Introduction
As a seasoned trader and programmer specializing in MQL5, I have come across numerous automated trading systems. One such system that has gained considerable attention is the Spread Screener and Candle Timer for MT4. This tool is designed to monitor spreads and provide traders with critical timing information for candles, aiding in more informed decision-making. In this article, we will delve into real-life cases of successful and unsuccessful trades executed with this robot, analyze the reasons behind these outcomes, and encourage readers to share their experiences on our forum. Detailed statistics are available at this link.Examples of Successful Trades
One striking example of success comes from a user who reported a 15% increase in their trading account within just one month. They attributed their success to the robot's precise spread monitoring during high volatility periods, allowing them to make swift, profitable trades. The Candle Timer feature enabled them to time their entries and exits more effectively, particularly during the release of major economic news.Another user shared their experience of consistently profitable trades over a three-month period. They emphasized how the Spread Screener allowed them to avoid trades during times of widening spreads, which would otherwise have resulted in significant losses. This user saw a steady account growth of around 10% each month.
Examples of Unsuccessful Trades
Not all experiences with the Spread Screener and Candle Timer have been positive. One user reported a series of losing trades that wiped out a significant portion of their account. They noted that the robot failed to account for sudden, unexpected market movements, leading to poorly timed trades and substantial losses.Another case of unprofitability was reported by a trader who experienced a 20% drawdown in a single week. This individual pointed out that while the robot's features were useful, they relied too heavily on it during a period of extreme market volatility. The Candle Timer did not perform optimally, resulting in mistimed trades.
Analysis of Causes
Success Factors:The primary factors contributing to the success of trades using this robot include effective spread monitoring and precise candle timing. Traders who used the robot as a supplementary tool, alongside their own market analysis, reported the best results. The ability to avoid trades during high spread periods also played a critical role in minimizing losses and maximizing gains.
Reasons for Failure:
The main reasons for unsuccessful trades included over-reliance on the robot and failure to account for sudden market changes. Additionally, during periods of extreme volatility, the Candle Timer feature sometimes failed to provide accurate signals, resulting in poorly timed trades. Traders who did not perform their own analysis and depended solely on the robot were more likely to experience significant losses.
Conclusion
The Spread Screener and Candle Timer for MT4 can be a valuable tool for traders, especially when used as part of a broader trading strategy. While there have been notable successes, it is crucial to understand the limitations of the robot and not rely solely on it for trading decisions. We encourage our readers to share their experiences and insights on our forum to help build a comprehensive understanding of this tool's effectiveness.Source Code of Spread Screener and Candle Timer for MT4
It is important to note that we do not have access to the original source code of the Spread Screener and Candle Timer sold on MQL5. However, based on the description available on the MQL5 marketplace, we have created a version of the robot. If you have any questions about the code, feel free to ask. This code is an example from easytradingforum.com, based on the description of the robot on MQL5. Our team at EASY Trading Team does not sell the robot but has created a version based on its specifications.
Code:
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