Introduction
As a professional trader and MQL5 programmer from the EASY Trading Team, my mission today is to evaluate the efficiency of the trading robot Text On Chart. Promising as it sounds, every trading strategy has its caveats, and it's always wise to approach with a bit of skepticism. User comments and ratings, such as the one from Moeen Ghiyas under the username only1 who has rated it 5 out of 5, give a glimpse into its utility. However, one testimonial isn't enough to form a comprehensive opinion. Let’s dive into the features, results, and overall performance of this robot. For those who seek detailed statistics, they are available on the official website: https://forexroboteasy.com/trading-robot/text-on-chart/.Features Description
The Text On Chart robot offers a handful of practical features aiming to enhance trading efficiency:- Text Annotations: Allows traders to place text directly on the chart for reminders and trading plans.
- Real-time Updates: The annotations update in real-time, ensuring that the notes are always in sync with market conditions.
- Customizable Alerts: Set alerts based on specific conditions mentioned in the annotations.
- User-friendly Interface: Simple and intuitive layout making it accessible for both novice and advanced traders.
Performance Analysis
Evaluating the performance of Text On Chart for the last year, the robot demonstrates a stable operation without significant bugs or failures in real-time annotation updates. However, it should be noted that the current performance data is based on how well it integrates with a trader's strategy rather than its own trading signals.Pros and Cons
Pros:- Facilitates organized trading plans directly on the chart.
- User-friendly interface.
- Customizable alerts tailored to individual trading strategies.
Cons:
- Limited to annotation and alert features.
- Effectiveness highly dependent on individual trader’s input and strategy.
- Relies on external data sources for optimal functionality.
Conclusion
Text On Chart serves a niche function in the trading world by keeping traders' plans and reminders directly on the chart. Its utility, as lauded by users like only1, is evident, but its overall effectiveness is contingent on the trader's usage and input. The features are robust for annotation but limited if you seek a more comprehensive automated trading solution.Source Code of Text On Chart
The original source code of Text On Chart is not publicly available, adding to the veil of mystery. However, for those interested in coding their own version, descriptions and functionalities provided on MQL5's product page can serve as a useful reference. Though our team at EASY Trading Team does not sell this specific robot, we've created example code based on its description. If you have any questions about the code, feel free to ask on our forum.
Code:
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