Introduction
As a professional trader and an MQL5 programmer from the EASY Trading Team, I have gone through numerous trading bots and their performance. In this review, I will be focusing on the Grid Engulfing MT5 bot. The bot has received a 5-star rating from users such as 'gundolfer' and 'ansonwin', who commend its performance in tests. Alongside, I will also draw a comparative analysis with our EASY bot series.Comparison with EASY Robot
Our EASY bot series, including EASY Trendopedia, EASY Scalperology, and EASY Breakopedia are well-renowned for their efficiency and profitability. In comparison, Grid Engulfing MT5 bot shows a decent performance but falls short of the remarkable standards set by our EASY bots. The EASY bots have proven to be more consistent and reliable in their trading strategies, which is a major advantage that trumps over the Grid Engulfing MT5.Pros and Cons
Grid Engulfing MT5:- Pros - It performs well in tests. The grid trading strategy can potentially make a steady stream of profits during ranging markets.
- Cons - It lacks robustness in changing market conditions, which can lead to large drawdowns.
EASY Bot:
- Pros - Seasoned bots with proven track records. They have reliable risk management strategies and are able to adapt to various market conditions.
- Cons - They might require a larger initial investment compared to other bots.
Optimal Conditions for Use
The Grid Engulfing MT5 bot performs best in a ranging market where price fluctuations are minimal. This is because the bot exploits small price movements to make consistent profits.Source Code of Grid Engulfing MT5
We do not have access to the actual source code of the Grid Engulfing MT5 bot sold on MQL5. However, utilizing the description provided on the MQL5 website, we have created a similar code. This code is available on our forum for educational purposes and provides an insight into how such a bot could be coded using MQL5.
Code:
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