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EA Shark 7.0

Started by Josef, May 31, 2012, 03:37 pm

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Josef

May 31, 2012, 03:37 pm Last Edit: Jun 06, 2012, 05:47 am by Josef
Hi folks,
I got news about EA Shark 7.0, to be released today or tomorrow. As I received a beta version at the beginning of this month, I decided to write a review about it as soon I am finished with my review about Forex Envy.

Some basic information:
Type: Scalper 24/5
Stop levels: 1.5-2.0 pips SL, 9 pips TP
Currency pairs: EURUSD and GBPUSD
Time frame: M30

My review will include:
Back test with real ticks
Verified live stats
Logic description
Pros and Cons

I am not a writing guru, but as I have some experience with experts; I believe my reviews will be valuable for the community. The first two reviews (Forex Envy and Shark 7.0) should be ready tomorrow. Hopefully, you guys will provide me with lots of feedback.


Regards,
Josef  :)

PS: Just wanted to add that all reviews will be affiliate link free.





As promised, here is my review of EA Shark 7.0 (beta version). Don't be too judgmental, as it my first steps in EA reviewing.

Also, the review on Forex Envy is on the way, so stay tuned ;)

Note: All the reviews will be posted and stored on the special thread "Forex EA Reviews - by Josef" - http://www.donnaforex.com/forum/index.php?topic=5999.0





As mentioned, I decided to write some expert reviews for the community about robots I use. I don't have much experience in such things, so please don't expect reviews to be super professional. Their purpose is to provide viewers with as much as possible information, so those who are interested in expert advisors could make better and more informed decisions. Information is provided "as is" and doesn't represent any "buy" or "don't buy" recommendations. New reviews will be added on a regular basis.

Feedback is highly welcome! ... and, don't forget to click on the heart button ;)


EA Shark 7.0 - Hardcore scalper from forexeasystems.com

Shark 7.0 is, what I would call, a hardcore scalping system. It is based on a quite interesting strategy and is so far the fastest scalper I've ever used. When I started testing it, I had strong doubts whether it could run successfully in a live trading environment. Well, Shark 7.0 proved me wrong.


Back test results

I have come across experts with amazing back tests, which failed on live accounts, but I've never come across an expert that fails during back testing, but returns stellar results on live accounts. My opinion is that back tests have a value when they are properly done. However, they have to be taken with a big grain of salt.


EURUSD 2007-2012 | Data source: Dukascopy | Modeling quality: 99% |Settings: default




GBPUSD - 2007-2012 | Data source: Dukascopy | Modeling quality: 99% | Settings: default





Well, that's some "pretty butterflies", but can we expect the same results during forward trading on live accounts? I don't think so. Probably, it's a good idea to divide the profit factor and the net profit by two and multiply the relative DD by two to get a more realistic picture.   
Note: For testing with modeled ticks, I used the data provided by Meta Quotes. For testing with real ticks, I used Birt's Tick Data Suite, which is a very handy piece of software, and tick data from Dukascopy. I also made a back test with shifted data to make sure there are no hidden dates in the code. ;) To view all tests you have to download the zip file "Shark7_Josef".


Live results


As the robot uses very tight stops and does not hold trades longer than a minute or two, I was quite skeptical that it would run successfully on a live account. However, tempted by the back test results, I decided to give it a try.
After a couple of days, I started to feel confident that Shark 7.0 CAN run profitably on live account and changed the lot size from 0.01 to 0.05 lots per trade. May 17, I attached Shark 7.0 to GBPUSD and started playing around with settings. Adding GBPUSD as a second currency pair was a good idea, but playing with settings and disabling the volume and the spread filters turned out to be a very bad idea.
The result: 10% drawdown. Anyway, as it was me who outsmarted the system by disabling the volume and spread filter, I can only blame myself. Actually, the vendor told me not to disable them. After I switched the inputs back, Shark 7.0 pushed the account back to the profit zone with just a couple of trades.


Test log:
08 May ...Test started with fixed lots
09 May...Enabled money management, 0.5% risk per trade
17 May...Disabled volume and spread filter and attached the EA to GBPUSD
17 May...Enabled volume and spread filter
Test period: 08 May > 01 June (3 weeks)
Profit: +14.75% (After spread and commission; Trades executed because of disabled filters are not taken into account)
Number of positions: 45










Note: Graph shows results before commission. Though I know how to use a PC, I am not well trained with excel. :/
Considering the low risk per trade of 0.5%, +14.75% profit in a bit more than three weeks is a solid figure and much more than I expected.
Verified stats with custom start date - show trades executed with correct settings only.



Verified stats without custom start date - show all trades, including those that were placed because of my experiment with settings.




Logic


A robot that uses stops of 1.5-1.7 pips cannot survive in live forward trading. That was my opinion before I started testing it on my live account. As Shark 7.0 proved me wrong, I started digging to find out what it does.
While I didn't figure out what activates its trade logic, I believe I understood in details what it does when the logic is active. For better understanding, I made a couple of screenshots.



Price moved up, and the expert placed a pending sell order very close to the actual market price. SL distance: 1.5-1.7 Pips; TP distance: 9.0 Pips



Price kept moving up, and it modified the order SL and TP to keep the distance between the pending order and the market price. When I saw that for the first time I thought "Hey, Thor, SuperScalper, NMI and MDP do the same, just with larger stop loss levels"



Now, what is interesting is what happened after the pending sell order became an active order. It placed a pending buy order just one fractional pip above the SL of the active sell order and modified the order to keep the distance of one fractional pip to the SL of the sell order.



