Introduction
Let's take a look at yet another trading robot, shall we? Today on my radar is News Scope EA Pro MT5. The interesting thing here is that this robot has managed to get an impressive rating of 5 from one of its users. I can't help but chuckle as I prepare myself to dissect this so-called 'perfect' trading tool.Description of Functions
So, News Scope EA Pro MT5 is designed as an automated trading tool that supposedly takes advantage of price volatility that ensues after high-impact news events. From its official website, it appears that the robot trades on the M5 timeframe, employing a combination of strategies including scalping, breakouts, and grid trading.Here's how it works:
- It places pending orders in both directions of the market prior to the news.
- The strategy uses a trailing stop to follow positive price movements.
- The robot operates only during the hours specified by the user.
- It utilizes an algorithm to determine whether the market reaction to news is worth trading or not.
Analysis of Results
Without access to some hard-core data, it's a bit tricky to evaluate the performance of this robot over the last year. However, judging from the user comments, it seems to bring about satisfactory results.One user, Heiko, backed up the robot’s performance stating, The EA works perfectly! It does exactly what it was programmed to do! He did mention though that there are phases when things don't go optimally. So, while it may have its moments of brilliance, it seems like this robot isn't immune to the unpredictable nature of the trading market.
Pros and Cons
Pros:- Automated trading
- Multiple strategies employed
- Trades only during specified hours
- User-friendly
Cons:
- Dependent on market volatility
- Performance during low-volatility periods is unknown
- Potential risk of loss with any grid trading strategy
The Source Code of News Scope EA Pro MT5
We don’t have the actual source code of the original robot sold on MQL5. What we have is a code generated based on the description from MQL5 where the algorithm is sold. This example code is made by easytradingforum.com, and is strictly based on the description of the robot. For any queries regarding this, feel free to ask.
Code:
You don't have permission to view the code content. Log in or register now.How to Download News Scope EA Pro MT5 - An In-depth Guide
Bear in mind, the EASY Trading Team does not sell the News Scope EA Pro MT5 robot. What we provide is an example of a trading robot code based on its description. If you have questions related to the code, don’t hesitate to ask within our community.The discussion about this trading robot and the sharing of trading results are highly encouraged in our forum. So, start the thread and let's scrutinize this robot together. After all, the trading world never fails to surprise us, does it?