Review of the Forex Overdrive EA
| EA Name | Currency Pairs | Timeframe | Strategy | ECN | 4&5 Digits | Take Profit | Stop Loss | Home Page |
| Forex Overdrive | EURUSD / GBPUSD | M5 | Unsure but very high risk:reward ratio. | Yes | Automatic | 25 | 320 | Forex 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
€ 210 loss in three days with 1% risk
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 .
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!
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).
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.
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
That will drain your account in the first week. I wouldn’t want to do that.
I get margin call
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.
admin what setting are you using to get your results on overdrive thanks
Hi
Admin, are you using V4? What settings are you use?
Thanks
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..
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.
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.
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
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
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?
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?
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
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.
@Rogelio
Hi, no not using anything else. will try to trade wihout robots.
R
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?
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
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.
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
Hi All,
Anyone recommend settings other than the default for little higher risk??
Thanks
Have stopped using this now. Some good trades but always with huge drawdown, and the odd big loss which wiped any profit. Not rtecommended.
u should always do demo testing.
have u change the risk settings to like 5%
that is the lowest setting im using.
What happen with Forex overdrive 4 , since four days I have no trade open in my micro lots account with Hotforex , my host vps is Forexvps.
I need Your help.
thanks
@Rogelio
hi,
thanks for the help. my broker lots are set as 1,000 units and my forex overdrive system currently set with max lot size 100.0. What should I set the robot lot size as?
Kind Regards
Raman
change the min lot to the lowest of your broker requires so the forex ea can open automatically and
change the max lot size to the lowest that is best. like 1.
this is a helpful tip i can think of.
Hi All,
I downloaded and installed forex overdrive last week. I put $150 into account and has been running for 3 days and has made NO trades so far…..am I doing something wrong??? I have the smiley face on chart and shows licence as approved. Do I need to change the settings?
PLZ HELP!
u need to check what is the min lots on your broker and then u need to change the lot settings on your forex overdrive.
try to change the lot settings on your forex ea and find out what is the lot requirements with your forex broker.
Hello
I’m new in forex, I would like to start with 75 dollars with small lots size 0.01, I bought forexoverdrive 4. what leverarage do I use?. Trading hours of my broker, 23H GMT+2 hours from Sunday to Friday 21 GMT +2 , I need your help to set weel my EA
Thanks in Avance
if you start with 75 i might try 1:600, that will give you enough margin to cover a few losing trades without wiping out your account especially at .01 lots… i have an open trade at .23 lots and the margin is 6.13 so i could go negative 300 pips before i had a call if i were starting with seventy five
u should get forex overdrive v4.
their support aids the latest improves the trending and fixes some bugs on the last version.
and take profit system
HELLO GUYS,
i WOULD LIKE TO SEE THE CUSTOM SETTINGS FOR THE HACKED AND THE OVERDRIVE TOO, I DID SUBMIT BUT I CANNOT ENTER THE VIP AREA, CAN YOU SEND IT ON MY EMAIL dottorale@virgilio.it ? thanks
Check the VIP page again, if you don’t see the email form click refresh. I didn’t realize updating wordpress was overwritting this page and removing the form.
hope you upgrade your forex overdrive version, admin.
im getting good results from the new version.
more safer this time and more control on the trades.
hope u find those check through the settings. if it works best then share it with us if u want to that is. just asking.
note- forgot to add, im using 5% risk.
Sorry… forget my comment I see what happened… -7,988.56 today…
Wow we must be very carefull with this EA because is very volatile…
Admin, what happen with the gain in % of the EA Forex Over Drive, yesterday was aprox. more than 1600% and today have only 865.37%. A lot of loss???? please can you explain to us what happened?
How long it takes to get this EA after payment?
