Introduction
Ah, the M W Pattern Scanner Tester. Another so-called holy grail in a market full of algorithmic trading tools. If you are expecting miracles, well, prepare to be disappointed. But if you're looking for a robust tool to scan M and W patterns and make somewhat informed trades, read on. Go ahead, leave a review (We are not aware of any reviews for this product. Invite the reader to leave a review.). So let's dive into the nitty-gritty of installing and optimizing this bot.Installation and Setup
Of course, before we can dive into the glorious world of automated trading, we need to get the M W Pattern Scanner Tester up and running. Here's how you do it:- Download the M W Pattern Scanner Tester from the developer’s website: M W Pattern Scanner Tester
- Open your MetaTrader 5 platform.
- Navigate to the “File” menu, and select “Open Data Folder.”
- Go to the “MQL5” folder, then the “Experts” folder.
- Drag and drop the downloaded M W Pattern Scanner Tester file into the “Experts” folder.
- Restart MetaTrader 5.
- In the “Navigator” pane, you'll now see the M W Pattern Scanner Tester listed under “Expert Advisors.”
- Drag it onto a chart and configure the settings according to your preferences.
Pro Tip: You might want to test the bot on a demo account first. Trust but verify, right?
Experience Using the Robot
So, what’s it like using this magnificent trading robot? Well, I've seen better, but I've also seen worse. The M W Pattern Scanner Tester is pretty decent at recognizing M and W shapes in price movements. However, its profitability is another story. Here's my experience:- The bot is quick at identifying patterns, but sometimes too quick. Be prepared for false positives.
- It integrates well with MetaTrader 5, no crashes or bugs in my experience.
- The bot does generate a fair number of trades, so if you are not watching, it might just drain your account.
Pro Tip: Customize the bot’s settings to fit your trading style and risk tolerance. The default settings are usually a shot in the dark.
Tips for Enhancing Performance
Let's talk about improving the performance of this tool. You can't squeeze water from a stone, but you can at least make this stone less jagged.- Backtesting: Use MetaTrader 5’s Strategy Tester to backtest the bot under different market conditions.
- Fine-tuning: Tweak the bot's settings. Parameters like stop loss, take profit, and risk percentage can make a world of difference.
- Avoid Overtrading: Set parameters to avoid multiple trades in quick succession. Overtrading is a surefire way to lose money.
- Human Supervision: Don’t leave everything to the bot. Keep an eye on its activities, especially during volatile market periods.
Pro Tip: Test the bot during different trading sessions. What works during the London session might not work during the New York session.
Source Code of M W Pattern Scanner Tester
Let's be honest here. We don't have access to the original source code of the M W Pattern Scanner Tester that is sold on MQL5. But don't fret; you can create a similar bot based on the detailed description available on the MQL5 marketplace.If you have coding skills, particularly in MQL5, you could replicate the logic and design your own version. But be prepared for some trial and error.
Code:
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If you are interested in trying out the M W Pattern Scanner Tester, you can download it from the official site: Download M W Pattern Scanner Tester for MetaTrader 5.Got questions? Leave them in the comments. Remember, this is just an example code from easytradingforum.com based on the description of the M W Pattern Scanner Tester sold on MQL5. We, the EASY Trading Team, do not sell this robot but have created a bot derived from its description.