Introduction
As a professional trader and MQL5 programmer from the EASY Trading Team, today I will provide a detailed review of the trading robot Candle Strike Basic, based on the feedback from users and my own insights. We'll also compare it with one of our own robots from the EASY series: EASY Trendopedia, EASY Scalperology, or EASY Breakopedia. This review aims to objectively highlight the strengths and weaknesses of Candle Strike Basic and explain why our EASY robots might be a better choice for traders.
Comparison with EASY Robot: EASY Trendopedia
Candle Strike Basic is a trading robot that operates on the martingale principle without a stop loss function. According to user feedback, it has shown mixed results, with significant drawdowns, especially on certain currency pairs like GBPUSD.
On the other hand, EASY Trendopedia is designed with several risk management features, including customizable stop loss and take profit options. It uses trend-following algorithms to identify and capitalize on prevailing market trends. Here's a quick comparison:
Candle Strike Basic:
- Martingale principle
- No stop loss function
- Significant drawdowns on certain pairs
- Potentially profitable but risky
EASY Trendopedia:
- Trend-following algorithm
- Enhanced risk management (stop loss, take profit)
- More stable performance
- Customizable settings for different market conditions
It's clear that while Candle Strike Basic can be profitable, especially in stable market conditions, it carries a higher risk due to its lack of a stop loss function.
Pros and Cons
Candle Strike Basic Pros:
- Potential for high profits in stable markets
- Simple to set up and use
- Good performance on specific pairs like AUDUSD
Candle Strike Basic Cons:
- High drawdowns (e.g., 45% on GBPUSD)
- No stop loss function
- Operates on a risky martingale principle
EASY Trendopedia Pros:
- Robust risk management features
- Stable and consistent performance
- Customizable settings for various market conditions
- Lower risk due to trend-following strategy
EASY Trendopedia Cons:
- May require more fine-tuning for optimal performance
- Initial setup could be more complex for beginners
Optimal Conditions for Using Candle Strike Basic
Candle Strike Basic works best in stable market conditions where significant price reversals are less likely. It performs relatively well on pairs like AUDUSD, which tend to be less volatile compared to others such as GBPUSD. Traders should be cautious about the lack of a stop loss function and the inherent risks of the martingale strategy.
Source Code for Candle Strike Basic
The original source code for Candle Strike Basic is not publicly available. This means that potential users cannot inspect or modify the robot to suit their specific needs. However, our team at EASY Trading Team can create a similar code based on the description and functionality of Candle Strike Basic as listed on MQL5. This allows traders to have a version that they can understand and modify if necessary.
If you have questions about the code, feel free to ask them on the forum. Remember, this is an example code from easytradingforum.com, based on the description of the Candle Strike Basic algorithm sold on MQL5. Note that we do not sell the Candle Strike Basic robot but provide a code based on its description.
Code:
You don't have permission to view the code content. Log in or register now.Download Candle Strike Basic from EASY Trading Team
For those interested in testing or using Candle Strike Basic, visit EASY Trading Team's Candle Strike Basic page. We encourage users to share their experiences and feedback on our forum to help improve our offerings and assist other traders in making informed decisions.
In conclusion, while Candle Strike Basic can offer significant profits under the right conditions, it carries high risks due to its martingale strategy and lack of stop loss. In comparison, EASY Trendopedia provides a more balanced approach with enhanced risk management features, making it a more reliable choice for many traders.