When I look at the expert advisors the fxOverDrive is grey, and when I attach it to the chart as per the instructions I get the smiley face but it tells me I have a demo license. I purchased the EA and running it on a demo account. Is this normal?
you have to log in to the website. enter your account # and press update. The same happened to me
@ admin
Can you tell me which preferences you use exactly, which broker do you have and do you let your mt run on a vps and if this is the case, on which one?
15 days in Alpari Live it gave 18.5 % returns. I recommend this EA ( FOD ).
pravin – how’s your account now?
One weak back i purchased I am using this in Alpari Live Account . This has given me 9.6 % Returns. Overall Rating is Good. I recommend it.
yes you can change the SL
Admin which broker do you use?
Alpari UK
This EA never trade at all. The Support are not helpful and basically the EA is not working at all.
I opened real account at alpari uk, but the real account opened positon different as the demo account. Its normal? Its working on live account? On demo account trades was very good.
I don´t know if it´s normal, but even when the positions are different in my live and demo accounts, they have been successful so far.
Admin:
I noticed 2 trades closed on 12/09/10 closed with losses of -44 and -30 pips. Why didn’t they stop out at the 320 pip hard stop loss built into the default settings? Did you manually close them?
Thanks.
No, I’m actually trying some modified internal settings. Now that the account has enough equity to play with I figured it’s a good time to start messing around with it.
Hi Admin, do you use FxOpen for OverDrive? If yes, how you traded lots less than 0.1?
Has anyone gone live on this program and how are we doing. What settings are you using.
Yes i have.default settings.seems fine for now
Hi admin.Could you share what modifications exactly have you tried to improove R/R ratio.Currently i am dealing with this task too ,so we could share some experience
I really haven’t done anything to the settings, they are basically all default!
No , I meant whether you are currently in development of any modifications because you have written ‘Update(October 29th, 2010): I am now working on some optimized settings to try to close the gap between the risk:reward ratio. ‘ .Not the demo account you have posted .
Hi admin,
Do you have any discount coupon for this EA?
Hi all,
Can i run this EA by deposit just usd100 with trading lot size 0.01=$0.10?Is it risky anyway?
it is risky.
Admin, you are run the last version of Over Drive ??
Thanks.
I have used this software in fxpro ended up in loss of 201 USD .When i requested for a refund the support team requested me to open an account this thinkforex.com .
I have opened in it as well and ended up in loosing 428 dollars as of today.
The other softwares are far better than this software.
i purchased over drive software to day and installed. but in MT4
platform it shows invalid license. what can i do now? it is AFB platform
Hello, this ea is very good, i win 1050$ with a real account with 5300$ balance.
CAN OVER DRIVE AND PIP BRAIN WORK COMPATIBLE TOGETHER ON THE SAME ACCOUNT ?
I try together OverDrive and Forex Hacked. Together they add a gain of 2659.92 % !!!!
Glorious…..
They must havent together problems when working in the same platform and even trading in the same pair of currencie, for the magic number to identify what specific robot its sending an order to a currencie pair shared.
im doing a test right now as well.
both forexhacked and forex overdrive v3 in a fxopen demo account.
i will post my results.
for forexhacked, im using forexfbi settings but only 2 order per currency pairs. 1 buy and 1 sell.
im using the default settings for forex overdrive that works best.
Juan, are you using overdrive and forex hacked together in a live account and how do you combine both together to get your results. I guess I am confused how you do both at the same time. What settings are using for the two? Dwight
Hi Juan, Am a newbie . Trying to run Forexhacked EA on Fxopen Live Acct. I see the smilie face, the data on Top Left of the screen seems normal. But under the Expert Tab I see the message ” Invalid Ticket for Order Modify Function “. No Trade has been done so far . It has been a month now. Since u are using this EA, I wanted to seek ur help. Thanx
Hi every one.
My experiencie with OverDrive:
– 08/10/2010 : open real account on FXCM with USD 206.00
– 11/11/2010 : account balance : 308.45
– Profit : USD 101.90 …. 49.5 % of yield in 31 day.
