Introduction
In the world of Algo trading, a new player has emerged with quite a spectacle. Meet Support and Resistance Levels on AZZD and EF MT5, an automated trading robot that has been making rounds in the forex trading community. Its impressive rating of 5 is a testament to its performance, however, as a seasoned trader, I consider it my professional duty to peel back the shiny wrapper and look into what makes this robot tick.
Description of Functions
The robot's trading parameters are based on the intersection of the AZZD and EF support and resistance levels. It uses smart algorithms to discover and respond to market trend reversals, analyzing price charts in real-time to provide the best trade positions. Sounds simple in theory, right?
The robot excels in its versatility, offering customizable parameters for traders to tweak and perfect their trading strategies. From adjustable lot sizes to stop loss and take profit levels, the robot puts a decent amount of control in the user's hands.
However, for all its algorithmic prowess, the true efficiency of the robot can only be evaluated through an objective review of its performance.
Analysis of Results
Analyzing the detailed statistics provided on the forexroboteasy website https://forexroboteasy.com/trading-robot/support-and-resistance-levels-on-azzd-and-ef-mt5/, the robot performed commendably over the past year. However, a year's performance is like a single heartbeat in the life of a trading bot.
The real test lies in its ability to perform consistently over a more extended period and adapt to diverse market conditions. Quizzically, no users seem to have shared their testimonials, so no subjective factor to consider here.
Pros and Cons
On the plus side, the robot employs a distinctive strategy based on the intersection of support and resistance levels, which is a robust trading principle. Also, the flexibility it offers in customizability augments its prospects.
On the downside, the lack of reviews and real-time testimonials leave traders pretty much in the dark. Also, it's not known if the robot can handle high impact news events or sudden market volatility.
The Source Code of Support and Resistance Levels on AZZD and EF MT5
The enigma of the original source code of the robot remains, as the version sold on MQL5 keeps its code close to its chest. But we can attempt to replicate a similar functionality based on the description provided on the MQL5 website, which is like shooting an arrow in the dark with a blindfold on.
If you have questions relating to this code, feel free to ask. But remember, this is just an example code from easytradingforum.com, based on the description of the robot sold on MQL5. Please note that the EASY Trading Team neither sells the Support and Resistance Levels on AZZD and EF MT5 nor endorses it.
Code:
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Your feedback, comments, and user results here will be invaluable for the trading community. Do not hesitate to share your experiences and results with the robot on this forum.
Let's make algo trading a bit more transparent and a tad less intimidating, shall we?