Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader


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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Review of the tester for MT4 FX Blue. Part 3 (Functionality and analysis of test results)


tester fx blue

The FX Blue tester is designed for manual strategy testing. The essence of the process itself is that you open transactions on the chart in manual mode, after which the simulator shows the effectiveness of the system. Convenient functions have also been added to it: additional orders for trading systems based on channel strategies (automatic opening of deals when touching borders or breaking them), order management window, etc. You can read how to install and configure the tester in previous reviews.

FX Blue tester – analysis of strategy results

Testing starts from the date entered in the lower control panel of the simulator, which is in fact directly related to the main built-in MT4 simulator. Testing can be interrupted at any time – the icon to the right of the scroll bar in the “Visualization”. The second option is to click on the blue icon in the order management window and select the pause item. A pause allows:

  • Change the scrolling speed.
  • Analyze fundamental factors (FX Blue does not automatically update news and load them to the chart).
  • Stop testing completely by looking at your current profit.

Analysis of open orders

FX Blue duplicates many of the functions. For example, information on orders can be called in a separate window (this was discussed in the second part), or you can hover over the order marker and look at the pop-up window, where the open price, order direction and stop will be indicated.

An open order marker is an arrow to the right (as in the screenshot), color – blue or red, depending on whether the position is short or long. A closed order is indicated by an arrow pointing in the opposite direction. Each order is numbered, therefore, by hovering over the triangle, you can see which position and how it was closed (by stop, take profit, or by a trader in manual mode).

Smart-Lines. A unique function of testing strategies for the set auxiliary levels. Select a line from the MT4 tools, draw it on the chart when the tester is running, press Alt and left-click on the line, calling the function settings window.

The function involves setting the boundaries of the channels (for horizontal and angular lines), along which trades will be opened or closed. Vertical lines (linked to the timeline) allow you to close orders early at any point in the market. How useful this function is is a moot point, but it may be useful to someone. In the instructions, it is called “Line Trading” (independent trading system).

How to test at different times… This function is not available in the MT4 simulator, but it is in the FX Blue tester. In the lower test control panel, select the time interval that will be the main one. Then we press the button “Expert properties”, go to the “Input parameters” tab and specify one or more intervals of interest.

We save the changes. We return to the tester, run it on the main hourly interval. Then click “File-Open Offline” and open the file with the saved template with the desired timeframe (it will be marked “! SIM”). Now testing will run simultaneously in several windows. True, this will most likely affect the speed of MT4.

Analysis of results

Testing ends either in the case of a forced stop (“Stop” button), or when the chart has reached the end date specified in the tester control panel. The test result is displayed in the browser, automatically opening on the developer’s site. The menu is partly Russian, partly English. In the tabs you can see the profit, loss, the number of open trades, the ratio of winning trades to losing trades, risk assessment, etc.

Analysis of test results is not just a backtest unloading. This is loading the test results into an independent software analytical complex of the FX Blue tester developers, partly similar to the functionality of the MyFxBook monitoring platform. And in this the simulator wins a lot over MT4, which simply uploads statistics to a separate file, offering the trader to deal with the numbers and grouping of data himself. As a reminder, trading statistics analysis is not available without registering an account on the FX Blue website.

Disadvantages of the FX Blue tester:

  • Not all functionality works as it should. When I tried to open the account order management window in the settings, the tester hung up and had to reapply the indicators. Sometimes the tester would just suddenly stop testing.
  • You cannot open an order retroactively, you need to restart testing. That is, you cannot pause the FX Blue tester, rewind the history and open a deal where there were doubts. In theory, this is protection against backtest counterfeiting (for example, when the system is supposed to be sold). But on the other hand, nothing prevents you from starting the simulation again, just wasting more time.
  • There are scrolling questions in the visualization. The maximum position on the scale is 32 and it would be logical if the speed increased proportionally. But when setting a value of 32, the entire graph flies by in a few seconds.
  • The tester works only in MT4 environment. There is also a version with minimal functionality for MT5, but since traders prefer MT4, the developers decided not to waste energy. However, they did not completely eliminate all the bugs for MT4 either.

Output… The FX Blue tester is an interesting program for testing the performance of manual strategies. It has its own unique features and flaws. But it also has its own strengths. If we compare the backtests of different testers using the same quotes and testing models, there will always be discrepancies – this is due to differences in price calculations, redraws (many testers have this problem), etc. But if on 3 simulators the strategy showed positive results with minor discrepancies, they can be considered relevant.

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