Introduction
Welcome to our guide on using the Elliott Wave Trend MT4 trading robot. Let's face it, in the world of trading robots, skepticism is a wise approach. Here, we’ll break down how to install and configure this trading robot for maximum effectiveness. We'll also delve into our own experience using the bot and provide some tips for improving its performance. Spoiler alert: not everything is as smooth as it seems, so brace yourself for some healthy skepticism along the way.Installation and Configuration
Installing Elliott Wave Trend MT4 should be straightforward unless, of course, it isn’t. Follow these steps:- Download and unzip the Elliott Wave Trend MT4 files from this link.
- Open your MT4 platform and navigate to File -> Open Data Folder.
- Move the unzipped files to the MQL4/Experts directory.
- Restart your MT4 platform.
- Navigate to Navigator -> Expert Advisors and drag the Elliott Wave Trend MT4 onto your desired chart.
- Set your preferred settings in the parameters window. If you're unsure, default settings are a good starting point (albeit not perfect).
- Allow live trading by checking the Allow live trading box.
- Click OK and let it run.
Experience Using the Robot
Our experience using the Elliott Wave Trend MT4 has been, let’s say, mixed. The robot does capture some good wave trends, but it’s not without its pitfalls. Here’s a snapshot:- Pros: When it works, it works. Captures decent wave trends and can be profitable.
- Cons: Communication with the developer is about as effective as shouting into the void. Also, the cost is on the higher side for something that needs constant babysitting.
Tips for Improvement
Here are some ways to potentially get more out of your Elliott Wave Trend MT4, not that it's a magic bullet:- Regular Updates: Ensure your robot and MT4 platform are updated regularly.
- Manual Oversight: Don’t leave the robot unattended; keep an eye on its trades.
- Optimize Settings: Spend some time tweaking the settings for your trading style. The default settings are just a starting point.
- Diversify Trades: Don’t rely solely on this robot. Use it in conjunction with other trading strategies.
Source Code of Elliott Wave Trend MT4
Let's address the elephant in the room: the source code. We don’t have the original code for Elliott Wave Trend MT4. However, we can create a similar code based on its description available on MQL5. We at EASY Trading Team do not sell the Elliott Wave Trend MT4 robot; we merely offer an example code based on its description.
Code:
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If you're still intrigued and want to give Elliott Wave Trend MT4 a shot, you can download it from this link. Should you have any questions about the code, feel free to ask. Remember, this is an example code from easytradingforum.com, based on the description of the Elliott Wave Trend MT4 robot from MQL5.In conclusion, while the Elliott Wave Trend MT4 has its merits, it’s not devoid of flaws. It's essential to keep a critical eye and not expect a silver bullet. Happy trading!