It kept modifying the pending buy order until the SL of the active sell order was below the entry price. After that happened, the pending buy order was deleted.

Note: I used the visual mode for my observations, but I cannot guarantee that the logic description is 100% accurate.


What I didn't find out:

What activates the logic

First, I thought of Bollinger bands, WP or candle height, but it's definitely something different. On some candles, the logic becomes active after 10 pips, on other after 30 pips.

How it trails active orders

This is another thing that really confuses me. It trails orders dynamically and in both directions. Example: The trade was 10 pips in profit, and the trailing stop was two pips away from the actual market price; the price went down another three pips, but instant of keeping the distance to the market price, it changed the trailing stop from two pips to five pips and a few ticks later to four pips. First, I thought it was a bug but the vendor says it's not.


Pros:

+  Though I didn't figure out what activates the logic, I like the idea behind. As it places orders only when the market moves quickly, there is a great probability given that either a sell or a buy order will close in profit.
+ It uses pending orders only. I consider it to be an advantage, as it decreases slippage greatly.
+ trades two currency pairs.
+ It does not open more than one trade at a time.


Cons:

- As SL is placed very close to the market price, dishonest brokers may play dirty games.
- I am certain that Shark 7.0 will not work with market makers, and results will vary from broker to broker.
- It cannot be used on 4 digit platforms.
- The final version input parameters are limited to money management settings only. Other parameters are not accessible by the user and can't be changed. To my mind that's a bad thing for experienced traders as they don't have much "space" to maneuver with their settings. Who knows, maybe they change that after seeing this post.
- The user manual does not include any information regarding broker and VPS requirements. That's not a big deal for experienced traders but clearly, a disadvantage for newbies. 


Conclusion:

Spike scalpers have large profit potential, but show weakness in case the price doesn't reverse enough. As Shark 7.0 logic does not depend from reversals alone and returned same nice profits during testing, I believe it has a large profit potential.
However, as mentioned at the beginning of the review, Shark 7.0 is a hardcore scalper and requires optimized trading environment. Dealer plugin, slow execution, high stop levels and bandit brokers will act like poison for this robot.

Attachment:

The zip folder includes detailed back tests, trade list (xls) and chart graphs.


Credits:

Birt - The demo version of his tick data suite saved me a lot of time.
Dukascopy - For providing me with ready to use tick data (usually it needs to be downloaded manually and then converted)
Forexeasystems - For providing me with a beta version before the release date.


++++++++++++++++++


I wrote this review because I had an opportunity to test the expert advisor before it was released to the public. I believe the review can help those who are interested in this EA to make a more informed decision. It does not represent any "buy" or "don't buy" recommendations. If you decide to buy this EA and make money with it - good for you, and in case you blow up your account with it.... don't blame me ;)

Regards,
Josef



attached files: Shark_7_StrategyTesterResults.zip - http://www.donnaforex.com/forum/index.php?action=dlattach;topic=5999.0;attach=13828


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    crashev

    New shark is out, looks interesting, however statement shows that it's strategy is similar to the rest high volatility scalpers - it's open and close time are the same.


    http://www.forexeasystems.com/forex-expert-advisor-ea-shark/live-results/statement


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      reinerh


      Hi folks,
      I got news about EA Shark 7.0, to be released today or tomorrow. As I received a beta version at the beginning of this month, I decided to write a review about it as soon I am finished with my review about Forex Envy.

      Some basic information:
      Type: Scalper 24/5
      Stop levels: 1.5-2.0 pips SL, 9 pips TP
      Currency pairs: EURUSD and GBPUSD
      Time frame: M30

      My review will include:
      Back test with real ticks
      Verified live stats
      Logic description
      Pros and Cons

      I am not a writing guru, but as I have some experience with experts; I believe my reviews will be valuable for the community. The first two reviews (Forex Envy and Shark 7.0) should be ready tomorrow. Hopefully, you guys will provide me with lots of feedback.


      Regards,
      Josef  :)

      PS: Just wanted to add that all reviews will be affiliate link free.


      i am curious as heck if thats another vps killer.

      thor just had too many issues, it sucked all the resources of the vps dry.

      joseph, do you know if thats been adressed with this new shark ??


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        wustu

        No chance - never again Shark - the history shows why.
          Sry for my english :D


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          zeromad

          I think execution time and slippage are the real problems for shark 7.0. I mean a 2 pip SL is great, and might work on demo, but on real accounts I have my doubt. ;)

          Nevertheless waiting for your review Josef 

            Tradenow

            I made the update to shark 7 and will test live on armada for a while. 60 day money back is a good reason to check it out.
            its up and running now.  :D

            best regards
            Mark


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              reinerh

              just heard back from alexander that shark 7 is not a resource killer.

              yes mark keep up posted :)


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                pipette2010


                I made the update to shark 7 and will test live on armada for a while. 60 day money back is a good reason to check it out.
                its up and running now.  :D

                best regards
                Mark


                Do you set it up on both the eurusd and gbpusd charts?  On their forward test , I only see eurusd trades.


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