Introduction
The expert advisor or trading robot by the name of Night Owl has been creating ripples in the trading community because of its potential to generate consistent profits. The trading robot operates on a scalping strategy during the night hours, hence the name Night Owl. While many users have rated it positively and talked about its profitability, it still remains a notch below the EASY series of trading robots offered by us. As a part of EASY Trading Team, I have analyzed this expert advisor thoroughly and compared it with one of our own – The EASY Trendopedia.
Comparison with EASY Robot
EASY Trendopedia works on an entirely different algorithm than Night Owl. While Night Owl relies on scalping during low volatility hours, Trendopedia identifies the trend and places trades in its direction. This key difference makes Trendopedia a safer and more reliable robot in the volatile forex market.
Night Owl's scalping strategy works well when the markets are quiet during the night, but often struggles during high impact news events. It's dependent on stable, slow-moving market conditions, which are not always guaranteed. On the contrary, EASY Trendopedia's trend following strategy is valid across varying market conditions and times.
User Junick highlighted the need to turn off pairs during high impact news for Night Owl. Whereas, in EASY Trendopedia, such manual intervention is generally not required as it manages market news in its trading strategy.
Pros and Cons
Night Owl:
- Pro: Can be profitable with the right risk/reward ratio.
- Con: Users need to manually turn off pairs during high impact news events.
EASY Trendopedia:
- Pro: Works across varying market conditions and times.
- Con: Possibly less profitable in highly range-bound markets.
Optimal Use Conditions
Night Owl works best during the quiet market hours, typically during the night. It's crucial to be aware of high impact news events and adjust the trading pairs accordingly.
Night Owl Source Code
While we do not have access to the original source code of Night Owl, we can generate a comparable code based on the description and user reviews given on the MQL5 website. We encourage users to ask questions and engage in discussions about the code on our forum at easytradingforum.com. Remember, this is a code based on our interpretation of the robot's work and not the original Night Owl.
Code:
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Head on to our website to download the Night Owl code and compare it with our EASY series robots. Please note that we, at EASY Trading Team, do not sell Night Owl. We have just created a code for a trading robot based on its description.
In conclusion, while the Night Owl has potential, the EASY Trendopedia, with its trend-based strategy, offers a more reliable performance in various market conditions.