xBest EA is an open source Forex EA that is Free to Download. xBest EA, initially developed by xJhamil and later improved by Rodolfo, stands out in Forex trading as a popular open-source Expert Advisor (EA). Remarkably, this EA can be used without any charges, giving traders an opportunity to use and modify the source code according to their specific trading styles and strategies. However, this has also led to the creation of many rebranded versions, some of which are exact replicas of the original, or others bear significant modifications.
xBest EA’s accessibility and its ability to be modified have made it a favorite among forex trading programmers, who often rebrand it and introduce it as their own product. Some notable examples of these rebranded versions are Fxcoregold v9, GoldenOwl EA, Oracle 2.0 EA, and Passyourchallenge EA, among others. While some maintain the core functionality of the original EA, others offer variations in its working principles.
At its core, xBest EA initiates a buy or sell cycle depending on signal indications. It starts with a base lot and increases the size by a predetermined factor at every step. Simultaneously, it sets a global take profit. Once the daily target profit is achieved, it closes all orders. Furthermore, it boasts a time filtering feature and an option to enable hedging after a specified number of loss orders.
Please test in a demo account first for at least a week. Also, please make yourself familiar and understand how this xBest Robot works, then only use it in a real account.
Customizable Options of this Open Source Forex EA
Open Source Forex EA is designed to be highly customizable, offering a wide range of options that can be tweaked either through input parameters or by editing the source code. Below is an overview of some key features:
- Grid: The Grid system can be adjusted, allowing users to set multiple trades at different price levels and profit more during market swings.
- Martingale: xBest EA offers the Martingale betting strategy, where the trade size is doubled after every loss to recover previous losses when a win eventually occurs.
- Minimal Profit Close/Protect Grid: This feature is used to set a minimum profit level at which all trades will be closed, thereby protecting the grid.
- Moving Average: This tool is used to identify and follow trends by smoothing out price data over a specified period.
- HILO: High-Low (HILO) strategy can be used to identify potential reversals in the market.
- Trailing Stop: This feature adjusts the stop order as the market moves in a profitable direction to secure gains.
- Break Even: This allows the Open Source Forex EA to move the stop loss to the entry level once the trade reaches a certain profit, securing a risk-free trade.
- Take Equity Stop: This helps to manage risk by closing all positions if equity reaches a certain level.
- Max Spread Filter: The Max Spread Filter prevents trading when the market spread is too high, thus avoiding unnecessary losses.
- Caution of Equity: It provides an alert when equity reaches a predetermined level, protecting the account from large drawdowns.
- Equity STOP: This feature allows the user to set a maximum loss level at which all trades are closed to prevent further losses.
- News FFCall Filter: It helps in avoiding trading during high volatility news events.
- Filter DateTime Filter: It allows the user to avoid trading at specific dates and times.
- Visor (Dashboard)
- Magic Number
Conclusion of xBest EA
xBest EA flexibility and wealth of customizable options have made it the go-to open source Forex EA for many traders. While it’s flattering that many programmers have been inspired to rebrand it, it’s important to remember that the original source code remains free for everyone to use and modify as they see fit. As with any trading system, be sure to thoroughly test xBest EA or any of its rebranded versions in a demo environment before going live. And always remember to trade responsibly.