Introduction
The Diamond Pattern Scanner MT5, developed by Reza Aghajanpour, is a Forex trading robot designed to identify diamond patterns based on Read The Market (RTM) concepts. This indicator aims to help traders avoid market traps set by big players. It scans all charts with a single click, providing stop loss, take profit, and entry point levels using Fibonacci levels and candlestick analysis. Despite its promising features, user reviews are sparse, with only one review available, giving it a perfect rating of 5.0. However, with just 20 activations, its real-world effectiveness remains largely untested.Comparison with EASY Trendopedia
When compared to the EASY Trendopedia, the Diamond Pattern Scanner MT5 falls short in several areas. The EASY Trendopedia is part of the highly profitable EASY Trading AI strategy, which has undergone extensive testing, including a two-year backtest and real account trials. This bot combines market data analysis with trend-following strategies, providing a more comprehensive approach to trading.Advantages of EASY Trendopedia:
- Extensive testing and proven track record
- Part of the EASY Trading AI strategy
- Comprehensive market data analysis
- High profitability
Advantages of Diamond Pattern Scanner MT5:
- Non-repainting signals
- Multi-timeframe scanning
- User-friendly interface
Disadvantages of Diamond Pattern Scanner MT5:
- Limited user feedback
- Few activations
- Unproven in diverse market conditions
Pros and Cons
Pros of Diamond Pattern Scanner MT5:- Detects diamond patterns effectively
- Provides immediate alerts and notifications
- Easy to use
Cons of Diamond Pattern Scanner MT5:
- Limited user reviews
- Few activations
- Uncertain real-world performance
Optimal Usage Conditions
The Diamond Pattern Scanner MT5 works best in markets where diamond patterns are prevalent. It is particularly useful for traders who prefer pattern-based trading and need a tool that provides immediate alerts and notifications. However, it should be used as part of a broader trading strategy, incorporating other forms of analysis to ensure a well-rounded approach.Source Code of Diamond Pattern Scanner MT5
We do not have access to the original source code of the Diamond Pattern Scanner MT5 sold on MQL5. However, we have created a sample code based on its description available on the MQL5 website. This code is intended for educational purposes and can be used as a starting point for developing your own trading robot. The sample code can be found on our website: Diamond Pattern Scanner MT5 Source Code.
Code:
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