Introduction
Meet the Double Top Bottom Scanner with RSI Filter MT5, a trading robot designed to identify potential market reversal points using double top and bottom patterns, filtered through the Relative Strength Index (RSI). With comments from users like Devonish and Maria Del Rosario, who rate this product highly, let's delve into its capabilities and critique its performance over the last year. Spoiler: It's hard to impress me.
Description of Functions
This bot boasts several features aimed at pinpointing high-probability trading signals:
- Identification of double top and bottom patterns.
- RSI filter to avoid false signals.
- Customizable alert settings to notify users of potential trades.
- Compatible with multiple timeframes for broader analysis.
The tool has been praised for its precision and reliability, albeit the signals might be sparse. User Devonish sums it up well, advising users to take time to understand the settings – wisdom worth heeding.
Analysis of Results
Judging by the results over the last year, the robot has shown a consistent, albeit modest, profitability. It’s not exactly a gold mine, but it does appear to provide quality signals that can be of real value if used wisely.
Pros and Cons
Pros:
- High-quality signals.
- Customizable settings.
- Effective RSI filter.
Cons:
- Low frequency of signals – patience required.
- Market makers might push back initial signals.
- Requires time to understand the settings.
Conclusion
The Double Top Bottom Scanner with RSI Filter MT5 has its strengths and weaknesses. Its ability to provide high-quality signals is clear, but the low signal frequency and setup complexity might deter some traders. If you have used this robot, share your experiences on the forum. Your insights could benefit others.
Source Code of Double Top Bottom Scanner with RSI Filter MT5
Unfortunately, the original source code for this robot remains undisclosed. However, based on the description available on MQL5, we can attempt to create a similar code. For those interested, check our example code at easytradingforum.com. Remember, this is a derivative work and not the original product sold on MQL5.
The EASY Trading Team does not sell the Double Top Bottom Scanner with RSI Filter MT5, but we can guide you through creating your version based on publicly available descriptions. If you have questions about the code, feel free to ask on the forum.
Code:
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For more information and to download your copy, visit Forex Robot Easy. Share your feedback and results to help the community make informed decisions.