Introduction
As a professional trader and MQL5 programmer from the EASY Trading Team, it's hard to be impressed by yet another trading robot claiming to revolutionize the market. Fox Bot mt5, developed by Ramil Minniakhmetov, has garnered a rating of 5 and some glowing user reviews. But let's cut through the fluff and see what this robot is really made of.Description of Features
Fox Bot mt5 is an Expert Advisor that uses the RSI (Relative Strength Index) indicator to make trading decisions. The bot buys when the RSI is at or below 30 and sells when it is at or above 70. It waits for a virtual loss, marked with a red cross on the chart, before taking a real trade. The EA controls all open orders using a martingale/grid strategy and is highly customizable. You can adjust parameters like the RSI settings, trading hours, and maximum spread. It supports manual orders and hedging, making it versatile for different trading styles.Analysis of Results
User reviews are overwhelmingly positive, with comments like Great EA, Simple and easy to use and Cool EA. It works very nicely, especially on bigger TF like H1. However, let's not get carried away. The martingale/grid strategy is a double-edged sword. While it can amplify profits, it also significantly increases risk, especially during volatile market conditions. The robot's performance over the last year has been decent, but it's essential to test it on a demo account before committing real funds.Pros and Cons
- Pros:
- Highly customizable
- Supports manual orders and hedging
- Effective use of RSI indicator
- Positive user reviews
- Cons:
- Martingale/grid strategy increases risk
- Requires careful parameter tuning
- Performance can vary based on market conditions
Source Code of Fox Bot mt5
We don't have access to the original source code of Fox Bot mt5 sold on MQL5, but we can create a code based on its description. This example code is available on easytradingforum.com. Note that the EASY Trading Team does not sell Fox Bot mt5; we only provide a code based on its description.
Code:
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