Eng GBP is a modest product by a Kuwait developer using a breakout strategy with Fibonacci levels. This Expert Advisor for the MetaTrader 4 is new, published on the 5th of April 2020 on the MQL5 market. It has no updates yet although it is evident Ahmad Alsaegh, the author of Eng GBP, is still testing new settings and uploads them in the Comments section. He has one other product also specialized for certain Indicies, using a similar breakout strategy. Eng GBP, as the name applies, is specialized for the GBP/USD currency pair although the author states it is suitable for all currency pairs. The Overview page does not have enough information about how the EA is working or anything about the set of indicators aside Fibonacci. According to the settings, it is clear additional Risk management tools are integrated.
Eng GBP is presented as having a combination of breakout strategies used with the Fibonacci levels, probably for breakout confirmations. It has been tested in different environments and has similar results, meaning it could be a universal system. However, the author is suggesting an H4 timeframe for calculation and H1 for trading. These timeframes can be modified in the settings. The higher timeframe is used for better reliability of signals while H1 could be more precise when entering a breakout. GBP has usually a higher ATR value than other currencies and the moving nature is more suitable for this EA as there are more breakouts with good momentum.
VPS is highly recommended although since the EA is not trading frequently during a day, it is not for the trading cost reasons but about having 24/7 access to the market without interruption. Shutting down the EA or the MT4 is not advisable as the information EA gathers when it is on will be purged, affecting the final performance. Eng GBP has an Auto lot mechanism based on the Equity percentage risk per trade or fixed trade size allocation.
As for the setting range, they are not revealing what indicators are used but there is enough room for customization and optimization most traders will need. Combining just two of the key setting will generate many combinations of how the EA can be applied. The EA has a feature for placing Market or Limit orders, meaning pending orders can act as a safety guard and trigger a trade only if the price level is reached. However, we are unsure how Limit orders can be useful for breakouts, they are more suitable for “buying the dips” or reversals than for following a breakout trend. Anyways, this could be a conflicting logic but the final result and other stats are what matters.
The setting that defines how sensitive the EA is and therefore affecting the frequency of trading is the Minimum & Maximum range to trade. This range is most likely connected to the reversal indicators used to detect a breakout. Higher levels will likely result in less frequent trades. The Entry ratio is the Fibonacci level to be used once a breakout is manifested. A trade will be set at this level. Eng GBP has Take Profit and Stop Loss orders integration, although they are also connected to the Fibonacci levels.
You will have to set at which Fibonacci level you want your Take Profit and Stop Loss orders to be placed at once a trade is executed. The setting line for these is called SL Ratio and TP Ratio. One Trade Per Day clause is used if you want to limit the EA trading, the implementation of such an option is probably to stop the EA entering a streak of losses caused by the market environment specific for that day.
Additional safety measure is the Trade Cancelation in circumstances the price does not follow the predicted direction, defined in percentage of the Fibonacci ratio. This ration can also be defined in the Cancel Ratio setting. Stop Loss management is not basic, the EA features a breakeven method praised by traders who keep attention to Risk Management. This concept will move the Stop Loss level to the trade entry price after Take Profit is reached, in the case of Eng GBP, this is a Fibonacci level customizable in the settings panel.
The final measure for greater reliability is the moving Average use for trend confirmation. As Moving averages are lagging indicators, they will probably cause the entry to be later than without it. In testing, this could affect the net profit result and a trader should assess if the Moving Average is negating some of the losing trades or it does more harm than good.
The price for this Eng GBP is $39 for one month. At the moment there is no option to buy the product, only to rent it every month. A demo is offered and has been downloaded 22 times since release. If you plan to test this EA, be sure to download the configuration settings file uploaded by the author in the comments section. According to the results, this EA uses a solid strategy, even ambiguous, it could be worth your time to test it.
The performance chart attached to the Overview page suggests that the strategy tester was done on the GBP/USD pair, using H1 timeframe and during roughly one year period from 2019 till today. The test shows a lot of errors although the modeling is done for every tick. Note that the Moving Average filter was used in testing. Starting from the Maximal drawdown, the EA caused a very low 6.99%, which is very attractive to cautious traders.
The trade success rate is 76.12%, average profit trade is 7590 versus -6700 average loss trade, and making 4 consecutive wins on 1 loss. All this points to a good Money Management, combining low drawdown with constant gain without high exposure. The EA ended the test with 559765 net profit out of 500 initial balance. During the testing period, a total of 134 trades were made, meaning the EA is not for the impatient.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/48073