Meet Mislav Nikolic, the Creator of the Inspiring Ultima EA

14 min read

Dear traders,

Do you ever wonder how long it takes to create a winning EA? Or are you curious to know more about the Ultima EA creator?

This article reviews all of the questions and more. The Ultima EA creator, Mislav Nikolic, also explains how he created the trading system. Plus he adds his view on what he considers to be the most valuable part of the EA.

How Long for Creating an EA?

The bad news is that it took years. The good news is that it was only a few years, not a decade.

Creating an EA requires enormous dedication and tons of hard work. The Ultima EA development has taken several years. But when looking at the results of the past year, it was well worth it. 

Mislav Nikolic is the creator of and brain behind the Ultima automated trading system. He explains that the process was exhaustive: “It felt like climbing a mountain, just to see another mountain ahead of me. It seemed like it would never end. At times, I was ready to quit and give up. But deep down, I managed to gather enough energy to keep going.”

Mislav explains that the entire process took about 2.5 years. Here is his break down of the development process:

  • Creating strategies to find the best winning system: 1 year from spring 2017 to end of 2017
  • Manually back testing the best strategy: 4-6 months from fall 2017 to winter 2018.
  • Translating the rules into a language that programmers can understand: 2-3 months at the start of 2018.
  • Finding and testing a programmer. This phase occurred several times because the first programmers proved to be too slow or incapable: 4 months at the start of 2018.
  • Translating the rules into code that the programmer can understand: 3 months at the start of 2018.
  • Checking if the code correctly reflects the rules: 3 months mid 2018.
  • Adjusting the code: 3 months mid 2018.
  • Testing the rules on past data: 9 months during the entire 2018.
  • Optimizing some of the rules in a smart, forward looking manner: 18 months from start of 2018 to fall 2019.
  • Live trading with the EA: from June 2019 onwards.

What Are the 2 Main Traps for EAs?

The system was built with a forward looking mindset. Mislav explains: “I knew that there were 2 typical traps when creating an EA. I needed to avoid both.”

The two largest problems are:

  • Over optimizing.
  • Unreliable data.

Over optimizing happens when traders focus on a relatively small period of time. They change the settings so they get the best results. But the settings usually fail when used in other time periods.

Unreliable data occurs when traders only test on the MT4 platform. They usually test the strategy with 90% modelling accuracy. This does not provide sufficient information about the system’s actual past performance.

Mislav Nikolic used two solutions:

  • Remedies against over optimizing:
    • All changes had to make logical sense according to and within the system rules. Mislav wanted to avoid “playing” with numbers in an attempt to squeeze the best results. Improvements were only allowed if the logic of the system rules stayed intact.
    • Changes were first tested on about 6 months of data. The goal was to avoid very small periods and very large periods. Small periods do not provide sufficient information. Large periods lead to over optimizing. By choosing something in the middle, Mislav was able to test the Ultima EA settings on data outside of the chosen period.
  • Remedies against unreliable data:
    • Mislav tested the Ultima EA using 99.9% modelling accuracy, which provides a real simulation of how the EA would have performed in the past. The data came from Dukaskopy and Alpari. 
    • Historical spreads were used to make the testing even more accurate.
    • Lengthy test periods gave the results more robustness. The EUR/USD 15 min chart was tested for a whopping 3 years. The GBP/USD 60 min chart was tested for more than a decade. That means that testing used 60-80,000 candles for each time frame.

You might be wondering, who is the man behind the Ultima EA?

Mislav Nikolic, Creator of the Ultima EA

Meet Mislav Nikolic. The entrepreneur from Zagreb switched from a successful video games store to something more virtual: trading via the PC. At that time he stumbled upon the teachings of the fellow balkan – Nenad Kerkez, who was making a name for himself via a hands on approach to Moving Averages and Camarilla trading. 

Mislav found Nenad’s seminar, after one day a friend showed him an article about a free seminar on Forex. He had virtually no idea about Forex so he searched a little about Forex and all he got was “scam, people lost money, tax for fools etc”. But he went there with an open mind. Mislav explained how he met Nenad for the first time: 

“I had all the time in the world at that time. When the day came, I first went to see a friend in a bar. I had beach shorts on me. When I needed to leave for seminar, I was thinking “will not waste time and go home to change, it’s a scam anyway” and I will still be best dressed. Without further adieu, there were about 249 people in suit/dress and 1 guy in beach shorts. :)”

Mislav continues by explaining that “there was general talk about Forex and it was interesting, but most parts I didn’t understand. What is a pip, spread, leverage, had no idea.” Right about that time, he started taking a quick nap as he couldn’t understand a thing anyway. In the next minutes, a few dozen people started to leave. What is going on, he wondered? The speaker (Nenad Kerkez) repeated with his strong voice: 95% of traders lose money! Wow. “My first thought was, ok, this is not a scam since they are admitting something like this. And second, I really wanna do something that hard.” 

He wasn’t trying to prove himself or to anybody that he was better than those 95% of traders but he wanted a challenge. So he went for 2 week seminars right after this introduction. And from there on, he was hooked. That was back in 2016. Since then he has experienced absolutely everything that was mentioned in the seminars. Excitement, fear, anger, joy, frustration and dozens of burned accounts. Now, he has the life he wanted for himself. Job of dreams.

