Introduction
Alright, let's get down to business and analyze this trading robot called Break Out with TP and SL Fibonacci. Looking at the user comments and the collective rating of 4.8, it seems to be a crowd favorite. However, don't let that hype blindside you - there are both strengths and weaknesses in every piece of software. Let's break it down.Description of Functions
The Break Out with TP and SL Fibonacci robot employs a breakout strategy coupled with Fibonacci levels to set Take Profit (TP) and Stop Loss (SL). The main features include:- Automatic detection of breakout zones.
- Setting of TP and SL based on Fibonacci retracement and extension levels.
- Compatibility with the ADX indicator for improved accuracy.
- Adjustable parameters for customizing start and end times.
Analysis of Results
So, what has this robot accomplished over the past year? Based on the detailed statistics available on forexroboteasy.com, it appears to perform well in volatile markets. Historical data indicates a consistent win rate and a balanced risk-reward ratio. However, periods of low volatility showed a dip in performance - hardly surprising given the robot's breakout nature.Pros and Cons
Pros:- High user satisfaction as indicated by a rating of 4.8.
- Effective in volatile market conditions.
- Additional precision when combined with the ADX indicator.
- Option to customize trading sessions with adjustable time settings.
Cons:
- Performance lags in periods of low market volatility.
- User dependency on additional indicators like ADX for optimum results.
- Potentially high drawdowns in sideways markets.
Conclusion
The Break Out with TP and SL Fibonacci trading robot is promising but not without its pitfalls. While it garners high praise for its performance in volatile conditions, it's not a magic bullet. It requires fine-tuning and, ideally, additional indicators to achieve its full potential.We invite users to share their own experiences and results on our forum. Discussions can offer valuable insights and help everyone optimize their use of this tool.
Source Code for Break Out with TP and SL Fibonacci
Unfortunately, the actual source code for the Break Out with TP and SL Fibonacci robot sold on MQL5 is not publicly available. However, you can find a detailed description of the algorithm on the MQL5 marketplace that offers enough information to recreate a similar robot.If you have questions about this code, feel free to ask. This is a sample code provided by easytradingforum.com based on the description of the robot available on MQL5. Note that the EASY Trading Team does not sell the Break Out with TP and SL Fibonacci robot; we merely created a similar robot based on its description.
Code:
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