Introduction
MetaForecast M5, a trading robot claiming to predict future market movements using harmonic patterns in price data, has garnered a fair share of attention. With a rating of 5 and mixed user reviews, it's time to dissect its functionality and effectiveness. As a professional trader and MQL5 programmer from the EASY Trading Team, I'm here to provide a no-nonsense evaluation of this tool.Description of Features
MetaForecast M5 operates on three main parameters: Past size, Future size, and Degree. The 'Past size' parameter determines the number of historical bars analyzed, while 'Future size' specifies the number of future bars predicted. The 'Degree' parameter adjusts the depth of analysis, ranging from basic trend identification to pinpointing reversal points. The tool visualizes historical data with a yellow line, predicted future with a pink line, and regression lines with blue dots.Analysis of Results
User reviews paint a mixed picture. Yahia Ismail Ibrahim El Mughrabi finds it a good tool to confirm strategies, while Jorge Cid appreciates its intuitiveness and usefulness over time. Leon Hans Morten Voige loves its ability to save time on identifying support and resistance levels, finding it lucrative for trading on the 1-hour timeframe, even for BTC. However, it's essential to note that the market's inherent unpredictability can challenge any forecasting tool's effectiveness.Pros and Cons
- Pros:
- Intuitive and user-friendly interface
- Effective for confirming trading strategies
- Saves time on identifying support and resistance levels
- Versatile for different timeframes and currency pairs
- Cons:
- Mixed reliability in volatile market conditions
- Dependent on fine-tuning of parameters
- Limited effectiveness for degrees greater than 2
Source Code of MetaForecast M5
We don't have access to the original source code of MetaForecast M5 sold on MQL5. However, based on its description, we have created a sample code that mimics its functionality. This code is available on our website. If you have any questions about the code, feel free to ask on our forum. Please note that the EASY Trading Team does not sell MetaForecast M5; we only created a code based on its description.
Code:
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