Introduction
Alright, let's get straight to it. We've got another trading robot on the table – the Moving Average Trend Scanner MT4. This thing claims to be the holy grail of trend identification using moving averages and ATR. But, you know the drill, every shiny tool has its rust spots. Let's cut through the fluff and see what this bot can actually do and whether it's really the trend-spotting genius it pretends to be.
Description of Functions
The Moving Average Trend Scanner MT4 robot is built around a pretty straightforward concept – it uses moving averages and the Average True Range (ATR) to detect trends. Here's what it primarily does:
- Trend Detection: Uses moving averages and ATR to identify potential trending markets.
- Alerts: Sends alerts when a trend that fits the scanner's criteria is detected.
- Filters: Offers filters to fine-tune the alerts and avoid false signals.
- Customization: Allows some level of customization with parameters like periods for moving averages and ATR.
Certainly sounds like a clever setup, but let’s see if it stands the test of reality.
Analysis of Results
User feedback and ratings give us a glimpse into the real-world performance of the bot. We've got a handful of reviews:
- Rich2017: Very good indicator with excellent filters. – Rating: 5
- Oh-chan: A bit long-winded but ecstatic about the indicator's ability to identify trends based on moving averages and ATR.
- Behzad Mohebali: Praises the tool and the developer – hoping for more features.
- Itakhola: A succinct Good indicator with a rating of 4.
Glowing reviews, fine. But let’s dig into the statistical performance over the last year. From what's available on the site, it shows a decent win rate and steady performance. No jaw-dropping gains, but it hasn't crashed and burned either. So, it’s fairly consistent, which can't be said for every robot out there.
Pros and Cons
Alright, let's break it down:
Pros:
- Effective trend detection using well-known technical indicators.
- Customizable parameters let users tailor the bot to their strategy.
- Positive user feedback and a decent performance record over the past year.
Cons:
- Relies heavily on moving averages and ATR – nothing revolutionary.
- Could be prone to false signals if not properly configured.
- No transparent way to verify how the bot works internally – it’s a black box, like most commercial robots.
Conclusion
The Moving Average Trend Scanner MT4 seems like a solid enough tool for those who are into trend-following strategies. Its reliance on moving averages and ATR isn’t groundbreaking, but it’s a tried-and-true method. User feedback is positive, and the statistical performance doesn’t raise any major red flags. But, as always, don't just take my word for it – test it out and see if it fits your trading style.
Source Code of Moving Average Trend Scanner MT4
Now, onto the source code. We don't have access to the original source code of the Moving Average Trend Scanner MT4 sold on MQL5. However, based on the description and functionalities listed, we could whip up a similar code. If you're curious or have any questions about the source code, feel free to ask. Remember, this is an example code by easytradingforum.com, based on the description of the robot sold on MQL5. We’re not selling the Moving Average Trend Scanner MT4, just providing a coded robot based on its description.
Code:
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For those who are eager to give this trend scanner a shot, you can check out more details and download it from here. If you have any questions or need assistance, feel free to discuss and share your results on the forum.