- December 13, 2023
- Posted by: Forex Wiki Team
- Category: Free Forex EA
Tokyo Bank EA Review
In the dynamic world of forex trading, staying ahead of the curve requires innovative strategies and tools. The Tokyo Bank EA emerges as a promising solution, leveraging unique insights into USDJPY price movements. This article delves into the product's description, backtesting results, and detailed settings, providing a comprehensive guide for traders considering this EA.
Tokyo Bank EA: Unveiling the Product
Product Description: Tokyo Bank EA Fixing EA is designed to capitalize on price movement anomalies specific to USDJPY, focusing on the average price determination time. The trading algorithm employs timing or RSI indicator calculations for trade entries, avoiding risky methods like martingale. Notably, the EA executes only one trade at a time and employs take profit and stop-loss mechanisms for risk management.
Version: 7.0
Best Brokers List
Tokyo Bank EA works with any broker and any type of account, but we recommend our clients use one of the top forex brokers listed below:
Understanding Tokyo Bank EA Settings
Key Settings:
- Magic Number: Unique identifier for trades
- Lot Type Select:
- Fixed Lots
- Auto Lots
- Sippage Point: Settings for slippage control
- Open/Close Max Spread Point: Managing maximum spread
- Long/Short TP (Take Profit) and SL (Stop Loss):
- Long/Short Entry Points
- Logic for Entry and Exit
- Second Entry
- Entry Interval (Minutes)
- Trading Time Adjustment (Seconds)
- Position Retention Time
- Weekend Entry
Trade Option Settings:
- Trade Mode Select:
- Long Entry
- Short Entry
- Logic and Entry Interval:
- Long/Short Logic
- Second Entry Interval (Minutes)
- Funding Time Adjustment (Seconds)
- Position Retention Time
- Weekend Entry
- JPN Holiday Entry
- Volatility Filter
- Economic Indicator Filter
Trailing Stop Settings:
- Trailing Stop:
- Long/Short Trailing Start Points
- Long/Short Trailing Stop Points
- Trailing Step (Points)
Break Even Setting:
- Break Even:
- Long/Short Break Even Points
Understanding and customizing these settings is crucial for optimizing Tokyo Bank EA's performance based on individual trading preferences and market conditions.
Backtesting Insights
Backtesting Overview: The Tokyo Bank EA has undergone meticulous backtesting with a minimum deposit, utilizing both fixed lot and auto lot settings. The EA showcases commendable results with a low percentage of maximum drawdown.
- Performance Summary:
- Net Profit: $29.50 over 76 trades
- Win Rate: 64.47%
- Sharpe Ratio: 0.14
- Profit Factor: 1.38
- Largest Winning Trade: $6.09
- Largest Losing Trade: -$13
- Consecutive Winning Streak: 7 trades
- Consecutive Losing Streak: 3 trades
- Trading History:
- Profitable in 5 out of 7 months
- No losses in the last 3 months
Analysis: The EA exhibits robust performance over the past 7 months, demonstrating consistent profits, a favorable win rate, and minimal drawdown. However, traders must exercise caution, recognizing that past performance does not guarantee future results.
Conclusion
The Tokyo Bank EA stands out as a robust tool for USDJPY trading, offering a unique approach to market anomalies. Traders are encouraged to conduct thorough research, consider the backtesting results, and customize settings judiciously to align the EA with their trading goals. As with any trading tool, risk management remains paramount, and past performance should be viewed as one of many factors influencing trading decisions.
Download Tokyo Bank EA
Please try for at least a week an XM demo account. Also, familiarize yourself with and understand how this free forex Tool works before using it on a live account.
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