JOKER EA - A LAUGHING MATTER?

Hi all, good day. This post is about the Joker EA. This Forex trading system runs on the Eur/Usd on the 5 minute time frame. The Joker EA sets a dynamic SL and TP based on volatility of the market at any given time. I really like EA's that set the TP and SL dynamically. I can think of another EA that does this, and it is one of my favorites.

The trading chart reminds me of the WSFR chart. Another great EA. I am guessing the trade entries are based on the EMA and volatility by the picture shown here.

"The best strategy we come up with is a breakdown strategy. Take profit and Stop loss are both dynamically adjusted according to market volatility. Open prices are being used, so you should get almost the same results on demo and live accounts. and, of course, a 100% backtest match."

"Used indicators: Bollinger Bands, ATR and Moving average, mixed with a price analysis algorithm. It uses open prices only, therefore it’s not spread dependent because it trades on M5."

Stop Loss triggers somewhere between 1 and 50 pips, but no more than 50 pips. Take Profit triggers between 1 and 35 pips.

Backtests are available on the webpage as well and are 90% modelling quality.

The cost of this appears to be $500. So a little more expensive than some other commercial EA's. Time will tell if this is worth the price. The refund policy is stated "according to reqnow refund policy, our refund policy is “60 days money back guarantee”. However, once refunded without a good reason, you can’t buy it again later."

I could not find any forward tests on the website at time of writing. Hopefully the vendor will set one up soon!

Edit May 2013: Apparently this EA now is up to V3.6 which incorporates 3 separate scalping strategies.