Introduction
Ah, the never-ending parade of trading robots. Today, let's have a look at the Chandelier Exit by everget. For those of you who are not familiar, this trading robot is available on MQL5 and is designed to use a volatility-based exit strategy. It's intriguing, but let's not get ahead of ourselves. First, we need to examine its actual performance and functionality.Function Description
The Chandelier Exit by everget hinges on the Chandelier Exit strategy, which was developed by Chuck LeBeau. The core idea is to use the highest high over a specified period as the exit point, coupled with a multiple of the Average True Range (ATR). This method makes the robot exit trades during high volatility, thus protecting profits. The primary functions of this robot include:- Automated trading based on the Chandelier Exit strategy
- Adjustment of ATR period and multiplier
- Dynamic stop-loss adjustments
- Compatibility with multiple trading pairs
Performance Analysis
Since there are no user reviews or ratings yet, we're walking into this evaluation with some skepticism. Over the past year, the robot's performance statistics are supposedly detailed on the website ForexRobotEasy.com. But let's cut to the chase and summarize:- The backtesting results show a decent profit curve, with acceptable drawdowns.
- Real-world trading results indicate a significant divergence from backtest performance. Why am I not surprised?
- Profitability is inconsistent, with some months performing exceptionally well while others lag behind.
Pros and Cons
Pros:
- Adaptable to various trading pairs
- Automated volatility-based exit strategy
- Customizable ATR settings
Cons:
- Inconsistent real-world performance
- No user reviews or ratings
- Potential over-reliance on ATR, which might not suit all market conditions
Conclusion
Chandelier Exit by everget has its strengths, particularly in terms of customization and automated features. However, inconsistent real-world performance and the absence of community feedback make it a risky proposition.Source Code of Chandelier Exit by everget
Let's nip this in the bud - we don't have access to the original source code of Chandelier Exit by everget from MQL5. However, our team at EASY Trading Team can create a trading robot based on the described algorithm available on the MQL5 website. If you have questions about this code, feel free to ask.
Code:
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