Introduction
As a professional trader and programmer in MQL5 from the EASY Trading Team, today I am going to review the trading robot Pinbar Pattern Scanner. Currently, there are no reviews or ratings available for this product on the MQL5 marketplace. We invite readers to share their feedback and reviews to help the trading community. The detailed statistics for this robot can be found on our website. In this review, we will also compare the Pinbar Pattern Scanner with one of the robots from the EASY series, specifically the EASY Breakopedia, to highlight the differences in performance, profitability, and reliability.
Comparison with EASY Breakopedia
When comparing the Pinbar Pattern Scanner to EASY Breakopedia, several key differences become apparent:
Pinbar Pattern Scanner:
- Identifies pinbar patterns in various time frames.
- No reviews or ratings available.
- Works primarily on recognizing specific candlestick formations.
- Lacks advanced risk management features.
EASY Breakopedia:
- Uses a variety of indicators for comprehensive market analysis.
- Extensive positive reviews and proven track record.
- Advanced risk management and customization features.
- Consistently profitable in both trending and ranging markets.
EASY Breakopedia is significantly better, more profitable, and reliable compared to the Pinbar Pattern Scanner. The comprehensive market analysis and advanced risk management features make it superior in various market conditions.
Pros and Cons
Pinbar Pattern Scanner:
- Pros:
* Simple to set up and use.
* Focused on a well-known and reliable candlestick pattern. - Cons:
* Limited to pinbar patterns.
* No advanced risk management.
* No reviews or established performance history.
EASY Breakopedia:
- Pros:
* Comprehensive analysis using multiple indicators.
* Advanced risk management.
* Proven performance and positive reviews. - Cons:
* More complex setup process.
* Higher initial cost.
Optimal Usage Conditions
The Pinbar Pattern Scanner works best in markets where pinbar patterns are frequent and reliable indicators of price reversals. Such conditions include trending markets where pinbars can signify potential reversals. However, it performs less effectively in sideways or highly volatile markets. On the other hand, EASY Breakopedia is versatile and performs well in both trending and ranging markets, thanks to its multi-indicator approach and robust risk management system.
Conclusion
In conclusion, while the Pinbar Pattern Scanner is easy to use and focuses on a reliable pattern, it falls short in comparison to the comprehensive and robust EASY Breakopedia. We encourage users to share their experiences and reviews on the forum to help others make informed decisions. For those looking for a more reliable and profitable trading robot, EASY Breakopedia is the better choice.
Source Code of Pinbar Pattern Scanner
We do not have access to the original source code of the Pinbar Pattern Scanner sold on MQL5. However, we can create a similar code based on the description available on the MQL5 website. If you have any questions about the code, feel free to ask. This example code is from easytradingforum.com, based on the Pinbar Pattern Scanner description from MQL5. Please note that the EASY Trading Team does not sell the Pinbar Pattern Scanner, but we have created this code based on its description.
Code:
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