Following some festive Halloween fun over on the AlgoTrader development group a new "robot" was conceived. After a remarkably brief gestation period the MetaTrader version of the son of Ray the Random Robot has now been born!
Ray Robot II has learned something from his father's experiences, and uses slightly more intelligent entries. RR2 waits for the end of a bar, then places a pair of pending orders at or just beyond the high and low of that bar. These "bracket orders" can either be stops, in which case the son of Ray hopes for a breakout, or they can be limit orders, in which case he is hoping for some "mean reversion" to take place.
Ray Robot the second has also now seen his father's equity curve, and decided to ditch Martingale money management in favour of the far more sensible methods used by our "London Breakout Robot". He still uses his father's original exit method though, which consists of a fixed profit target and stop loss.
Here's the source code for our latest creation, together with RR2's very first backtest results:
This is what a few month's worth of breakout trades from daily bars of EUR/USD on an Alpari UK demo account looks like:
Not bad pocket money for such a young whippersnapper?
P.S. Here's the latest version: