Introduction
Lutos News is a news trading robot designed to capitalize on market volatility during news events. Developed by Hossein Davarynejad, this expert advisor has garnered a perfect rating of 5.0 from users. But let's not get carried away by the glowing reviews just yet. We'll take a closer look at its features, analyze its performance over the past year, and weigh its pros and cons.Features Description
Lutos News operates by placing buy and sell stop orders at manually specified news times. The robot requires traders to input the exact times of news events, as it lacks an automatic news filter. Once the orders are placed, it employs a trailing stop loss to lock in profits as the market moves. The recommended timeframe for using Lutos News is M30, and it includes parameters for setting lot size, stop loss, take profit, and order expiry times.Performance Analysis
Over the past year, Lutos News has shown promising results, especially during high-impact news events. The trailing stop loss feature has been effective in securing profits, while the manual input of news times has allowed traders to stay in control. However, the lack of automation means that traders need to be vigilant about the economic calendar, which can be a hassle for some. The robot's performance has been consistent, but it requires active management to achieve optimal results.Pros and Cons
- Pros:
- Free to use
- Simple setup
- Effective trailing stop loss - Cons:
- Manual news time input
- No automatic news filter
- Limited to single currency pairs
Conclusion
Lutos News is a solid choice for traders looking to exploit market volatility during news events without spending money on expensive tools. While it lacks some advanced features, its simplicity and effectiveness make it a worthwhile addition to any trader's toolkit. However, manage your expectations and be prepared for some manual work.Source Code of Lutos News
We don't have access to the original source code of Lutos News sold on MQL5, but we can create a code based on its description. If you have any questions about the code, feel free to ask. This is an example code from easytradingforum.com, based on the description of the robot sold on MQL5. Note that the EASY Trading Team does not sell Lutos News; we only created a robot code based on its description.
Code:
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