– Settings used by me :
– EUR/USD : Trade on friday = true
MM = true
RiskPercent = 15
Take Profit = 25
StopLoss = 103 initially for the USD 206 (increased according to the
growth of the account)
Slippage = 3
Trainling trigger = 15
TrailingPips = 5
-GBP/USD: The same. Only Trade on friday = false.
Juan, with the demo running good profits are going to increase your margin money with prospects of increased profits Dwight
Hi Dwight.
First, I run OverDrive in a demo account with excelent performance. Now I am working in a real account with the settings that you see above.
Regards
Juan, how are you doing in your real account? Dwight
hi Juan, como te va el overdrive?
are you still doing good with Over Drive
Regards
Admin, any updates on tweaking the settings for this robot? Have you experimented with lowering the stoploss? It seems like lowering it by 50% or so might be prudent…
forexoverdrive.com <– This Website is suspended
what do you mean that forex overdrive is suspended? Thankyou
can the risk-to-reward be changed, or a tighter stop loss to the program?
yes, you can change the stop loss.
There is also a “risk percentage” setting you can adjust. It comes 15 by default. This setting works in conjuction with the “MM” setting. Here is the manual’s description of these 2 settings, and the lot size setting:
MM – If set to true, risk percentage will be used to judge risk. It is recommended
to leave MM set to true.
Risk Percent – This is used when MM is set to true.
Lot Size – When MM is set to false lot size is used.
I dont really get it. when it says risk % will be used to judge risk, it will be % of what?
Lot Size – when MM is set set false, the lot size is being use base on what? If my equity is USD1000 and i only want to set USD1 per trade. what lot size do i have to use? is it 0.01 or 1.0 to make it equal to USD1?
Admin: what leverage are you using on the demo account for Overdrive? Thanks
Admin, can you share you settings for this robot?
Thank you
Default settings.
what is your settings? http://fbioverdrive1.mt4stats.com/
@asiCs
Could you share the tweaking?
Thanks
a little tweaking and whoilaa, this EA will bring you eyes pleasing joy 😉
pls visit http://www.mt4i.com/users/fox1
hi admin, most grateful for the website…
What settings did you use, asiCs?. Thx. for sharing…
BTW, Admin.: many thanks for an excellent website.
Can you share what settings you tweaked? Thanks in advance, Optiontrader
in anyone’s opinion, is this forex ea working well and earning profits?
@admin
Regarding NFA, can we use this ea with USA brokers?
TOP 3 EA of the rating place at this time… not very bad I would say.
I believe its necessary to wait for more time to see trading performance in different market conditions.
@ admin
can you share your settings and which version you use ??
thank you
@Reny4jah: Thanks. And for the record, I’m not saying this is a bad EA. Some people think EAs with small wins & big losses are always bad, but that’s not true. But you need ALL the facts before coming to a conclusion.: winning %, avg. loss and avg. gain. For what it’s worth, this EA has performed pretty well on most live accounts I’ve seen, but it’s still too early for me to reach a conclusion.
@ John
Brilliant argument! A thorough understanding of statistics and theories of probability is essential to making an informed decision in chosing the right robot. Otherwise, those marketers are effective at using those numbers to confuse unsuspecting buyers. 98% winning rate? What happens to the account if the other 2% becomes factored in? I couldn’t have agreed with you more!
These arguments about 98% accuracy are worthless unless you have an idea of the average winning trade and average losing trade. Learn some basics (Iike how to calculate expectancy) before you begin to trade…or you’ll never know how to evaluate an EA like this.
It’s not worth it, it might have 98% profitable trades as any other EA just setting random buy and sell orders, it just needs 1 or 2 trades to kill all the profits and/or the account.
With this EA winning 98% of the trades made, is it worthwhile to buy?
is that SL editable, or is it a stuck parameter?
This shit is an account blower with its 328 pips SL.
Don’t waste your money & time on it.