In spring of 2017, Mislav joined the Elite CurrenSea, where he cemented his knowledge by taking a keen interest in SWAT methods. Later on, the knowledge he accumulated, started penning out in a unique approach to an automated trading – Ultima EA system. 

After a year of fine-tuning, backtesting and returning to a drawing board, Ultima EA eventually started to make a name for itself as one of the best trading systems in the Forex market. Currently, Mislav is CEO of Bull Capital and a close partner with Elite CurrenSea. Mislav is responsible for creating trading strategies and automated trading solutions. Among his other achievements are the improvement to a Wizz tool and a creation of “BullsEye Target” fibonacci tool.

Support from ecs.SWAT Creator Chris Svorcik

Chris Svorcik supported Mislav in this process where he could, like a mentor. Chris explains it this way: “Mislav created the system on his own, 100%. But I helped intensively with every step along the way as a mentor. I gave the most practical help when we were translating the system rules into logic that the programmer could understand.”

Mislav and Chris started working on SWAT setups together in 2017. Chris mentions the following: “I liked working with Mislav because of this passion, dedication, and persistence. Especially the latter is important when embarking on long-term projects.” 

Their goal was to create 100% rules based automated trading systems that offer a medium win rate (60%+), keep the drawdown low, and therefore are able to trade with higher risk per setup. There were several other systems that offered decent performance in the short-run, but often performed weaker when looking at longer periods of time. 

Mislav and Chris worked very closely on creating an EA in the summer of 2018 (Q2-3 2018). Unfortunately, the duo were unable to continue their work together when Chris had to stop with cooperation in quarter 4 of 2018: “my personal situation changed when my wife got pregnant. We needed to search for a larger home, which we eventually found. But it needed a decent amount of work in reconstructing, plus there was some extra paper and legal work that took 6 months to complete. We finally moved in December 2019. The baby, the flat purchase, the renovation, the move, and now my wife’s health problems made it impossible for me to work with Mislav on such a massive project. On the one hand, I am sad because I would have loved to be a full member of this project. On the other hand, I am happy that Mislav managed to succeed, exactly what we were hoping to achieve in 2017-18. Mislav made it on his own, with my support where and when I could.”

Chris added one more thing: “we appreciate the praise for the Ultima EA from our members in the Forex Peace Army (FPA) of ECS, but please always add Mislav in these reviews as he is the main creator – not ECS, Nenad, or Chris.” 

What Are the Strengths of Ultima EA?

There are a couple of reasons why the Ultima EA is showing such great performance: Mislav made the rules on logical premises and the behavior of the Forex market, especially the EUR/USD. It’s not made to look best in the past but to have sense for the future as well. That’s the main reason why most ea’s do not work. 

Another factor was that Mislav created a very effective target tool, the Bullseye indicator. Most systems fail with exits. The tool uses Fibonacci levels with special zigzag settings for the best target levels. 

Mislav also introduced dynamic trade management. The trade changes the target and stop loss level depending on the price movement and price swing. The EA is able to move targets further away if the trend is strong OR closer if the trend is weaker. 

Another key point is that Mislav created a pending order system with special filters. Only the best trend continuation trades are taken after rigorous checks. 

Last but not least, Ultima EA also uses some of the SWAT tools and concepts, such as the Wizz tool for understanding the chart space and the reset moment at the 144 ema. Plus Ultima EA also uses the logic of the 21 ema and 144 ema.

All of the rules are fully, 100% automated. The goal with Ultima is to remove emotions out of the equation via automated trading and lengthy back testing. This in turn we hope creates more spare time and a passive income stream that could support semi retirement at first and later on full retirement.

Although the key aspect for us is to earn with Ultima ourselves, we think that many people would be interested in trying out our EA too. Many people would like to learn and earn from trading but most are unable to reach their goals due to major constraints… Such as monthly costs, career paths, family responsibilities, lack of capital, etc.

We worked non-stop, diligently, and consistently in making the systems robust and aligned with the market movements. The results are low draw-downs, high win rates, and above all long-term profitable. Ultima EA manages to capture price patterns that repeat in a very precise and rules based method. 

Backtesting and Live Trading

For more information about the past and current results:

Capture pips with Ultima EA and become a member!

Good Trading,
Mislav Nikolic, Ultima EA creator
Chris Svorcik, Elite CurrenSea

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Martero
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Martero

Wow, such a impresive and honest article. It was a plesure to read it. I’m all in with you guys! Thank you.

Woody
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Ken Wtaerman

The article makes me feel like a part of Elite CurrenSea and Mislav himself, it was so open and honest. Wow his dedication is really something. I just can’t get enough of Elite CurrenSea, you guys are the business!

Vitraiser
Member
vitraiser

Thank you, Chris, for this article, it gave me a better look into the background of how Ultima EA was created and into all the hard work Mislav put into it. Thank you, Mislav, for persisting and making this happen.

Mislav Nikolic
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Mislav Nikolic

Thank you, really appreciate it. 🙂