Forex Expert Advisors: Phibase Pro Synergy

 After its first appearance, the Phibase Pro Synergy forex expert advisor, whose trading is based on the interpretation of chart patterns, did not make a strong impression. However, watching its development, trading on monitored accounts, and trader feedback, it becomes clear that we have an interesting example with a trading strategy unusual for an ATS.

Platform: Metatrader 4
Expert advisor version: 3.2
Currency pairs: EURUSD, USDCHF
Timeframe: H1
Operating time: Around the clock
Recommended brokers: Alpari, Forex4you

This expert advisor recognizes 6 trading patterns (such as triangles, rectangles, double/triple bottoms/tops, channels, etc.) and 36 of their possible combinations. At the same time, an entry point is not considered for trading unless it is near a Fibonacci level. All these patterns are identified by a bunch of indicators, but these are already nuances of the program code; after all, an expert advisor is not a human, and to teach it to "see," the authors had to resort to a few tricks.

Quite often several positions are opened to average the entry price, but there can be no talk of any martingale here. Stops and targets are determined based on ATR (not only the hourly chart is considered, but also the situation on the daily and weekly charts) + the stop loss is moved closer to the market as profit is reached (see the settings description). Overall, the expert advisor tries to catch large moves and stay in the position as long as possible.

 2007-2012 EURUSD

USDCHF

Judging by the backtests, the expert advisor should be used only on EURUSD.

MaxPositions – the maximum allowable number of simultaneously open positions.

Max_Allocation_Per_Trade– the percentage of free margin that the expert advisor will risk in each trade. Money management is activated if the Fixed Lot parameter=0.

FixedLot– a fixed trading lot. If it is set to 0, then automatic money management is used based on the value of the RiskPercent parameter.

TargetLevel_1and TrailSL_1 – when profit reaches the number of points specified in Targetlevel_1, the expert advisor will move the position's stop loss to breakeven + N points, where N is the number of points in the TrailSL_1 parameter.

TargetLevel_2andTrailSL_2 – the meaning is similar to the TargetLevel_1 and TrailSL_1 parameters; this is the second level of moving stops closer to the market.

Pair – set 1 for trading EURUSD, 2 – for trading USDCHF

Friday_Trade – enables/disables trading on Fridays.

MagicNumber - a parameter required by the expert advisor so it can distinguish positions it opened from positions opened by other expert advisors or manually.

Phibase Synergy is quite interesting for its unusual approach to automated trading, and it is clear that this expert advisor is very well thought out and that work on improvements is constantly ongoing. I will not unconditionally recommend it for use on real accounts, but it is certainly worth watching.