Introduction
In the world of Forex trading, the Support Resistance Breakout MT4 trading robot has been creating quite a buzz. With an impressive rating of 5 and a couple of sparkling reviews, it seems commonly agreed upon that this bot is worth a shot. However, as a professional trader and programmer, I've learned the hard way that not everything that glitters is gold. Let's dig a bit deeper into this algorithm and see if it truly is as fantastic as it seems.Description of Functions
The Support Resistance Breakout MT4 is described as an automatic trading robot that performs trading operations based on the principle of breaking through support and resistance levels. Stepping away from the crowd, this bot identifies potential breakout points and places trades accordingly, hoping to gain from possible price swings. The robot operates on the MT4 platform, making it quite versatile across various Forex markets.Analysis of Results
Upon analysis of the yearly statistics available on Forex Robot Easy's website, it does seem that the bot has managed to pull off consistent performances. The win-rate and the risk-reward ratio depict a decent trading profile. But despite the positive user reviews, I'd prefer to be a bit more skeptical and would surely love to see the raw data behind these stats.Pros and Cons
The major strengths of the Support Resistance Breakout MT4 robot come from its simplicity and the strong principle of support and resistance it is based on. However, from a professional perspective, relying solely on these breakouts could potentially turn risky during high volatility phases.Source Code of Support Resistance Breakout MT4
While I would love to get my hands on the source code and take a peek under the hood, unfortunately, the original source code isn't available to us. However, for those who are interested, we at easytradingforum.com have created a sample code based on the detailed description available on the MQL5 site. This is no way a replica of the original but rather an educated attempt. User discretion is advised.
Code:
You don't have permission to view the code content. Log in or register now.Download Support Resistance Breakout MT4: Your Trading Companion
As a closing note, if you have any queries about the sample code we've provided, feel free to ask on our forum at easytradingforum.com. Please note that we, the EASY Trading Team, do not sell the Support Resistance Breakout MT4 robot, but have only created a sample code based on its description. Let's discuss, experiment, and share our experiences with this bot. After all, questioning the status quo is the only way to achieve trading excellence.Happy trading, folks!
- Would you recommend this bot?
- What are your experiences with it?
- Do you have any suggestions for improvement?