Introduction
Welcome back, cold-blooded trading animals. Today, we will review yet another trading algorithm that has been thrown into our trading jungle - the BreakOutBox MT5. With zero reviews and no ratings, it seems like we're venturing into uncharted territory. So, hold onto your hats and prepare for a dashing analysis from your humble and skeptical narrator, an MQL5 developer from the EASY Trading Team.Description of Functions
The BreakOutBox MT5 trading robot, as its name suggests, utilizes the breakout trading strategy. The bot is designed to identify breakout points of significant price levels, and execute trades based on these breakouts. Key features of this trading robot include:- Automatically detects the breakout box range during the Asian session.
- Allows customization of trading parameters such as stop loss, take profit, and lot size.
- Combines both pending and market orders.
- Flexible enough to adapt to any trading instrument or timeframe.
But let's not get too excited about the features list. What really matters is whether this bot has anything valuable to offer in terms of performance.
Analysis of Results
Unfortunately, the BreakOutBox MT5 creators have left us with no specific results to analyze, and there are as of yet no user reviews to rely on. (I will remind you at this point, folks, that sharing your experience with the bot would be much appreciated.)Nevertheless, we can still discuss its potential performance based on the breakout strategy. Breakout strategies can be profitable in trending markets, as they take advantage of price momentum. But, as you may guess, these strategies falter in sideways or choppy markets.
Pros and Cons
The BreakOutBox MT5 robot seems to be a neat package with its ability to auto-detect breakout points and customizable trading parameters. But, we are not convinced yet. The bot lacks versatility, and can find itself in serious trouble in non-trending markets. Add to this the fact that there are no results or user reviews to validate the bot's effectiveness, and, well... You get the picture.Source Code of BreakOutBox MT5
Now, onto the part you've all been eagerly waiting for, the source code of BreakOutBox MT5... Except, we don't have it. As much as we'd like to provide you with the original source code, it's simply not available to us. But, based on the description available from the MQL5 site, we can slap together a source code that will recreate the bot's principal functionalities. Remember, though, this would be a simplified version of the original bot. For any questions or doubts, you can always turn to our forum at easytradingforum.com.
Code:
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The EASY Trading Team doesn't sell the BreakOutBox MT5 robot, but we've done our best to provide a fair analysis based on what we know. We encourage all users to download the bot, test it, and share your results on our forum. As always, we remind you to trade safely and be mindful of the risks involved in forex trading.In the meantime, we'll wipe off our smirk and hunker down to scrutinize the next trading robot that comes our way. After all, it's what we do best.