For a while, I have been considering coding an EA or PIN to trade the Monday GAP Open. The basic principle is a simple one: look for a significant gap between the Friday closing price and the Monday opening price, and assume that the price will retrace a few pips.
Then at the beginning of September, I came across the GAP Hunter EA from the same author as the Forex Factory News EA (which I have used on and off for some time). I was impressed by the backtest results from GAP Hunter (which were profitable across a wide selection of pairs), so at $36 it was a no brainer.
The live account JagzFX GAP Reversion is running this EA on 23 pairs. Settings are all default, I only adjusted the risk.
This EA does not trade much, and I can’t see it making more than a few per cent each month. However, because it is active at a time I usually avoid for other strategies, I am thinking it could share an account with another EA and make use of leverage that is otherwise sitting idle.
At six weeks in the pips were green. How’s it looking now?
PS: If you've looked carefully at the stats, and you are wondering where that huge deposit load came from. That's not the EA, that's me being a bit clumsy and accidentally opening a 1.0 Lot trade on a $4K account with only 1:30 leverage! It was meant to be a 0.01 buy limit trade to validate the account with Myfxbook.