Introduction
The Break and Retest trading robot has garnered a fair bit of attention in the trading community. With a rating of 4.56 and a slew of positive reviews, one might think it's the holy grail of trading. But let's not get ahead of ourselves. As a professional trader and programmer from the EASY Trading Team, I approach every new tool with a healthy dose of skepticism. Let's dive into the details and see if this robot is worth its salt.Description of Features
The Break and Retest robot is designed to identify and plot support and resistance levels automatically. It detects when the price breaks through these levels and monitors for a retest. The retest is confirmed by wick rejections, signaling active defense of the level. Upon successful retest and wick rejection, the robot generates buy and sell signals, displayed on the chart with arrows or markers. It also provides real-time alerts and push notifications for these signals.Analysis of Results
Based on user feedback, the robot seems to perform well. Pouya Izadi mentioned, I got two signals on gold index today and I am satisfied. Tibor Hartmut Sturm added, Two days in use, 5 times out of 5 times profit with Cable H4 and Gold H1. While these reviews are glowing, it's essential to remember that short-term success doesn't guarantee long-term profitability. The robot's historical performance over the last year is crucial, and detailed statistics are available on our website.Pros and Cons
- Pros:
- Automated support and resistance level identification
- Real-time alerts and notifications
- User-friendly interface
- Positive user feedback
- Cons:
- Short-term success doesn't guarantee long-term profitability
- Requires extensive backtesting to ensure compatibility with individual trading styles
- Potential for false signals
Source Code of Break and Retest
We don't have access to the original source code of the Break and Retest robot sold on MQL5. However, based on its description, we have created a sample code. This example is designed to give you an idea of how such a robot might be implemented. If you have any questions about the code, feel free to ask. Note that the EASY Trading Team does not sell the Break and Retest robot; we only provide a code example based on its description.
Code:
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