system.
After the installation a preconfigured setting file should be loaded which overwrites the default configuration.
Pipthief needs the license key to be entered in the EA properties but there seems not to be any other restriction in terms of license.
How does it work ?
Pipthief seems to work based on Stochastics and RSI. It trades only between 1AM and 3PM EST. In addition to a fixed takeprofit / stoploss it uses some additional indicator based logic.
Settings / Money Management / Broker Requirements
The settings allow to define the trading time, the trading characteristic and the risk taken. Beside a fixed lotsize there is an risk based money management offered. Pipthief automatically detects 4- and 5-digit price quotes and supports ECN-style brokers.
Conclusion
We don’t believe in the story told on the homepage. The documentation is just not existent but as far as we can see the EA seems to be optimized for current market conditions.
Test Results
Pipthief was running on forward test for a period of 11 weeks.The trading results have been inconsistent. In total it made 2% profit with a maxdrawodn of 18%. The backtest results are inconsistend and show very high drawdowns as well. Therefore we decided to stop testing Pipthief and not to use it on a real money account.