MQL5 Free EA – Verification by backtesting 8 "TraderMind EA MT5"
In the “Verification by backtesting" series, we verify the performance of free EAs registered in the MQL5 community from the backtesting results. We hope it will help you choose EA.
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The eighth installment is “TraderMind EA MT5“.
About TraderMind EA MT5
Quote from the official MQL5 page (translation)
It is a trading robot that uses a fully automatic and easy-to-use neural network. It is only for 1 hour timeframe. SL, TP and trailing stops are calculated depending on the current market situation, which allows the advisor to lock in profits, avoid large drawdowns and close positions on time.
- Instruments – the currency pair to trade.
- Order size calc method – The type of method for calculating order size.
- Fixed order size – The size of the order.
- Percentage of the deposit – Displays the size of the order as a percentage of the deposit amount.
- Auto calc SL/TP – Enables automatic calculation of sl/tp sizes.
- Auto calc trailing stop – Enables automatic calculation of the size of the trailing stop.
- Take profit / Stop loss / Traling stop – Fixed TP / SL / Trailing stop
- Max spread – limits the maximum spread value when opening a position.
- use GUI – to use a graphical interface or not?
- GUI font size – The size of the font in the graphical interface.
- Order comment – The comment of the order.
- Orders magics – The ID of the order.
- In this version of the free version, only USDCAD is limited to the maximum order size = 0.01 lots. On the other hand, the paid full version supports 4 currency pairs: EURUSD, GBPUSD, AUDUSD and USDCAD, and there is no limit on the number of lots.
Trading “TraderMind EA MT5"
- This EA is a type that works 24 hours a day, and you can see that it enters regardless of weekdays or days of the week.
- This EA is a scalping (date) type EA and takes only one position per trade. On the far right of the figure, you can see that after entry, when the stop loss value was rounded up by trailing stop, the SL value exceeded the quoted price.
Backtesting TraderMind EA MT5
- Account: NZX Zero (ECN) (NOZAX)
- Currency Pair: USDCAD #
- Timeframe: H1
- Initial Balance: $1,000
- Parameters: Initial setting (fixed at 0.01 lot)
- Period: January 1, 2015 ~ November 30, 2022
The backtest results are impeccable. Since it is 1 position / 1 trade, I think you can watch it with confidence. However, since I don’t understand the logic at all, it is better to do a little FW test on a demo account and then get some features before moving to actual operation. Unfortunately, the free version has a lot limit of 0.01 lots, so you won’t be able to make much money. If you want to operate this E in earnest, you may want to keep in mind purchasing the paid version.