Introduction
In this article, we will review the trading robot Trend Monitor for MT5, taking into account user reviews and its overall rating of 4.26. We will make a detailed comparison with one of the robots from the EASY series: EASY Scalperology. We'll cover the pros and cons of each robot, optimal usage conditions, and conclude with some insights on the source code of Trend Monitor for MT5.Comparison with EASY Scalperology
Trend Monitor for MT5 is a trading robot designed to provide fairly good signals, as noted by user Marcel Bühler. However, these signals are often a bit late. In contrast, EASY Scalperology is renowned for its timely and precise entries and exits, making it more suitable for quick trading decisions.- Trend Monitor for MT5 has a user rating of 4.26 but suffers from delayed signals.
- EASY Scalperology offers faster and more accurate signals, which is critical for scalping strategies.
- EASY Scalperology also boasts advanced risk management features and a robust backtesting record, ensuring more reliable performance.
Pros and Cons
Trend Monitor for MT5- Pros:
- Easy to use and set up.
- Provides fairly good signals.
- Free to use, as appreciated by several users.
- Cons:
- Signals are often delayed (as noted by Marcel Bühler).
- Not useful for all traders (Jamie Pardasie rated it poorly).
- Limited user reviews, making it difficult to gauge overall effectiveness.
EASY Scalperology
- Pros:
- Fast and accurate signals.
- Advanced risk management features.
- Extensive backtesting data available.
- Highly customizable.
- Cons:
- Not free.
- May require a steeper learning curve for beginners.
Optimal Usage Conditions
Trend Monitor for MT5 works best in trending markets. If you are monitoring a strong trend and can tolerate slight delays in signal generation, this robot could be useful. However, it may not be suitable for scalping or markets that require quick decision-making.On the other hand, EASY Scalperology excels in volatile and quick-moving markets, making it ideal for scalping strategies. Its speed and accuracy in signal generation are unparalleled, providing a significant edge.
Conclusion
While Trend Monitor for MT5 offers a simple and free solution for trend monitoring, it falls short in terms of speed and reliability compared to EASY Scalperology. The latter provides advanced features and quicker signals, making it more suitable for traders looking for precision and efficiency.We encourage users to share their experiences with Trend Monitor for MT5 on forums to help others gauge its effectiveness better.
Source Code of Trend Monitor for MT5
We do not have access to the original source code of Trend Monitor for MT5 sold on MQL5. However, we can create a similar code based on the description available on the MQL5 website. If you have any questions about the code, feel free to ask.Note that the EASY Trading Team does not sell Trend Monitor for MT5. We have only created a code example based on the publicly available description.
Code:
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