Over the weekend MetaQuotes released yet another new beta version of MetaTrader 5. This one is build 268, dated April 24th, and as we speculated earlier this month, at long last MetaTrader 5 now comes complete with a strategy tester!
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MetaQuotes, the Russian company that produces the MetaTrader forex trading platform, has announced that it is reviving its automated trading championship in 2010. According to the post on the MQL5 website:
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The recent introduction by Alpari UK of "interbank spreads" on their MetaTrader 4 demo accounts has given us the perfect opportunity to demonstrate one of the potential problems you might encounter using the MetaTrader 4 strategy tester to evaluate a forex trading strategy you have developed for yourself, or even bought off a virtual shelf. Our regular readers will know that we have performed numerous live tests and backtests on the Forex MegaDroid "robot". Today is a Saturday, so I had a few minutes spare to run yet another backtest on the Droid. I started the simulation on March 30th 2009, the date the Forex MegaDroid team launched their creation amid great fanfare, and finished it yesterday evening. Here's what the Alpari UK MetaTrader 4 demo strategy tester showed me:
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The Forex MegaDroid team seemed to think that the NFA's new FIFO regulations were going to cause their creation some problems. On July 5th they sent an email to their customers promising that:
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A new version of FapTurbo Evolution has been released! This was extremely welcome news for us here at the Trading Gurus because backtesting the robot was proving to be something of a nightmare. According to the email we received announcing the new version it has:
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We've just added a new instalment to our course on how to build your very own forex trading system. This one explains a new variation on an old boiler room trick that can be used by scammers to show unrealistically profitable test results for MetaTrader robots.
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If you recall we didn't have much luck comparing the original MetaTrader version of FapTurbo with FapTurbo Evolution in forward testing. We have managed to do rather better with our backtesting. One of the reasons backtesting FapTurbo Evolution in Dukascopy's JForex platform takes so long, if you follow the instructions in the Evolution manual at least, is that it uses tick data rather than one minute bars like MT4. This makes the results more accurate, but also much more time consuming to obtain. Here's the equity curve we obtained for the period starting on 5th July trading the EUR/GBP pair using the default input settings:
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