druss...with less aggressive parameters and proper money management I have made $$'s with Ilan...I'm not using it at the moment, as I'm using another Martingale EA that I've extensively modified...but Ilan can work very well. Bill
No, it doesn't work at all if you pick a pair going side ways..
Typically sideways is like watching paint dry...not too exciting or profitable. As to range if one candlestick went up 50 then next down 50 then next up 50 next down 50 and Ilan was placing orders on one, profiting on the next, etc Ilan could make money that way but I've never seen it work that way in real. Ilan makes money by placing contrary orders against the trend with larger lot sizes as the trend continues against it....knowing all the time that at some point it must turn around. The key is to not run out of margin before the trend reverses.
Then exit all positions at once on first reverse 10 pips.
So as long as price keeps going up 10 pip intervals add more positins, until eventually price falls back 10 pips then close all open postions together.
Leaving with 1 loss and many winners.
10 Pip Intervals above a moving average.... and 10 pip intervals below a moving average for short... Simple??
Well if you're increasing lot size with every order...depending on the pair, you'd need a huge balance to cover a lot of orders. I've seen one directional (without significant retrace) of many many pips.... I think your statement above should have read....
Leaving 1 (big)winner and many (smaller) loses
Yes could work...just a simple MA EA without Martingale..