Introduction: Understanding the Chart Patterns Scanner Trading Robot
Chart Patterns Scanner is a trading robot that most traders have come across at some point in their trading journey. Don't get starry-eyed just yet. Remember, every bot can have its pitfalls. It boasts an average rating of 4.67, showing that there's no shortage of satisfied users. But it's not immune to criticism. With this guide, we aim to help you install, configure, and use this trading robot to maximise its potential efficiency.
Installation and Configuration of Chart Patterns Scanner
Installing and configuring the Chart Patterns Scanner is straightforward. Download the robot from the MQL5 market or the official website if you haven’t already (you can find it at https://forexroboteasy.com/trading-robot/chart-patterns-scanner/). Open your MT5 platform and go to File > Open Data Folder. Select MQL5 > Experts, and paste the downloaded file here.
Configuring Chart Patterns Scanner largely depends on your trading approach. While our friend yamez rightly points out that this tool is great for confirming reversals on lower timeframes, remember that blindly following signals is not a sound trading strategy. Use it as a supplementary tool to your own analysis.
Our Experience with Chart Patterns Scanner
While user noobf0rex gives it an A++ rating and viamal777 swears that it's the only scanner that actually works, our experience with the Chart Patterns Scanner is, well, more grounded. It does perform decently when it comes to identifying chart patterns but it's not without its flaws. As pointed out by suresh2425, the lack of filter for divergence in double tops and bottoms is noticeable.
Tips to Improve Your Use of Chart Patterns Scanner
Our advice? Don't go placing all your trading eggs in the Chart Patterns Scanner basket. Use it to complement your existing strategy, not define it.
And if you have any requests or suggestions for the developer, don't hesitate to make them - as user viamal777 mentions, the developer does consider them.
The Source Code of Chart Patterns Scanner
We don’t know the original source code of the Chart Patterns Scanner sold on MQL5 but we can create a similar code based on its description on the MQL5 site. For those interested in it, we've provided an example at easytradingforum.com which is designed according to the MQL5 description of Chart Patterns Scanner. Remember, we aren't selling the tool, just shedding some light on how it might be built.
Code:
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To test this robot yourself, navigate to our website for the download link and a comprehensive guide on how to configure it. If you have questions or doubts about the code, please feel free to ask. We’re here to help.
Please note: This is not the official Chart Patterns Scanner sold on MQL5 but a sample code provided by EASY Trading Team based on its description.
In conclusion, use the Chart Patterns Scanner as part of a broader, well-thought-out trading strategy. Don't become overly reliant on it, and as always, happy trading.