Expert Advisor Reviews
WallStreet Forex Robot

Strategy

Well, now we know the most important characteristics of Wall Street Forex Robot; it's ascalper, running 24/5, uses the M15 timeframe and the pairs recommended by the provider are EURUSD, GBPUSD, USDJPY and USDCHF, while USDCAD is also working but not officially supported.

The manual is a somewhat confusing for the supported pairs as in the beginning EURUSD, GBPUSD and USDJPY were only mentioned, but later on USDCHF was mention as well; in addition, as you will see, USDCHF is there in the backtests presented on the EA website as well as in the official live forward test.

More few facts about this EA should be known, I'll try to list them briefly. It's probably not a good idea to manually configure each pair SL and TP although you can. The EA gets its settings updated from the server after authorized access configuring each pair preset values; the stop loss ranges from 120 pips on EURUSD and GBPUSD to as high as 160 on USDCHF, while the TP is around 25 pips, with the notable exceptions of GBPUSD where TP is 50 and USDCAD where TP is 14. The stop loss is rarely touched, though - by deeper inspecting the backtests - as any sensible scalper EA, in most cases when the market moves against it it can close the trades before hitting SL the average win / average loss ratio being roughly 1:2.75. It has also an ability to take profit early before the take profit target is hit by its positions, when it figures that's as many pips as the market is going to give it.

The strategy itself is fairly simple; a few indicators which are shipped with Metatrader are involved in a creative way, so the entry signals are determined. It has retry loops for opening/closing orders, denoting a certain degree of experience with automated live trading. Although the DLL programming is sometimes an obstacle for EAs running on multiple pairs with the same DLL, in this case it seems to be entirely thread safe.

When running on the recommended four pairs, the average of WallStreet Robot is about 3.5 trades / day and almost 5 trades / day when running on all five, so it qualifies as a rather frequent trading EA. There's no GMT setting as it trades around the clock, so it's not to worry about in this case.

Wall Street Forex Robot is completely compatible with the NFA rules as it opens only one trade at once on each instrument traded, there is no problem with FIFO and hedging. But you need to be careful as if it operates together with another EA trading the same pairs on an account with the NFA restrictions in place, this might lead to inability of one of the EAs to open trades.