Fox Wave Clean
Fox Wave Clean is an Elliott Wave-based EA that identifies wave patterns (impulse and corrective waves) on multiple timeframes to generate trade signals. It enters positions at the end of corrective waves (wave 2 or wave 4) anticipating the next impulse wave. The EA uses a rule-based wave counting algorithm with Fibonacci retracement levels for entry and take-profit placement.
Open the interactive view (equity curve, symbol switch)Key facts
Backtest results (H1, about 1 year)
| Symbol | P&L | Annual | Max DD | Trades | Win rate | Sharpe | Recovery | Losing streak | Per trade | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| EURUSD | -0.03% | -0.02% | 3.48% | 102 | 54.50% | — | — | — | — | Same as other EAs |
| GBPUSD | +2.36% | +2.05% | 4.79% | 99 | 47.50% | — | — | — | — | Same as other EAs |
| USDJPY | +2.67% | +2.32% | 4.61% | 95 | 48.40% | — | — | — | — | Same as other EAs |
| XAUUSD | +37.13% | +29.81% | 42.85% | 94 | 54.80% | — | — | — | — | Same as other EAs |
On every market this backtest is identical to EA-17187, EA-62812. The automatic conversion almost certainly lost what makes this EA different (a custom indicator, a filter or the money management), so these results are not ranked or counted.
Converted from MQL5 to Python and run with the same rules for every EA. Positions use MT5 lot sizes (100,000 units per FX lot, 100 oz per gold lot) with 1:100 leverage, one order at a time, and a stop-out below 10% of the starting balance. Sharpe is computed from the equity curve. Results marked as unreliable are shown for completeness only.
Blow-up risk: No blow-up pattern found
None of the usual blow-up patterns were found in the code, and the account was not stopped out in our backtests. That is not a guarantee: any EA can lose money.
High: stopped out in our backtest, or martingale/grid sizing without a stop loss. Elevated: martingale or grid sizing with a stop loss, or several positions at once without a stop loss. What the label means and what we found →
Strategy analysis
The core strategy of this EA is based on Elliott Wave Theory, identifying 5-wave impulse structures and 3-wave corrective structures to capture trading opportunities within trends. Entry conditions trigger when wave 2 or wave 4 corrections are identified as complete and price retraces to key Fibonacci levels (38.2%, 50%, 61.8%), anticipating the next impulse wave (wave 3 or wave 5). Exit conditions include take-profit targets set at Fibonacci extension levels (typically 161.8% extension of wave 3) and stop-losses based on wave structure invalidation. Position sizing uses either fixed lots or a percentage of account balance, but lacks sophisticated dynamic position adjustment. Money management sets stop-losses below the wave origin point, achieving theoretical risk-reward ratios above 1:2. The EA also employs multi-timeframe analysis, confirming wave direction on higher timeframes before seeking precise entry points on lower timeframes.
Strengths
- Based on Elliott Wave Theory with a complete logical framework, capable of capturing major trend moves
- Uses Fibonacci retracements and extensions as key levels, providing quantified standards for entries and exits
- Multi-timeframe analysis improves wave counting accuracy and reduces false signals
- Theoretical risk-reward ratio is favorable, consistent with trend-following strategy advantages
Weaknesses
- Wave counting is inherently subjective; the algorithm may produce different wave labels than experienced analysts, limiting accuracy
- Wave identification is error-prone in ranging/choppy markets, potentially generating frequent false signals and consecutive losses
- Lacks dynamic position sizing and pyramiding mechanisms, unable to scale into positions as wave confirmation strengthens
- Stop-loss placement may be too wide, potentially causing significant single-trade losses when wave structure invalidates
Possible improvements
- Add a confidence filter for wave identification, such as combining momentum indicators (RSI/MACD) to confirm wave direction and reduce false signals
- Implement a ranging market detector to pause trading when no clear trend exists, avoiding frequent entries during corrective phases
Risk assessment
Overall risk: Medium
- Subjective nature of wave identification may cause consecutive losses in volatile or ranging markets
- Stop-loss based on wave structure rather than fixed pips may lead to inconsistent risk exposure across trades
- Lacks equity protection mechanisms such as maximum drawdown control and daily loss limits
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
LotSize | 0.1 | Lot size for margin calculation |
StopLoss | 50 | Stop loss in points |
TakeProfit | 100 | Take profit per order (points) |
TimeFrame | H1 | Analysis timeframe |
FibLevel | 61.8 | Fibonacci retracement entry level |
WaveCount | 5 | Impulse wave count |
MagicNumber | 67691 | EA magic number |
MaxSlippage | 3 | Maximum slippage |
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Backtests are historical simulations and do not guarantee future results. Not financial advice.