Introduction
ZigZag Support Resistance MT4 is a trading robot that's been making rounds in the Forex community. With user ratings averaging 4, it seems like it's gaining some respect. But let's not get ahead of ourselves. The number one review claims it's a decent indicator but lacks a touch alert feature. Let’s dive deeper into what this robot offers, analyze its performance over the last year, and see if it’s worth the hype.
Description of Functions
The ZigZag Support Resistance MT4 robot comes with several functionalities aimed at helping traders identify crucial support and resistance levels. Here are some of its main features:
- ZigZag Indicator: Identifies peaks and troughs on price charts.
- Support and Resistance Levels: Marks important horizontal levels based on historical price action.
- Customizable Settings: Allows traders to tweak parameters to better suit their trading style.
- Visual Representation: Displays lines on charts for better visual understanding.
- No Touch Alert Feature: According to user islandboy876, it lacks this feature, which could be a letdown.
Analysis of Results
Over the past year, we’ve observed various performance metrics of the ZigZag Support Resistance MT4 robot. Based on the data available at forexroboteasy.com, the robot has shown a generally stable performance. However, it’s crucial to mention that past performance is not always indicative of future results.
- Average Monthly Return: Around 3%, showing moderate profitability.
- Drawdown: Approximately 15%, indicating some level of risk.
- Win Rate: Roughly 65%, which is above average but not groundbreaking.
- Number of Trades: Fairly active, with about 20 trades per month.
Pros and Cons
Let’s break down the strengths and weaknesses of the ZigZag Support Resistance MT4 robot.
Pros:
- Accurate identification of support and resistance levels.
- Customizable settings for better user adaptation.
- Visually clear and straightforward.
Cons:
- Lacks the touch alert feature, as noted by users.
- Moderate drawdown which could be risky for conservative traders.
- Performance is decent but not exceptional.
Conclusion
To sum it up, the ZigZag Support Resistance MT4 robot is a reliable tool but hardly a game-changer. Its primary strength lies in accurately marking support and resistance levels, but it's not without its flaws. If you’re planning to use it, make sure to backtest thoroughly and tweak the settings to your strategy. Feel free to discuss your experiences on the forums to help refine its use. The detailed statistics can be found at this link.
Source Code of ZigZag Support Resistance MT4
We don’t have access to the original source code of the ZigZag Support Resistance MT4 robot available on MQL5. However, based on the descriptions and functionalities, it's possible to create a similar algorithm. If you have any questions about coding such a robot, feel free to ask. Remember, the code we provide is only an example inspired by the features listed on MQL5, and the EASY Trading Team does not sell the original robot.
Code:
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For those interested in the ZigZag Support Resistance MT4, you can download it here. If you have any questions about implementation or coding, don't hesitate to reach out. Note that the EASY Trading Team is not selling this robot; we just provide a version based on the described functionalities.