User Manual of Chameleon EA
Let's share a pro trading tip here.
When you decide to buy something, you consider if it is cheap or not, don't you? So institutional algos do the same thing so does the Chameleon.
1- The EA evaluates if the current price is cheap or expensive using FIBO level.
2- If the price is below 50% FIBO level, the algorithm translate it as , the current price is in discounted, so the EA consider buying in the location where exists liquidity.
3- If the price is above 50% FIBO level, the algorithm translate it as , the current price is in premium, so the EA consider selling in the location where exists liquidity.
Therefore FIBO levels are important and Chameleon EA uses FIBO levels to conduct trade operations.
The Recommended Use of The Chameleon :
You do not need a years of backtest to work with EAs.
My suggested use is the EA captures the price dynamics of a recent period - which is more important. For this, you can prefer 3 month or 6 month optimization periods.
1- You optimize for the past 3 or 6 months with "every tick based on real tick " and "variable spread" options and
2- Make 1 month forward and 1 month rewind tests. Rinse and repeat it on every week or every 2 weeks or do it monthly
Your risk will always be controlled.
Example:
If today is Jan 01, 2025,
Run an optimization from June 01, 2024 or September 01, 2024 to November 30, 2024 and make a backtest for May 01, 2024 - December 30, 2024.
By doing so, you also largely avoid having a history reading EA because you will have 75% learning period and 25% out of sample tests.
Choose the set provides optimal risk return together with the controlled period (optimization period) and with the uncontrolled period(forward-rewind test).
Enjoy this free EA and don't hesitate to ask me any question.
