Introduction
The Smart Market Structure Concepts MT5 indicator, developed by Jing Bo Wu, aims to enhance trading by leveraging Smart Money Concepts. With a rating of 4.75 and a price tag of $60, it promises a lot. But does it deliver? Let's dive in and see if this tool is worth your hard-earned money.Description of Features
The indicator offers a range of features designed to provide a comprehensive view of the market structure:- Real-time market structure labeling, including internal and swing BOS (Break of Structure) and CHoCH (Change of Character).
- Identification and marking of order blocks, with distinct colors for bullish and bearish blocks.
- Calculation and display of premium and discount zones using Fibonacci retracement levels.
- Highlighting of buy-side and sell-side liquidity zones, including areas of equal highs and lows.
- Customizable alerts for various price characteristics such as BOS, CHoCH, order blocks, and liquidity zones.
- Support for multiple time frame analysis with an MTF Dashboard.
- Extensive customization options for color schemes, alert settings, and market structures displayed.
- Integration of Fibonacci retracement levels with enable/disable options.
- Optimized for performance to handle real-time data efficiently.
- Backtesting capability for at least 1000 candles.
- User-friendly interface with tooltips and help messages.
- Robust error handling and compatibility with the latest MetaTrader 5 platform.
Analysis of Results
Over the past year, the Smart Market Structure Concepts MT5 indicator has garnered mixed reviews. Users appreciate its extensive customization options and comprehensive market structure analysis. However, some issues have been reported, such as the persistence of Fibonacci levels on the chart even after disabling them and challenges with backtesting beyond 1000 candles. Despite these drawbacks, the overall sentiment remains positive, with many users finding the indicator to be a valuable tool.Pros and Cons
Pros:- Extensive customization options.
- Comprehensive real-time market structure labeling.
- Support for multiple time frame analysis.
- Customizable alerts for various price characteristics.
- User-friendly interface.
Cons:
- Persistence of Fibonacci levels even after disabling.
- Challenges with backtesting beyond 1000 candles.
- Effectiveness closely tied to the trader's understanding of Smart Money Concepts.
Conclusion
The Smart Market Structure Concepts MT5 indicator offers a robust set of features that can significantly enhance a trader's ability to analyze and navigate the Forex market. However, it also has its limitations. Traders should weigh these pros and cons carefully to determine if this tool aligns with their trading needs and expertise.Source Code of Smart Market Structure Concepts MT5
We do not have access to the original source code of the Smart Market Structure Concepts MT5 indicator sold on MQL5. However, based on its description, we have created a sample code that replicates its functionalities. If you have any questions about the code, feel free to ask. This example code is provided by easytradingforum.com and is based on the description of the robot sold on MQL5. Please note that the EASY Trading Team does not sell the Smart Market Structure Concepts MT5 robot; we only created a code based on its description.
Code:
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