Hammer and ShootingStar Detector by MoriFX MT4

[TopicStarter]

Introduction​

The Hammer and ShootingStar Detector by MoriFX for MT4 is a trading robot designed to identify and trade based on specific candlestick patterns: the Hammer and the Shooting Star. Users seem to appreciate it, with financetrader1 giving it a stellar rating of 5 and expressing their appreciation, albeit briefly. But let's dig a little deeper into this bot's functionality and performance.

Function Description​

The Hammer and ShootingStar Detector by MoriFX MT4 primarily focuses on the detection of two popular candlestick patterns:

• Hammer: Typically indicates a potential bullish reversal.
• Shooting Star: Typically indicates a potential bearish reversal.

The robot claims to automatically place trades based on these patterns, optimizing entry and exit points to maximize profitability. It also reportedly adapts to different market conditions, but hey, don't they all claim that?

Analysis of Results​

According to the data available on Forex Robot Easy, the robot has shown promising results over the past year. However, without seeing the raw data, I'm skeptical about the robustness of these results. Backtesting is one thing, but live trading is another ball game altogether.

Pros and Cons​

Pros:

• Simplicity: Straightforward strategy based on well-known candlestick patterns.
• Automation: Eliminates emotional trading by automating decision-making.
• User-friendly: Easy to set up and start trading.

Cons:

• Market Adaptability: Questionable how well it adapts to varying market conditions.
• Dependency on Patterns: Over-reliance on specific patterns might not be the best approach.
• Transparency: Lack of detailed performance data raises concerns.

Conclusion​

Is the Hammer and ShootingStar Detector by MoriFX MT4 a game-changer? Hardly. While it has garnered positive reviews and shows potential, I remain cautiously optimistic. Interested users should definitely discuss and share their experiences in forums to gather a clearer picture.

Source Code of Hammer and ShootingStar Detector by MoriFX MT4​

Unfortunately, we do not have access to the original source code of the Hammer and ShootingStar Detector by MoriFX MT4. However, based on the description provided on the MQL5 website, the EASY Trading Team has created an example code of a trading robot that mimics the described functionality. You can review the example at easytradingforum.com. Remember, this isn't the original but an interpretation based on available information.

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Download Hammer and ShootingStar Detector by MoriFX MT4​

If you have questions or require further assistance with the code, feel free to ask them on our forum. Note that the EASY Trading Team does not sell the Hammer and ShootingStar Detector by MoriFX MT4. We've only created an example based on its description from MQL5. For the original robot, you'll need to head over to MQL5's marketplace.