Introduction
So, you've stumbled upon the Pivot on Candle of the Day trading robot. I'm supposed to be impressed? Let's cut to the chase and dig into what this robot actually offers and whether it’s worth your time. According to Cinquini, it's muito interessante, but let's hold off on the fanfare until we see some real data.
Functionality Description
The Pivot on Candle of the Day robot is designed to identify pivot points based on the high, low, and close of the previous trading day's candle. It's essentially a glorified indicator that tries to predict where the price might be heading next. Here are its main functionalities:
- Pivot Point Calculation: Computes daily pivot points to provide potential support and resistance levels.
- Trade Execution: Executes trades based on pre-defined criteria around these pivot points.
- Risk Management: Includes features like stop-loss and take-profit settings.
- Customization: Allows user-defined settings for greater flexibility.
Performance Analysis Over the Last Year
Alright, here comes the part where you expect miraculous results. Based on the available data on Forex Robot Easy, the performance over the last year reveals:
- Average Monthly Return: Approximately 3%
- Drawdown: Around 10%, which is relatively low but still concerning.
- Win Rate: About 50%, smack dab in the middle.
- Number of Trades: Moderate, doesn’t flood your account with trades.
Nothing here that screams “must-have,” just another day in the world of trading robots.
Pros and Cons
Let's break down the good, the bad, and the ugly:
Pros:
- Simple to use and setup
- Reasonable drawdown
- Clear indication of price direction according to some users
Cons:
- Mediocre performance metrics
- Relatively high risk for moderate rewards
- Lack of transparency in underlying algorithm
The Source Code for Pivot on Candle of the Day
Now, about the source code. No, we don't have access to the real source code for the Pivot on Candle of the Day. But hey, you can try to recreate it based on its description on MQL5. Here’s a pro tip: the devil is in the details. If you’re serious about coding your own version, head over to MQL5 and analyze the robot's functionalities.
Code:
You don't have permission to view the code content. Log in or register now.Download Pivot on Candle of the Day
Interested in giving Pivot on Candle of the Day a whirl? Head over to Forex Robot Easy - Pivot on Candle of the Day and start your adventure. Got questions about the code? Feel free to ask away on easytradingforum.com. Just remember, our team at EASY Trading Team isn’t selling this robot; we just provided an example code based on its MQL5 description.