Very simple strategy based on this research paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2613592

I backtested it on EUR/USD M1 Dukascopy data, years 2004-2016. The results are interesting but there are some long drawdowns. Hopefuly you'll be able to improve the strategy in a way that is more suitable for deployment. Also note that I use my account params which is 0.5 spread and no commission. Works for GBP/USD too but the results are obviously very correlated and the return is lower.




Code:
var session1TZ = WET;
var session1Start = 8;
var session1End = 16;
var session2TZ = ET;
var session2Start = 11; // = 16 WET
var session2End = 17;

function tradeIS()
{
	if(dow() >= 1 && dow() <= 5) {
		if(NumOpenShort == 0 && lhour(session1TZ) == session1Start)
			enterShort();
		if(NumOpenShort > 0 && lhour(session1TZ) >= session1End)
			exitShort();
		if(NumOpenLong == 0 && lhour(session2TZ) == session2Start)
			enterLong();	
		if(NumOpenLong > 0 && lhour(session2TZ) >= session2End)
			exitLong();
	}
}

function run()
{
	StartDate = 2004;
	UnstablePeriod = 0;
	LookBack = 0;
	BarPeriod = 1;
	while(asset(loop("EUR/USD")))
		tradeIS();
	set(LOGFILE);
}


Code:
Test IS2 EUR/USD

Simulated account   AssetsFix 
Bar period          1 min (avg 1 min)
Test period         02.01.2004-17.05.2016 (4504144 bars)
Lookback period     0 bars (0 minutes)
Monte Carlo cycles  200
Assumed slippage    10.0 sec
Spread              0.5 pips (roll -0.42/0.06)
Contracts per lot   10000.0

Gross win/loss      125261$ / -111857$ (+13404p)
Average profit      1083$/year, 90$/month, 4.17$/day
Max drawdown        -1930$ 14% (MAE -1947$ 15%)
Total down time     94% (TAE 57%)
Max down time       117 weeks from Jul 2012
Max open margin     224$
Max open risk       160$
Trade volume        83921171$ (6781903$/year)
Transaction costs   -3211$ spr, -558$ slp, -266$ rol
Capital required    1174$

Number of trades    6423 (520/year, 10/week, 3/day)
Percent winning     51.6%
Max win/loss        347$ / -338$
Avg trade profit    2.09$ 2.1p (+37.8p / -36.0p)
Avg trade slippage  -0.09$ -0.1p (+0.6p / -0.8p)
Avg trade bars      414 (+415 / -414)
Max trade bars      479 (7 hours)
Time in market      59%
Max open trades     1
Max loss streak     11 (uncorrelated 13)

Annual return       92%
Profit factor       1.12 (PRR 1.08)
Sharpe ratio        0.88
Kelly criterion     0.84
R2 coefficient      0.946
Ulcer index         5.0%
Prediction error    59%

Confidence level     AR   DDMax  Capital

 10%                103%  1684$  1053$
 20%                 94%  1894$  1156$
 30%                 90%  1990$  1203$
 40%                 86%  2089$  1252$
 50%                 81%  2272$  1343$
 60%                 76%  2457$  1433$
 70%                 71%  2634$  1520$
 80%                 66%  2882$  1642$
 90%                 58%  3352$  1874$
 95%                 50%  3950$  2168$
100%                 32%  6360$  3355$

Portfolio analysis  OptF  ProF  Win/Loss  Wgt%

EUR/USD             .165  1.12  3315/3108  100.0  
EUR/USD:L           .225  1.13  1642/1569   39.1  
EUR/USD:S           .141  1.11  1673/1539   60.9