Introduction
Golden Bird MT5 is a scalping expert advisor designed for trading XAUUSD (Gold). It claims to be an accurate, advanced, and profitable EA with extra options like an onscreen panel and user trade buttons. But let's cut through the marketing fluff and see what this robot is really made of.Description of Features
Golden Bird MT5 operates on an indicator-based scalping strategy. When a specific pattern is detected, it places two stop orders at the high and low of a pattern-defined zone. The robot also includes an onscreen panel for manual order placement, which is a nice touch for active traders. It avoids risky strategies like Martingale and Grid, opting instead for fixed Stoploss settings and a built-in recovery function to balance profitable and loss-making positions. Profits are managed through a virtual trailing mechanism that activates at a preset 'Profit Trail Activation' level.Performance Analysis
Over the past year, Golden Bird MT5 has shown consistent profitability when used under the recommended conditions. User zeropads (Ocean) gave it a rating of 5, praising its accuracy, advanced features, and profitability. However, the robot's performance is highly dependent on using Hedge ECN accounts and a VPS with low latency. Ignoring these recommendations can lead to subpar results. The robot's sensitivity to spread and latency means that your choice of broker and technical setup can make or break your trading experience.Pros and Cons
- Pros:
- Avoids risky strategies like Martingale and Grid
- Fixed Stoploss settings
- Built-in recovery function
- Virtual trailing mechanism for profit management
- Onscreen panel for manual order placement
- Positive user reviews and high rating
- Cons:
- Highly dependent on specific account types and low latency environments
- Requires a VPS for optimal performance
- Not a set-it-and-forget-it solution; requires active monitoring
Conclusion
Golden Bird MT5 offers a robust trading strategy with several advanced features. However, its reliance on specific account types and low latency environments may not be suitable for all traders. While it avoids risky strategies and uses fixed Stoploss settings, it demands a disciplined approach and the right infrastructure to truly shine. For those who can meet its technical requirements, Golden Bird MT5 can be a valuable asset in your trading arsenal.Source Code of Golden Bird MT5
We do not have access to the original source code of the Golden Bird MT5 robot sold on MQL5. However, based on its description, we have created a sample code that mimics its functionality. This code is available for discussion and improvement on our forum. If you have any questions about the code, feel free to ask. Note that the EASY Trading Team does not sell the Golden Bird MT5 robot; we only created a code based on its description.
Code:
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