Auto Price Levels Trading Robot - An Unbiased Review
We have all seen hundreds upon thousands of trading robots boasting about making quick profits without the need to do much. Today, we will discuss one such trading robot named Auto Price Levels, currently with a clean 5-star user rating. We will take a closer look at this robot, assess its functionality, analyze its trading results over the past year, and then share a professional's view on its strengths and weaknesses. Let's not get too excited yet.
Description of Functions
Auto Price Levels robot is designed to identify possible support and resistance levels in the market. It operates on the concept that these price levels are highly likely to become the points where the price action will see some reaction. If you expect the robot to alert you when the price is touching these levels, you might be slightly disappointed as this functionality is yet to be added, as per user olegpokhilko.
Analysis of Results
Judging only from the available statistics on the website, we can see that the robot has given decent profits over the past year. However, as we sarcastically say in the trading world, past performance is no guarantee of future results. So, always maintain a healthy level of skepticism.
Pros and Cons
The trading robot's strength lies in its simplicity and the ability to identify potential levels of support and resistance. The downside is the absence of any alert mechanism when price touches these levels. Please understand that your fortunes won't suddenly change overnight just because you're using a robot now.
Original Source Code of Auto Price Levels
For those code enthusiasts out there, no, we don't have the original source code of the robot that's sold on MQL5. However, we can knock together a code based on the available description on the MQL5 site for our eager users to try out. If you have questions regarding the code, feel free to ask. The code is just an example provided by easytradingforum.com, and by no means are we selling the Auto Price Levels robot.
Code:
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Intrigued? Wish to give it a whirl? You can download the Auto Price Levels trading algorithm here. Keep in mind that the developers from EASY Trading Team have generated the trading robot's code based on the description of the robot being sold on MQL5.
Remember, robots are not the golden keys to a treasure chest. They are tools designed to help simplify trading for you. Real skill comes from understanding the market and the dynamics that drive it. Till next time, keep trading and keep discussing on our forum.