Waiting Night Review

Waiting Night is a fully automated system that uses multiple inbuilt analysis techniques to trade on different currency pairs. The expert advisor uses pending orders to reduce slippage on executions and comply with FIFO rules to increase its compatibility with most brokers. The algorithm is relatively new in the MQL 5 marketplace and promises good profitability. While the claims seem enticing, we will review them ourselves to see if the product is safe for investment.

Trading strategy explanation 

The developer states that the algorithm implements a night scalping strategy to trade on USDCAD, USDCHF, USDJPY, EURCAD, EURCHF, EURUSD, EURGBP, EURAUD, GBPUSD, CHFJPY, AUDCAD, and AUDUSD. It uses price action and a custom indicator with built-in risk management techniques for maximum performance. 

The history on MQL 5 records shows us that the system trades mostly towards the end of the New York session. It closes trades within one hour, classifying it as a day trader.

Features

Following are the characteristics of Waiting Night

• There are no averaging or martingale strategies involved.

• It comes with a built-in volatility filter.

• Compatible with FIFO brokers.

• Traders can limit the number of trades.

Backtest data analysis

Backtesting records can be found on the robot's website for the time period of 2003.05.05-2021.12.31. These reports are for GBPUSD performed on the M5 timeframe at a modeling quality of 99.9%. These records show that the system turned an initial deposit of $10000 into a total net profit of $11201.3. Variable spreads were used to test the system to match the real market conditions.

The EA had an absolute drawdown of 1.04% and participated in 3797 trades, out of which 77.03% were profitable. The profit factor is reported as 2.58. We will continue on to the live stats and see if the historical performance can match the one on a real account.

Waiting Night live trading data analysis

Live trading results have been provided for the robot verified by the MQL5 website. The currency is US dollars. Performance can be tracked from 2022/01/23 till the current date. It can be inferred the system generates a monthly return of 5% with a profit factor of 2.41. With an initial deposit of $938.69, the current balance stands at $1064.36. The overall drawdown is at 4.5%, which is 4 times more than the backtesting records. The short duration of live records is not enough to analyze its true output. 

Pricing 

The algorithm can only be purchased with a one-time price of $199. There are no refunds as per the policy of the MQL5 marketplace, and the key is available for a single MT4/5 account.

Customer reviews

The robot has 10 reviews on the MQL 5 marketplace, where all the customers rate it as 5 stars. A trader comments that they have extensively backtested the product and is now running it on a live account. The developer is helpful and provides updates to the system. 

Review summary

Pros

• Does not use grid or martingale

Cons 

• No detailed statement for backtesting records

• The short duration of live records

• No news filter within the coded infrastructure

Waiting Night is a relatively new expert advisor that uses a traditional night scalping strategy commonly employed by many other algorithms in the MQL 5 marketplace. The short duration of live records and lack of customer feedback are some of the factors to considers before investing in the system.

Rating: 5/10