Introduction
LT Automated Support Resistance Screener is a trading robot marketed on MQL5, designed to identify and trade key support and resistance levels. With a user rating of 4.5 and mixed feedback, it's time to cut through the noise and see if this robot is worth your time and money.Description of Features
LT Automated Support Resistance Screener boasts several features, including:- Automatic Support and Resistance Identification - Claims to automatically identify key support and resistance levels, which should theoretically give traders an edge.
- Customizable Alerts - Allows traders to set alerts for when price reaches predefined support or resistance levels.
- Multiple Time Frame Analysis - Analyzes multiple time frames to provide a comprehensive view of market conditions.
- User-Friendly Interface - Designed to be easy to navigate, even for those who aren't tech-savvy.
Analysis of Results
The detailed statistics showcasing the performance of LT Automated Support Resistance Screener can be found on this page. According to the data:- Average Monthly Return: 2.3%
- Maximum Drawdown: 12.7%
- Win Rate: 62%
- Number of Trades: 384
A win rate of 62% and a maximum drawdown of 12.7% are somewhat impressive, but nothing to write home about. The average monthly return of 2.3% does little to make up for the potential risk involved.
Pros and Cons
No system is perfect, and LT Automated Support Resistance Screener is no exception.Pros:
- Automatic identification of support and resistance can save traders time.
- Customizable alerts provide flexibility.
- Multiple time frame analysis offers a broader market perspective.
Cons:
- Moderate performance metrics that might not justify the risk.
- User feedback is mixed; one user finds it great but only after figuring it out, another calls it “fair.”
- Relatively high drawdown means increased risk.
Conclusion
The LT Automated Support Resistance Screener has its merits but isn't without its flaws. The mixed user feedback and the moderate performance metrics make it a tool that traders should approach with cautious optimism. If you have experience with this robot, share your insights on the forum to help others make an informed decision.Source Code for LT Automated Support Resistance Screener
Unfortunately, we do not have access to the original source code for LT Automated Support Resistance Screener being sold on MQL5. However, you can develop a similar tool based on the features described on the MQL5 product page. For those interested, feel free to discuss the specifics on our forum.
Code:
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