MQL5 Free EA – Verification by backtesting 27 “ZigZag 5 EA 1lot”

MQL5 Free EA

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.

* Membership registration (free) is required to download EAs and indicators from the MQL5 community, so let’s create an account by referring to this article!

The 27 th is “ZigZag 5 EA 1lot“.

About “ ZigZag 5 EA 1lot “

Quote from MQL5 official page

Zigzag Plus EA is an Expert Advisor that uses three different indicators to make trading decisions. The main indicator is Zigzag, which determines the key points of price change and displays them on the chart in the form of lines. This indicator allows the Expert Advisor to determine important support and resistance levels, as well as determine the input and output points from trades.

Additionally, the Expert Advisor uses MFI (Money Flow Index), which evaluates trading volumes and displays the strength of the trend, as well as the DeM indicator (DeMarker), which shows the overbought and oversold market. Together with Zigzag, these indicators are used to determine the optimal moments for entering and exiting trades.

Zigzag Plus EA also has an integrated ADX indicator (Average Directional Movement Index), which measures the strength of the current trend in the market. This indicator is used to determine how strong the current trend is and allows Expert Advisors to optimize their trading strategies based on this information.

Depending on the set parameters, the Expert Advisor can place buy or sell orders, and can also use stop losses and take profits to protect against losses and lock in profits. Zigzag Plus EA allows traders to automatically trade on the market using various indicators to make trading decisions and increase the chances of profitability.

Trading of " ZigZag 5 EA 1lot “

  • You can see that the MFI, DeMarker, and ADX indicators are filtered and entered according to the ZigZag indicator that is installed as standard in MetaTrader.
  • Take Profit (TP) = 20 Pips and Stop Loss (SL) = 60 Pips are set in the parameters as initial values. Also, since it is one position per trade, it is an EA that is easy to handle and has low risk.

Screening of usable currency pairs

In order to select usable currency pairs, we screened using MT5’s “test for all quoted symbols" function. The test conditions are NOZAX Zero Account (ECN), $10,000 initial balance, period 01/01/2018 – 05/31/2023, timeframe H1.

  • Comparison: 21 currency pairs – AUDCAD#,AUDJPY#, AUDNZD#, AUDUSD#, CADJPY#, CADCHF#, CHFJPY#, EURAUD#, EURCHF#, EURGBP#, EURJPY#, EURUSD#, GBPAUD#, GBPCAD#, GBPCHF#, GBPJPY#, GBPUSD#, NZDUSD#, USDCAD#, USDCHF#, USDJPY#

The above table is ranked by “Complex Criterion max (a composite value related to trade quality calculated from Total Trades, Drawdown, Recovery Factor, Expected Payoff, Sharpe Ratio)" during backtesting. It seems that it can be used with many currency pairs, but since the free version is fixed at 1 lot, it is necessary to devise a method such as selecting and adding according to the amount of funds.

Backtesting with NZDCAD#

  • Account: NZX Zero (ECN) (NOZAX)
  • Currency Pair: NZDCAD#
  • Timeframe: H1
  • Parameter: Initial value
  • Initial Balance: $10,000
  • Period: 2018.01.01 – 2023.05.31

Backtesting on other currency pairs

  • Account: NZX Zero (ECN) (NOZAX)
  • Timeframe: H1
  • Parameter: Initial value
  • Initial Balance: $10,000
  • Period: 2018.01.01 – 2023.05.31
  • GBPCHF# H1
  • PF 2.73
  • Profit: 31,885.21
  • Total trades: 267
  • EURUSD# H1
  • PF 2.73
  • Profit: 24,481.80
  • Total trades: 274
  • GBPUSD# H1
  • PF 1.90
  • Profit: 26,409.94
  • Total trades: 327
  • USDCAD# H1
  • PF 2.19
  • Profit: 21,672.45
  • Total trades: 300
  • GBPNZD# H1
  • PF 1.75
  • Profit: 13,944.60
  • Total trades: 289
  • GBPCAD# H1
  • PF 1.72
  • Profit: 15,862.08
  • Total trades: 296
  • AUDCHF# H1
  • PF 2.13
  • Profit: 18,504.16
  • Total trades: 192
  • EURCHF# H1
  • PF 2.20
  • Profit: 15,527.24
  • Total trades: 158

This test result is a backtest comparison under the same TP/SL conditions for all currency pairs, so there is a possibility that the results can be further improved by optimization. However, since the free version is fixed at 1 lot, it may be difficult to operate in multiple currencies without a certain amount of funds.

NOZAX

Up-and-coming MT5 FX broker [NOZAX] → → → Click here for details!

Posted by GOMA