Introduction
Let’s talk about QM Pattern Scanner MT4, a trading robot that’s got the community buzzing, or at least, mildly murmuring. With a rating of 4.83 based on user reviews, it seems to have earned its place, but let's dissect it with a critical eye. Spoiler alert: I'm not easily impressed.
Functionality Overview
QM Pattern Scanner MT4 is an indicator designed to identify Quasimodo patterns in the market. It's available for MetaTrader 4 and focuses on price action and pattern recognition. Here’s the gist of what it offers:
- Identification of Quasimodo patterns in multiple timeframes.
- Customizable alert settings for pattern formation.
- Engulfing mode and breakout mode options.
- Support for various trading pairs, including commodities like XAUUSD.
Giulio48 points out that statistics would be a nice addition. Well, Giulio, stats are always good – if they tell you something useful.
Performance Analysis
Based on the last year's results, the robot has shown a decent performance but let’s not get too carried away. High ratings from users like teddjno and mBah Gacik suggest its accuracy on higher timeframes (H1 and above) and even on lower timeframes like M30 and M5. The robot seems to perform well when using the Engulfing mode, according to teddjno’s feedback. Fair enough, but let’s not ignore the inherent risks of any automated trading system.
Pros and Cons
Pros:
- Accurate identification of Quasimodo patterns.
- Multiple timeframe compatibility.
- User-friendly alert system.
- Responsive support from the author.
Cons:
- Lack of built-in statistics, as pointed out by Giulio48.
- Performance may vary significantly across different market conditions.
- Dependency on correct configuration and timely updates.
Source Code of QM Pattern Scanner MT4
Unfortunately, we don’t have access to the proprietary source code of QM Pattern Scanner MT4. However, based on the description available on MQL5, we can develop a similar algorithm. It’s essential to note that this would be a custom implementation and not the original code.
Code:
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If you're looking to download QM Pattern Scanner MT4, you'll find detailed stats and user reviews on sites like Forex Robot Easy. For those interested in a custom version, feel free to join discussions on our forum at easytradingforum.com. Remember, our team doesn’t sell the original QM Pattern Scanner MT4 but provides a custom coded robot based on its functionality.
So, do your homework, test diligently, and don’t be shy – share your thoughts and results on our forum.
