Introduction to Outside Bar MT4 Trading Robot
In the ever-evolving world of Forex trading, the Outside Bar MT4 trading robot has not failed to grab attention. With Andrew Valdes, aka valdecchio, branding it as simple but precise in identifying the outsidebars and awarding it a perfect rating of 5, one might wonder if all the hype is worth it. Let's dive into the depths of this trading algorithm, scrutinize its operation, and share a few tips and tricks to optimise its performance.Installation and Setting Up the Outside Bar MT4
The Outside Bar MT4 can be obtained from Forex Robot EASY. Once you have successfully downloaded the Outside Bar MT4 robot, you need to install it on your trading platform.Begin by opening your MT4 trading platform and click on the File button located at the top left corner of the screen. Then click on Open Data Folder, and navigate to MQL4 > Experts. Paste the .ex4 or .mq4 file of your downloaded EA here.
Next, restart your MT4 platform to allow the EA to appear in your experts' list. To use it, just drag and drop it on the chart of the currency pair of your choice. Ensure that you have enabled Auto Trading for the EA to function.
Experience With Outside Bar MT4
Now, let's spill my experience with this trading robot. The simplicity of the Outside Bar MT4 robot is indeed commendable. The algorithm scans for outside bars, aka Mom bars, and jumps on them, assuming the market will follow through. However, even with a successful track record, this approach should be taken with a pinch of skepticism, as market conditions are constantly changing.Improvement Tips for Outside Bar MT4
While using the Outside Bar MT4, it might be beneficial to focus on higher time frames. This is because the signal is stronger and less susceptible to noise. Furthermore, ensure to manage your risk appropriately; don't risk more than you can afford to lose.Source Code of Outside Bar MT4
Regrettably, the unadulterated source code of the Outside Bar MT4 trading robot remains a mystery. However, at EASY Trading Team, we've developed a version of our own, deciphered from the descriptions listed on the MQL5 site, where the original EA is sold. If any queries arise, don't hesitate to drop them; we're all in this Forex game together.Do take note, EASY Trading Team neither resells nor owns the Outside Bar MT4 original robot. We've merely created a code based on the robot's description, to facilitate a better understanding of the algorithm.
Code:
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