Introduction
Let's take a look at another trading robot that's been making the rounds - the RangeBreakout EA MT5. As the name suggests, this bot utilizes a range breakout strategy. With a user feedback and an average rating of 5, it appears to be a crowd-pleaser. But, hold your horses, folks. It's time to apply the EASY Trading Team's rigorous scrutiny to this bot and see if it's worth all the hype.RangeBreakout EA MT5: The Features
The RangeBreakout EA MT5 operates by identifying high and low ranges during specific periods and then placing orders when the prices break out of these ranges. It seems simple enough, but as seasoned traders, we know that simplicity isn't always the best policy when it comes to the unpredictable world of trading.The bot offers multiple configurable parameters, supporting both fixed and dynamic lot sizes and allowing users to potentially tailor the bot to their trading strategies. And since we're all about automation and hands-off trading here at EASY Trading, the ability to set and forget is indeed attractive.
Performance Analysis
A user review reveals that the bot's performance isn't particularly consistent. Despite making profits in 2022 and 2023, the bot had losing streaks in 2020, 2021, and 2019. Even though the user support got a solid 5/5, the bot's overall profitability overtime leaves much to be desired. While it might offer an appealing freebie, the inconsistent performance discourages one from paying for it.Pros and Cons
Pros:- User-friendly with multiple configurable parameters.
- Supports both fixed and dynamic lot sizes.
- Appealing automation and 'set and forget' approach.
Cons:
- Inconsistent performance over the years.
- Unreliable profitability overtime.
- Losing streaks in multiple years.
Source Code of RangeBreakout EA MT5
Unfortunately, we do not have access to the original source code of the RangeBreakout EA MT5 bot being sold on MQL5. However, based on the description provided on the MQL5 page, we can potentially develop a similar version on our own. If you have any questions about the code, feel free to ask. Remember, this is just an example code by easytradingforum.com, not the actual bot being sold on MQL5.
Code:
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In conclusion, while the RangeBreakout EA MT5 may have its perks, its inconsistent performance and questionable profitability overtime are points of concern. Nevertheless, if you're curious and wish to give it a whirl, you can check it out here. Remember, at the end of the day, it's all about finding the perfect bot that aligns with your trading strategy.As always, we invite you to join the discussion on our forum and share your experiences with this bot. Just a gentle reminder, though: the EASY Trading Team does not sell the RangeBreakout EA MT5 bot. We've simply prepared an example code based on its description. Trade safe, folks!