Introduction
In this ruthless world of Forex trading, every so-called cutting-edge EA that comes my way is often met with a stoic nod and crossed arms. The latest one to cross my desk is the Range Monster trading robot. The user hashra claims that it has a high winning percentage with moderate to big profit amounts, and it enjoys a rating of 4. This is not bad, but we need to dig deeper.Description of Functions
Our friend Range Monster is an automated EA that operates on a pre-determined set of rules without human intervention. It's not clear what strategy this bot uses, we are only left with the vague term “range”, suggesting that it might be making use of range trading strategies. On the surface, it seems like your run-of-the-mill trading bot. But let's take a closer look, shall we?Analysis of Results
Analyzing the results for the past year, there is little to no information regarding the actual performance. User's comments alone can't paint the whole picture. It's possible that the bot simply had a good year or maybe the users themselves are actually profitable traders who use the bot as an auxiliary tool. There is no way of confirming these speculations without the detailed statistics. Feel free to take a deeper dive yourself here.Pros and Cons
Every EA has its pros and cons. The high winning percentage may seem appealing, but one also needs to factor in risk management. One big loss could wipe out all the previous small wins. And while it might be nice that the bot requires no human intervention, it also means it’s rigid and can’t adapt to unexpected market changes like a human trader might.The Source Code of Range Monster
For those inquiring minds, here's the sobering truth: we don’t have the original source code of the bot sold on MQL5. However, we could create a similar code based on the description provided. If you wish to discuss or have questions regarding this hypothetical code, feel free to ask. Remember, this code is a mere example provided by easytradingforum.com and is not the original code of the trading robot sold on MQL5.
Code:
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Eager to test out the Range Monster? Please note that while we don't sell the Range Monster, we have created a trading robot code based on its description. So, buckle up and take the Range Monster for a whirl and do share your results on our forum. Remember to trade responsibly and never risk more than you are willing to lose.Any questions or thoughts are welcome. Join the conversation on our forum.
Please note: The EASY Trading Team did not develop the original Range Monster trading robot. This article reflects the thoughts and opinions of the EASY Trading Team based on user comments and ratings. Only the trading robot code provided is developed by the EASY Trading Team, based on the description provided in MQL5.