Just about every forum out there is littered with strategies of different calibers. Some are based on sound trading strategies, and some are completely flawed.
Having a guide to filter out the poor EAs can be a huge help for anyone exploring new ideas. There is a monthly blog post at BabyPips.
Each month, the author highlights three different expert advisors that are available for download through the MQL4 Codebase. These posts provide an excellent starting place for anyone looking for a base to develop a new strategy. Here is a quick description of the three strategies and some backtesting results that the article provided this month: Very Blonde EA The Very Blonde System is a very simple EA that trading robots charts designed to be used on any chart and time frame combination.
The robot looks for a price to move x number of pips in y number of minutes and then opens a reverse position using grid limits. The biggest risk for this EA is that it exposes your capital to a significant level of risk, however there are a number of measures built in to minimize that risk.
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The average profit was 0. Obviously, this is too small of a sample size to make any judgements, but the strategy does appear to have an edge.
The robot monitors the charts looking for bars that gap higher or lower than the previous bar. It then establishes a position and a take profit level.
Of those trades, The average winning trade was a profit of 0. The maximum drawdown was 0.
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Once again, this strategy could be exposing capital to significant risk of ruin. The BabyPips.
It basically involves the automation of trading analysis and operation, completely avoiding manual intervention.
Of those trades, all three were winners. They averaged a profit of 1.
See how the MakeMoney Trading robot trades $1 000 to $12 Mil in 6 weeks on actual MT4 Charts
While three trades is certainly not sufficient backtesting evidence, this EA definitely warrants trading robots charts study.