Forex Avatar is described by its developer as a non-Martingale, non-grid scalper which trades through 24 hours. It runs on the 5-minute timeframe charts of both the EURUSD and GBPUSD currency symbols.
Setup is very easy, as users only really need to decide whether to allow the EA to trade on Friday (default is true, meaning it will trade), and set the EA's maximum spread and risk level.
I've put the EA straight into forward test without carrying out any backtests of my own, and I haven't yet analysed the EA in any detail to understand how it works exactly. If it does well in forward test, then that will be the point in time that I will probably decide whether to look at Forex Avatar in closer detail.
From the developer's website, the backtests suggest that it's likely to take around 5 trades each week on the GBPUSD symbol and less than 4 trades each week on the EURUSD symbol. These aren't exactly a prolific number of trades for a scalper, so I'm guessing there must be some pretty comprehensive trade filtering going on inside the EA so that it only selects those trades with the highest win probability. If the developer's backtests are to be relied upon, I'm expecting to see a win rate of just under 90% and a risk/reward ratio of around 3.
I've set Forex Avatar up in forward test on a $5k FXCC raw spread demo ECN account. The fact that the FXCC account is using raw spreads will, hopefully, ensure that Forex Avatar is able to exit its trades quickly and efficiently. However, a 1.0 pip round turn commission is being charged to each trade, and I would normally increase the TP values by 1.0 pip and reduce the SL values by the same amount to compensate for those commissions. Because Forex Avatar is a black box system and it's impossible for users to manually adjust either the TP or SL values, I'm hoping that the commission charges won't impair the EA's performance. I raised the matter with the developer and he advised me that it would be OK.
Regarding maximum spreads, I've set the EURUSD maximum allowed spread to 2.0 pips and the GBPUSD maximum spread to 3.0 pips. Seeing as FXCC generally quote prices much lower than these values (and often as tight as 0.1 pips), I'm not expecting this to be an issue.
My only other observation is that Forex Avatar appears to use no fewer than 9 different magic numbers in its operation.
The multitude of different magic numbers most probably means that Forex Avatar will have several trades open at a time.
Although I've set the EA up to risk no more than 3.0% of the account balance on any single trade, I'll almost certainly be risking much more than this if the EA decides to open several trades together.
Users can compare Forex Avatar's performance against the performance of other EAs on my live leaderboard, and also its results are being published to MellyForex which can be accessed by clicking here.