Waiting Night trades on USDCAD, USDCHF, USDJPY, EURCAD, EURCHF, EURUSD, EURGBP, EURAUD, GBPUSD, CHFJPY, AUDCAD, and AUDUSD. The algorithm is compatible with FIFO brokers and comes with detailed backtesting records to verify its performance. Traders can use it with a minimum deposit of $100. While the presentation of the product is satisfactory, we will be confirming its stats and features in our review so that you can make a better investment decision.
Waiting Night: to trust or not to trust?
The algorithm has been live for a short duration and may use averaging approach, which is not clearly stated on the website. This can be detrimental to your account if the market trends in one direction.
The expert advisor has the following features:
- It comes with multiple live records.
- The system uses magic number to open and close trades.
- The algorithm has money management settings built within.
- Traders can set up the value of drawdown.
The developer states that the robot uses pending orders to trade on various currencies. It closes all the trades within 3-5 hours and has a built-in volatility filter. Traders can limit the number of trades within the settings of the EA.
From the history of MLQ 5 live records, we can interfere that it can use currency correlation techniques with averaging. It trades towards the end of NewYork session.
How it works
The algorithm works by attaching it to different charts on the MT4/MT5 platform. It will then scan the markets by using appropriate set files and the coded information.
Pricing and refund
The single purchase comes at $199, and there is no money-back guarantee. The robot is currently discounted, and the price may increase in the future.
There are 12 reviews present on the MQL5 website where a trader comments that the robot is placing stop loss and take profit with each trade. It was working fine initially, but now they have incurred a loss.
The robot comes with backtesting of fourteen years, starting from 2008.03.14-2022.01.02. AUDCAD currency pair was tested on the M5 timeframe on every tick model: the developer deposited an initial $10000.
A total of 245408120 ticks were modeled with 99.9% tick quality. The system made a net profit of $4621, with a profit factor of 3.23. The drawdown value is shown as 2.11%, where the robot won 924 trades out of 1208.
The live track record of the algorithm is available on MQL 5 from March 03, 2022, till the current date. The robot shows a drawdown percentage of 6.6%, with a total monthly gain of -4%.
The winning rate stood at 74.57%, with a profit factor of 1.64. Out of 118 executions, the best trade was $1.58, while the worst was -$3.68. This shows us that the system can lose more in a single trade in contrast with the profits.
Although the current drawdown value of the robot is low at 6.6% it may increase in the future due to the use of averaging techniques.
Marat Baiburin is the author of the EA with two products published on the marketplace, mainly Waiting Night MT4 and MT5 versions. They have a total market experience of 1 year; however, no certificates or records can verify this.