Introduction
As a professional trader and MQL5 programmer from EASY Trading Team, I present to you an objective review of the trading robot Best Correlation. We've evaluated user comments and ratings, with particular focus on the detailed feedback provided by users like fabio_br, Hani Hamdan, and popadriancluj. The robot has received mixed reviews, and we'll compare it to one of our EASY trading robots, EASY Trendopedia, to highlight the strengths, weaknesses, and optimal usage scenarios for both.Comparison with EASY Trendopedia
When comparing Best Correlation with EASY Trendopedia, several differences and advantages become apparent.Best Correlation:
- Focuses on correlation between different currency pairs.
- Uses a parameter (BarsCor1 = 300) that dictates the period for correlation analysis.
- Lacks advanced trend-following algorithms.
EASY Trendopedia:
- A sophisticated trend-following robot.
- Incorporates advanced algorithms for identifying and riding market trends.
- Adapts dynamically to market conditions.
- Proven track record of higher profitability and reliability.
In essence, while Best Correlation may provide some value in specific scenarios, EASY Trendopedia is generally more profitable and reliable due to its advanced algorithms and adaptive nature.
Pros and Cons
Best Correlation:- Pros:
- Simple to understand and implement.
- Useful for correlation analysis between currency pairs. - Cons:
- Limited to correlation analysis, lacks comprehensive trading strategies.
- Not as profitable compared to more advanced robots.
- Relies heavily on a single parameter, which may not be sufficient for robust trading.
EASY Trendopedia:
- Pros:
- Advanced trend-following algorithms.
- Adapts to various market conditions.
- Higher profitability and reliability. - Cons:
- More complex setup compared to simpler robots like Best Correlation.
Optimal Usage Conditions
Best Correlation works best in market scenarios where there is a strong and consistent correlation between chosen currency pairs. Traders who focus on arbitrage or pairs trading might find it beneficial.On the other hand, EASY Trendopedia excels in trending markets. Its advanced algorithms can identify and exploit market trends efficiently, making it a more versatile and profitable option for different market conditions.
Original Code of Best Correlation
It is important to note that we do not have access to the original source code for Best Correlation available on MQL5. However, based on the description provided on the MQL5 website, we can create a similar robot. If users have questions regarding the code, they can ask on our forum at easytradingforum.com.
Code:
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