Forex Over Drive EA Review (OverDrive Test Results)

Review of the Forex Overdrive EA

EA NameCurrency PairsTimeframeStrategyECN4&5 DigitsTake ProfitStop LossHome Page
Forex OverdriveEURUSD / GBPUSDM5Unsure but very high risk:reward ratio.YesAutomatic25320Forex Overdrive 

Performance (Forex Overdrive Test Results)

Update (October 29th, 2010): As you can see overdrive has done extremely well since first putting it up, but it has seen some intense drawdowns at times. If you are going to try this one, I would recommend having a large starting capital and maybe even consider withdrawing profits every couple of weeks or so. Just something to consider. Overall this has proven to be one of the better more profitable systems out there though.

License

Forex Overdrive can be purchased through clickbank for $97 and appears to work on unlimited accounts.

 

Strategy

Forex Overdrive has some a very high risk to reward ratio, with a 320~ stop loss, you will have to win 15 trades for every loss it takes. Lets hope it has some damn good entry algorithms!

 

Recommended Brokers

FX Open is a great broker for running Forex Over Drive with it’s tight spreads on EURUSD and GBPUSD and great execution time. Lord knows this EA is going to need it!

 

Conclusion

Their site looks good, support seems to be human and active, but I really don’t like the risk to reward ratio. I will let it run its course on a account and see how it does. If it shows any kind of potential maybe I will try to find build some optimized settings for Forex Overdrive. Stay tuned for updates on this.

Update(October 29th, 2010):  I am now working on some optimized settings to try to close the gap between the risk:reward ratio.

Safe To Buy?

YES!

Forex Overdrive has been approved for purchase only because of it’s 60 day no questions asked refund policy through Clickbank. I would NOT recommend running it on a live account just yet though.

 

Overall Rating

  • jt Reply
    Sep 21, 2011 @ 7:42 am

    € 210 loss in three days with 1% risk

  • glucky Reply
    Aug 24, 2011 @ 0:59 am

    I bought this EA last month and try out with real account and balance $150.
    Now get 48 trades all win,30 eur/usd and 18 gbp/usd total 922 pips

    change only risk = 5 ,lot = 0.01,trate on Fri = true
    Liteforex broker .

  • Lazytrader96 Reply
    Aug 1, 2011 @ 18:23 pm

    i’ve been running the robot for about two months. i find it MUCH better to use a 30 pip stop while running at least four or five pairs (majors only). While this robot is pretty profitable, I’d much rather get out of a bad trade now than miss out on other profitable trades while waiting for a bad entry to turn around. My rule of trading is if the signal that got you in the trade in the first place is no longer valid, why stay in it? Besides, the EA will easily make up the 30 pip loss. A 300+ pip stop loss is suicide, no matter what the strategy. Happy trading folks!

    • Rainer Reply
      Aug 16, 2011 @ 11:56 am

      this EA uses a Martingale Strategy. So large drawdowns can always appear.
      You simply have to have more money than the market in the long run. 😉
      It’s like gambling in a casino. If you always bet on red and double if you have lost, you get a good risk risk/reward ratio. But to stand this strategy with many consecutive loosing trades, you need to have large amount of money. So the wager (lot size) must be as low as possible.

      Lazytrader: Can you post your URL to a statistics service like MT4i.com or MT4stats.com. U can publish your (past) trades there savely.

      I want to test this on my VPS and will publish something, too. It will take some months.

      I think, this EA will only survive if you run low risk (e.g. low wager).

  • Ashraf Reply
    Jul 2, 2011 @ 11:00 am

    I am using forexoverdrive from last 3 months. It was working wel for 2 months(during refund period) but after that it is working poorly & my account is in loss making. Please don’t buy fprexoverdrive.Thanx.

  • Amy Reply
    Jun 22, 2011 @ 5:57 am

    Does it have any way to setup this robot to open 5 same pair with a little bit delay .i mean not in same time .
    For example i put 5 pair eur/usd 5m chart in platform and set it up to open with 20 secend delay from each of them .

    Please assist me if it is possible
    With best regard

    • GZ Reply
      Jun 24, 2011 @ 5:30 am

      That will drain your account in the first week. I wouldn’t want to do that.

  • Aman Reply
    Jun 17, 2011 @ 5:37 am

    I get margin call

  • R ajesh Reply
    Apr 23, 2011 @ 3:30 am

    If you are going to purchase this Ea, be sure you are at high risk. This EA has no any strategy it either buy or sell randomly with a high SL, naturally out of 10 times 5-6 times you get 30pips, but in the movement market goes extremely against you loose every thing. Secondly the never respond promptly, and specially when you ask for a refund they keep mum.

  • charles Reply
    Mar 14, 2011 @ 19:58 pm

    admin what setting are you using to get your results on overdrive thanks

  • Tici Reply
    Mar 12, 2011 @ 14:25 pm

    Hi
    Admin, are you using V4? What settings are you use?
    Thanks

  • Tom Reply
    Mar 11, 2011 @ 22:39 pm

    I think if you have more balance in your account, like 10K it may do ok with some trades since it uses small trading amounts and you can go in negative for while. I noticed that sometimes it opens trades in the right direction, other times in the wrong direction causing huge draw back, but since it does small orders (0.6), it will eventually come back to some profit..However I would execute the trade myself with better result for the most time. I use it trading USD/CAD too and it does ok. I would definitively keep an eye on open trades and sometimes get out of them with smaller loss. I think with little luck it will pay for itself fairly quickly, just don’t let it to get in some huge losses..

