Hi All, I want to talk about the Ray Scalper made by the same folks that made the Phibase Pro forex system. See this post for that analysis. So the website looks clean and presentable and the strategy is
based on the concept of ray tracing hence the name. Support/Resistances
are calculated using Fibonacci levels,
weekly classical pivots and other standard methods. These levels are
considered as objects. The EA close of every 15 minute bar
the EA shoots out rays in both long and short directions. The default
target price (H1 ATR) is placed at distance about 6 hours.
"Rays" which were able to reach the target with out cutting across any
support/resistance levels are considered for trading.
The EA opens a long or short trade based on the best possible ray's
direction. Stoploss is placed at (4x) the H1 ATR.
This allows the EA enough room to close trades which does not work
immediately in its favor.
So up to this point everything is fine and dandy. Upon further investigation I look at a 12 year backtest that is presented with a 90% modeling quality. These 90% modeling quality backtests are so "yesterday" for lack of a different phrase. I have learned from past experience not to trust anything less that a tick data 99% modeling quality.
There are some forward tests on the webpage with one being a real money account with a starting capital of $966. We can follow this forward test by clicking this link As of this post it is doing well since last August.
The Ray Scalper went on sale November 1st for $275. This license is for 2 live and 2 demo accounts. The money back guarantee is "conditional" and is quoted below:
"Ray Scalper has a success rate of over 80% when tested over a period of 12 years. The EA has shown a worst case drawdown
of about 800 pips and such drawdowns may happen anytime in future also. The EA has the capabilty to recover strongly from
any such drawdown provided the EA is run continuously and without manual intervention. The worst consecutive losing streak
was for 5 trades where as the winning streak was for 25 trades. The EA will have some losing months - these losses are
considered part of the strategy and are not a defect in the program or logic."
"You can claim your refund if you notice reasonable performance variation when compared to our reference accounts."
So you will need to prove to the vendor you are having adverse trade results when compared to their own accounts to receive a refund. I think it is too early to tell whether this one will stand the test of time, there are definitely better scalpers available now with a longer positive performance history.
Rayscalper Website
