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
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January 28, 2011
#1
Hi All,
Anyone recommend settings other than the default for little higher risk??
Thanks
January 28, 2011
#2
Have stopped using this now. Some good trades but always with huge drawdown, and the odd big loss which wiped any profit. Not rtecommended.
January 28, 2011
#3
u should always do demo testing.
have u change the risk settings to like 5%
that is the lowest setting im using.
January 27, 2011
#4
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
January 25, 2011
#5
@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
January 26, 2011
#6
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.
January 24, 2011
#7
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!
January 24, 2011
#8
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.
January 21, 2011
#9
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
January 23, 2011
#10
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
January 20, 2011
#11
u should get forex overdrive v4.
their support aids the latest improves the trending and fixes some bugs on the last version.
January 20, 2011
#12
and take profit system
January 17, 2011
#13
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
January 18, 2011
#14
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.
January 26, 2011
#15
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.
January 28, 2011
#16
note- forgot to add, im using 5% risk.
January 14, 2011
#17
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…
January 14, 2011
#18
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?
January 13, 2011
#19
How long it takes to get this EA after payment?
January 11, 2011
#20
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?
January 21, 2011
#21
you have to log in to the website. enter your account # and press update. The same happened to me
January 7, 2011
#22
@ 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?
January 5, 2011
#23
15 days in Alpari Live it gave 18.5 % returns. I recommend this EA ( FOD ).
January 14, 2011
#24
pravin – how’s your account now?
December 30, 2010
#25
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.
December 26, 2010
#26
yes you can change the SL
December 24, 2010
#27
Admin which broker do you use?
December 24, 2010
#28
Alpari UK
December 21, 2010
#29
This EA never trade at all. The Support are not helpful and basically the EA is not working at all.
December 15, 2010
#30
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.
December 18, 2010
#31
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.
December 10, 2010
#32
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.
December 10, 2010
#33
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.
December 8, 2010
#34
Hi Admin, do you use FxOpen for OverDrive? If yes, how you traded lots less than 0.1?
December 7, 2010
#35
Has anyone gone live on this program and how are we doing. What settings are you using.
December 8, 2010
#36
Yes i have.default settings.seems fine for now
December 7, 2010
#37
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
December 8, 2010
#38
I really haven’t done anything to the settings, they are basically all default!
December 8, 2010
#39
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 .
November 29, 2010
#40
Hi admin,
Do you have any discount coupon for this EA?
November 26, 2010
#41
Hi all,
Can i run this EA by deposit just usd100 with trading lot size 0.01=$0.10?Is it risky anyway?
December 7, 2010
#42
it is risky.
November 23, 2010
#43
Admin, you are run the last version of Over Drive ??
Thanks.
November 18, 2010
#44
I have used this software in fxpro ended up in loss of 201 USD .When i requested for a refund the support team requested me to open an account this thinkforex.com .
I have opened in it as well and ended up in loosing 428 dollars as of today.
The other softwares are far better than this software.
November 17, 2010
#45
i purchased over drive software to day and installed. but in MT4
platform it shows invalid license. what can i do now? it is AFB platform
November 13, 2010
#46
Hello, this ea is very good, i win 1050$ with a real account with 5300$ balance.
November 12, 2010
#47
CAN OVER DRIVE AND PIP BRAIN WORK COMPATIBLE TOGETHER ON THE SAME ACCOUNT ?
November 15, 2010
#48
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.
November 15, 2010
#49
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.
November 16, 2010
#50
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
January 16, 2011
#51
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
November 11, 2010
#52
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.
November 12, 2010
#53
Juan, with the demo running good profits are going to increase your margin money with prospects of increased profits Dwight
November 13, 2010
#54
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
November 16, 2010
#55
Juan, how are you doing in your real account? Dwight
November 28, 2010
#56
hi Juan, como te va el overdrive?
January 14, 2011
#57
are you still doing good with Over Drive
Regards
November 9, 2010
#58
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…
November 1, 2010
#59
forexoverdrive.com <– This Website is suspended
November 4, 2010
#60
what do you mean that forex overdrive is suspended? Thankyou
October 31, 2010
#61
can the risk-to-reward be changed, or a tighter stop loss to the program?
November 1, 2010
#62
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.
January 31, 2011
#63
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?
October 26, 2010
#64
Admin: what leverage are you using on the demo account for Overdrive? Thanks
October 13, 2010
#65
Admin, can you share you settings for this robot?
Thank you
October 14, 2010
#66
Default settings.
October 3, 2010
#67
what is your settings? http://fbioverdrive1.mt4stats.com/
September 20, 2010
#68
@asiCs
Could you share the tweaking?
Thanks
September 16, 2010
#69
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…
September 19, 2010
#70
What settings did you use, asiCs?. Thx. for sharing…
BTW, Admin.: many thanks for an excellent website.
October 10, 2010
#71
Can you share what settings you tweaked? Thanks in advance, Optiontrader
August 26, 2010
#72
in anyone’s opinion, is this forex ea working well and earning profits?
August 8, 2010
#73
@admin
Regarding NFA, can we use this ea with USA brokers?
July 30, 2010
#74
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.
July 22, 2010
#75
@ admin
can you share your settings and which version you use ??
thank you
June 18, 2010
#76
@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.
June 17, 2010
#77
@ 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!
June 15, 2010
#78
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.
June 11, 2010
#79
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.
June 10, 2010
#80
With this EA winning 98% of the trades made, is it worthwhile to buy?
June 9, 2010
#81
is that SL editable, or is it a stuck parameter?
May 29, 2010
#82
This shit is an account blower with its 328 pips SL.
Don’t waste your money & time on it.