Thanks so much for reading our article. Market Technician was published since 1968, for now only has 90 volumes. It's one of the most professional Forex Journals around the world, we must fully cherish the opportunity to well express our core views in the 2000 words' article.
In addition, there is a volume based indicator in Tendency Forex System, the volume in MT4 terminal comes from the Broker Server and/or the Liquidity Provider ( LP ) . Moreover, in most cases, retail traders' position is on the opposite side of professional traders. The result of the volume based indicator may be distorted in MT4 ternimal.
Therefore, Tendency Forex System could not be translated into MT4/5 EA.
In addition, There are some general and important limitations for most EAs:
1. EA is based on a combination of Indicators.
2. Indicators are based on price and volume.
3. MT4 Price is from Liquidity provider, not accurate.
If you set up the same indicator in the same pair but in different Brokers & CQG & eSignal charting system, the result may not the same, especially on lower timeframes.
4. Volume is from broker server and/or Liquidity Provider, in most cases, retail traders' volume is on the opposite of professional traders.
5. No reliable historical data for backtesting. I think even the best MT4 Tickdata is hard to 100% simulate the real trading conditions.
6. Too much over-optimization. This is a key issue for most EAs, cause their key logic could not work well, programmers have to adjust the parameters of the indicators to suit the historical data, which lead to excellent backtesting result and distorted performance in live trading.
Trading is much more than an EA. How to combine the technical and fundamental views together is the key to success.
If EA is as powerful as imagined, I think perhaps some major banks, such as Goldman Sacks, CreditSuisse, Commerzbank, would lay off all the technical analysts and economists and focused on EA coding only :)
However, MT4/5 is the most popular retail trading platform. We believe it is one of the best trading platform. Although we do not use it for major investment, it does very conveniently to trading.
Hope this could help,
All the best,