White Bear Z is a scalp-type EA that is based on long-term trading approach. It is said to be the best in its category, with a reputation of being the most preferable EA in traders’ portfolio. In this review, we’ll examine its special features, performance results, and user opinions among.
White Bear Z Technical features
Item/Content
Trading style: Scalping
Time frame: M5
Currency pair: USD/JPY
Stop Loss: 7 pips
Take Profit: 60 pips (automatic position close)
Recommended lot: Not specified
Maximum number of positions: 3 (Can be changed between 3-5)
Entry time: 3:30 ~ 8:00 (Japan time zone)
Performance results
The data below shows Forward Test result obtained on White Bear Z, from late August 2014 to August 2018.
Forward Test Result Summary:
- Application period: August 2014 – August 2018
- Profit/loss ratio: +39%
- Success rate: 89%
- Earned pips: 2087 pips
Based on this data, we can see that White Bear Z had proven to be highly consistent and profitable in long-term (The EA maintained a 39% profit ratio within 4 years). The EA had also been highly accurate in its prediction, with nearly 90% of its trades becoming successful.
The next image shows monthly breakdown of pips earned between 2015-2018.
Throughout this application period, WhiteBearZ had maintained a stable profit most of the times, a considerably long time, which indeed is the EA’s main feature. White Bear Z also pays extra attention to asset management, as we can see that the pips gained was positive in almost every month.
Characteristics
- System description (quoted from the official page)
“White Bear Z USDJPY is a scalp type Expert Advisor that is suitable for traders with either momentum or contrarian approach. White Bear Z is an improved version of its predecessor White Bear, which has better trend judgment logic, added filters, and specified market hours (The market hours are set to Japan’s time zone (GMT+9) with trades starting in the morning). Additionally, the EA is now more oriented towards risk reduction, and has extra feature to include high frequency market quotes.”
It should be noted that the White Bear Z had been continuously run on the Forward Test non-stop. This means that the EA’s test result is most likely to reflect in the actual trade result, due to its accuracy not being skewed or restricted.
- Entry/Close
Below is a sample chart showing order position commenced by White Bear Z for November 2015.
During this time, there was a total of 7 trades made, all of which were selling orders. You can also notice that all these trades were short-term, which is characteristic for scalping type EAs. Also, please note that the small, red horizontal bars above the trend line depict moments when the EA executes Stop Loss.
- DIF Filter Function
The DIF filter prevents market entries from occurring, specifically when number of pips becomes abnormal.
For example, when the market price suddenly fluctuates due to economic indicators, the EA might consider it as favorable and open a trade position. While abrupt market changes can be beneficent, they can also backfire with potential loss being incurred. By default, M5 is set with 100 pips, M15 with 150 pips, and H1 with 200 pips. If any of these values are exceeded, the restriction mode will last for 6 hours. These parameter values can be changed at one’s discretion
- News Filter Function
News Filter allows to limit entries before and after economic indicators appear. Strong economic indicators tend to appear on other days besides Friday and are usually followed by abrupt changes in market quotes. This feature is a convenient way of letting the EA manage the risk by itself, without any worries.
- Friday Filter Function
Friday Filter allows forced position close at specified time on Friday.
This feature was created to prevent EA from carrying over a position from one week to another, because trading weeks often start with market prices suddenly changing (usually Monday). In case, the position does not automatically close before weekend, Friday Filter will make sure to do so.
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