Introduction
Alright, so you're interested in the BW Alligator trading robot, huh? Let's walk through this, but don't expect any fanfare. The BW Alligator is essentially another automated trading strategy that's supposed to help you navigate the forex markets. If you believe in magic wands, this isn't one, but it can still serve its purpose if set up correctly. By the way, it’s always good to check the details available here.Installation and Setup
First things first, you need to get this robot onto your MetaTrader 5 platform. Here’s a straightforward guide:- Download the Robot: Visit the official site and download the BW Alligator.
- Open MetaTrader 5: If you’re using MetaTrader 4, you need an upgrade. MT5 it is.
- Navigate to File > Open Data Folder: Go to the MQL5 folder and then Experts.
- Paste the Robot: Copy the BW Alligator .ex5 file into this folder.
- Refresh or Restart: Either refresh the Navigator panel or restart MetaTrader 5.
Once installed, drag the BW Alligator onto your chosen chart and adjust the settings. The default settings might work for some, but I'd be cautious. Fine-tune parameters like lot size, stop loss, and take profit based on your trading strategy.
Experience Using BW Alligator
Let's not sugarcoat this, I've seen better. But I've also seen worse. The BW Alligator does its job—sometimes too well, sometimes not well enough. It's programmed to follow Bill Williams' Alligator strategy, which involves three smoothed moving averages. In my experience, it's a mixed bag. It catches trends decently but is far from foolproof.The robot occasionally suffers during highly volatile periods, and honestly, who can blame it? Forex markets are unpredictable. Still, it does what it's designed to do: identify trends and place trades accordingly.
Tips for Improving BW Alligator's Performance
If you want to squeeze the most out of this robot, here are some tips:- Risk Management: Don't go all in. Adjust the lot size based on your account balance.
- Backtesting: Always backtest with historical data.
- Adjust Parameters: Tweak the moving average periods for your specific currency pair.
- Use Multiple Timeframes: Align the Alligator strategy with higher timeframes to confirm signals.
- Stay Updated: Keep an eye on economic calendars and avoid trading during major news releases.
Source Code of BW Alligator
You won't find the original source code for BW Alligator floating around. It's sold commercially on MQL5. However, if there's enough demand, we at EASY Trading Team can whip up something similar based on available descriptions and our understanding of the Alligator strategy. Don’t hesitate to ask if you have questions about this.
Code:
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