Introduction
Magnet Draw MT5 is another one of those must-have tools for traders who love to think they have the magic wand for the markets. This trading robot claims to be user-friendly and efficient for creating magnet lines on your charts. Let's dissect its greatness, or lack thereof, and see how you can squeeze every last drop of functionality out of it.Installation and Setup
Ah, the joy of installing yet another trading robot. If you've got a 5-star rating on MQL5, you must be doing something right, right? Follow these steps to install and configure Magnet Draw MT5 for maximum efficiency:- Download Magnet Draw MT5 from Forex Robot Easy or directly from MQL5 Marketplace.
- Open your MetaTrader 5 and go to File > Open Data Folder.
- Navigate to MQL5 > Experts and paste the downloaded .ex5 file.
- Restart MetaTrader 5.
- Find Magnet Draw MT5 in the Navigator panel under Expert Advisors.
- Drag and drop it onto your desired chart.
- Configure the settings such as magnet sensitivity, OHLC levels, and other parameters according to your trading strategy.
- Hit the OK button and watch the magic unfold, or not.
Experience of Using Magnet Draw MT5
You know what they say: Experience is the best teacher. My experience with Magnet Draw MT5 can be summed up in one word – skeptical. While users like kenkkwok find it nice and Prabil m is in love, I'm not easily impressed. The tool does what it promises – creating magnet lines and being relatively easy to use. But let's not get carried away.Here's my take:
- The tool does okay at sticking to OHLC levels, though could be less sensitive to other indicators.
- Performance metrics are decent enough; but hey, past performance is no guarantee of future results.
- User interface is intuitive, and even a novice can set it up without too many hiccups.
Tips for Improving the Performance of Magnet Draw MT5
Want to make the most out of Magnet Draw MT5? Here are a few tips that might just make it bearable:- Adjust Sensitivity: Tweak the magnet sensitivity settings to avoid unintended snapping to irrelevant indicators.
- Combine with Other Tools: Use it alongside other verified indicators for better signal validation.
- Regular Updates: Keep an eye on the updates section in MQL5. Developers sometimes do make things better... sometimes.
- Backtest Regularly: Don't just trust it blindly. Backtest on historical data to ensure it's not leading you into a trap.
Source Code of Magnet Draw MT5
Let's address the elephant in the room. The true source code of Magnet Draw MT5 isn't available to the public. But who needs the original when you can cook up your version? Based on the description available on MQL5, you can create a functional replica, or at least a close enough version. If you're into coding, feel free to modify and test it.For any queries about the code, get in touch. Remember, this is just example code from easytradingforum.com, designed to give you a starting point. Oh, and let’s be clear – we don’t sell Magnet Draw MT5. We just made our version based on its description.
Code:
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