Introduction
Evaluating the effectiveness of the Candle EA MT4 trading robot is no small feat. With a rating of 4.58 and a mix of glowing and scathing user reviews, it's clear that this EA has stirred up quite a bit of controversy. Let's dive into the nitty-gritty details and see if this robot is worth your time and money.
Description of Features
Candle EA MT4, developed by Mansour Babasafary, is designed to detect trends using candlestick patterns. It operates on the M30, H1, and H4 timeframes and is compatible with EURUSD, GBPUSD, AUDUSD, and USDCAD currency pairs. The robot includes:
- Profit and loss limits to manage risk
- Settings to enable/disable long and short trades
- Compatibility with low capital, with a minimum tested capital of $100
- Adherence to FIFO rules
- No use of risky strategies like martingale or hedge
Performance Analysis
The performance of Candle EA MT4 over the last year has been a mixed bag. According to user reviews, some traders have experienced impressive gains, with Edward Smith reporting a 35% profit in a month. On the other hand, users like aoizakura have accused the EA of fraudulent backtesting and poor recent performance. The long-term backtests appear solid, but recent results have been less than stellar. This discrepancy raises questions about the EA's reliability in changing market conditions.
Pros and Cons
Pros:
- Effective use of candlestick patterns for trend detection
- Low-risk trading with predefined profit and loss limits
- Compatibility with multiple timeframes and currency pairs
- User-friendly settings for customization
Cons:
- Mixed user reviews with allegations of fraudulent backtesting
- Inconsistent performance in recent months
- High initial cost with a price increase after every 10 purchases
Conclusion
Candle EA MT4 is a trading robot that shows promise but comes with its fair share of concerns. While some users have reported significant profits, others have faced disappointing results. It's crucial to conduct thorough research and possibly test the EA with a small capital before fully committing. We encourage users to discuss their experiences on our forum and share their results.
Source Code of Candle EA MT4
We don't have access to the original source code of the Candle EA MT4 robot sold on MQL5. However, based on its description, we have created a sample code that mimics its functionalities. This code is available for download and review on our website. If you have any questions about the code, feel free to ask on our forum.
Code:
You don't have permission to view the code content. Log in or register now.Download Candle EA MT4 Sample Code
The sample code provided by the EASY Trading Team is based on the description of the Candle EA MT4 robot sold on MQL5. We do not sell the Candle EA MT4 robot; we only provide a code example based on its description. For more details, visit easytradingforum.com.
