Introduction
Ah, GOLD Edge MT5, another shiny toy in the vast playground of Forex trading robots. Designed specifically for trading GOLD (XAUUSD), this EA promises to be versatile enough for other financial instruments. With a rating of 4.35 and mixed user reviews, it's hard not to be skeptical. But let's dive in and see what this bot is all about.
Installation and Setup
First things first, you need to install GOLD Edge MT5 on your MetaTrader 5 platform. Here's a step-by-step guide:
1. Download the EA from this link.
2. Open MetaTrader 5 and go to File > Open Data Folder.
3. Navigate to MQL5 > Experts and paste the downloaded EA file.
4. Restart MetaTrader 5.
5. Attach the EA to a chart (preferably XAUUSD) and open the settings panel.
Now, let's talk about the settings. The default settings might not be your best friend. Users have reported issues with take profit (TP) and stop loss (SL) not being placed automatically. So, you'll want to tweak these:
- Lot Size: Start with 0.01.
- Max Trades: Set this to 10.
- Grid Interval: 50.0 pips.
- Trailing Stop: 30.0 pips.
- Take Profit: 100.0 pips.
- Stop Loss: 50.0 pips.
Make sure to save these settings and monitor the EA closely.
User Experience
Based on user reviews, the experience with GOLD Edge MT5 is a mixed bag. Some users, like wind813, found it really good but struggled with TP and SL settings. Others, like diditpramudhito, think it's the best. And then there's tkmcog6128, who faced issues with the EA executing trades contrary to the specified settings.
In my experience, the EA performs decently when you take the time to configure it properly. The GRID trading mechanism and 'DD Reduce' function are useful, but they require constant monitoring. The customizable settings are a plus, but they can be a double-edged sword if not set correctly.
Tips for Improvement
Here are some tips to get the most out of GOLD Edge MT5:
<li>Regularly update your settings based on market conditions.</li>
<li>Use the recommended time frame of M5 for optimal performance.</li>
<li>Start with a minimum deposit of $3,000 for XAUUSD to ensure you have enough margin.</li>
<li>Manually intervene when necessary; don't rely solely on automation.</li>
<li>Monitor the EA closely, especially during high volatility periods.</li>
Source Code of GOLD Edge MT5
We don't have access to the original source code of the GOLD Edge MT5 sold on MQL5. However, based on its description, we can create a similar EA. If you have any questions about the code, feel free to ask. This example code is from easytradingforum.com, based on the description of the robot sold on MQL5. Note that the EASY Trading Team does not sell the GOLD Edge MT5 robot; we only created a code based on its description.
Code:
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If you're intrigued and want to give GOLD Edge MT5 a shot, you can download it for free from this link. Remember, the key to success with any EA is constant monitoring and tweaking. Happy trading!