  • >KaiserSosay Reply
    Mar 11, 2011 @ 4:32 am

    What settings did you guys (and Forex FBI) use to get your results? These are what I see on another site:

    Product_Name=Forex Overdrive
    Creator=Copyright � 2009, Forex Overdrive Team
    MagicNo=567
    username=
    password=
    RiskPercent=5.00000000
    TakeProfit=25.00000000
    StopLoss=328.00000000
    TrailingStop=15.00000000

    • Daniel L.W Reply
      May 22, 2011 @ 12:46 pm

      Greetings KaiserSosay,

      Are you still trying that setting??? On demo or real? How’s the outcome up to date?

      Thank you.

  • bubbles Reply
    Mar 8, 2011 @ 12:30 pm

    this one was workign really well fo rme – then upgrade sent and it went crazy – it opened 2 trades in negative growing so high i was this short (-) of a margin call so cancelled them – so took 2 unnecessarily high losses. I do not feel safe trading with the EA now.. I have taken it off my account. I will speak to the sellers but it will be a long time before this one ever goes onto my live account again.

  • Marvin Doriot Reply
    Feb 9, 2011 @ 8:41 am

    I have this expert advisor and have so for about 1 year. I took the gbp/usd off because it was opening some serious losing trades. In the last 6 months since I’ve traded only the eur/usd I have noticed a gain of about 50% on my account. Not bad.

  • Big Steve Reply
    Feb 9, 2011 @ 2:48 am

    I am a live Overdrive user and I have zero of the problems mentioned above. I made sure that when I opened my account with Alpari US that I opened a Pro account and I get true ECN execution and no dealing desk. I suspect that since the problems previously mentioned are news to me, that somehow you are getting clipped by the brokers dealing desk, or at least possibly your VPS is slow to revise your open orders. Try resetting your VPS once in a while and make sure your broker is giving you true ECN quotes. Also make sure your VPS is not over loaded with too many MT4 instances. Are you renaming your MT4’s? Do you run too many of them? All of these things will cause conflicts between instances of MT4. I have been with Overdrive since last fall and results are very different between all brokers. FXCM-US and Thinkforex were dead as bird bath poor results. And I mean those two brokers did zilch with Overdrive but Alpari US seems to be a favorable broker

    • vino Reply
      Mar 4, 2011 @ 4:49 am

      Plz do the need full actuly i tried many EA all not so good and losses huge money ,,so how about this overdrive EA and send me the downlad link

  • zeus Reply
    Feb 7, 2011 @ 12:56 pm

    Hi!

    I’m using Overdrive on a demo account for 1 months, but It doesn’t work very well. Do you guys have any idea how to make it profitable?

  • KunningSTUNT Reply
    Feb 4, 2011 @ 10:44 am

    G’day admin, Will you be upgrading overdrive to V4 and starting another demo account for it ? I feel based on back testing that V4 wont perform as well as V3 and seems to have different entry parameters. Thoughts?

  • Raman Reply
    Feb 3, 2011 @ 14:48 pm

    Hi All,

    Please do not get sucked into buying forex overdrive! you will win trades but the ones you lose will be alot bigger then your wins, trust me I know from experience.

    You will regret this buy look into another robot.

    Raman

    • Rogelio Reply
      Feb 7, 2011 @ 7:46 am

      Raman,
      are u using a another forex ea?
      if yes, then which forex ea are u using that is the best so i can do research and test it.

      • raman Reply
        Feb 8, 2011 @ 11:53 am

        @Rogelio
        Hi, no not using anything else. will try to trade wihout robots.

        R

  • adinyo Reply
    Feb 1, 2011 @ 16:27 pm

    today there was another margin call when robot entered trade for me of USD4.99 yesterday while my equity is USD530 and when it was called during USD-499.00. two consiqutive days I am facing margin call from 3 trades which cost me USD900+. The worst thing is that market go agints one the robot entered.

    What happening with the robot now?

  • Pyter Reply
    Jan 31, 2011 @ 20:29 pm

    Please I would like to know how to close one order opened by your Ea when you have some pips in profits , I need your help.

    Thanks in Advance

  • adinyo Reply
    Jan 31, 2011 @ 13:40 pm

    EA has enter 2 trade for me at one time which make total is abt 2% of my equity which is amount of USD288. when one ot the trade become USD-210 the EA close my trade. Left for abt USD70. Then I top up another USD200 today hopping to create a bigger margin and safe. Then EA enter 2 trade again at the same time which made it more than 2% of my equity. Then again EA close one of the trade when it become USD-224. Ita has made that I deposit just like for nothing? I have made a request how to set only to 1 trade at a time. But for abt 15hours already still no answer from the support?
    I m really upset.

    • Richard Reply
      Apr 27, 2011 @ 12:21 pm

      Adinyo, it seems that its not the EA problem so don’t contact seller. Contact your VPS (Virtual Private Server) if you are running it in a VPS. Your VPS is openning twice thats why its has a double trade. It close your trade because you are getting a margin call as you run out of money in your account for the equity to use to trade

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