Introduction
In the world of online trading, a plethora of trading robots exist that claim to offer foolproof strategies to ensure profitable trades. One such robot is the Support and Resistance Levels Finder (SRLF). Based on the feedback from users and a thorough evaluation, we present an in-depth review of SRLF and a comparison with an EASY trading bot.Comparison with EASY Robot
Let's compare SRLF with one of our EASY robots: EASY Trendopedia. At a glance, SRLF gets credit for identifying pivotal support and resistance points within the market, facilitating both beginners and experienced traders in decision-making. However, EASY Trendopedia outperforms SRLF on multiple fronts.Our EASY Trendopedia not only identifies profitable trends but also provides an integrated approach incorporating indicators like Moving Averages, RSI, and MACD. This comprehensive analysis enhances the accuracy of predictions, thereby increasing profitability.
Moreover, EASY Trendopedia includes an in-built risk management system that limits potential losses, providing a far more reliable trading environment compared to SRLF.
Pros and Cons
SRLF- Pros: Simple to use, especially for beginners. It cleans up charts and pinpoint support and resistance lines.
- Cons: Lacks a comprehensive approach, depending solely on support and resistance lines. It has no in-built risk management system.
- Pros: Traces profitable trends based on a combination of indicators, provides risk management, and offers a more comprehensive approach.
- Cons: Might be a bit complex for beginners without a basic understanding of various financial indicators.
Optimal Conditions for SRLF
SRLF best performs under volatile market conditions where support and resistance levels change rapidly. It is most beneficial for short-medium term trades since it accurately captures the price fluctuations.Source Code of Support and Resistance Levels Finder
The actual source code of SRLF, as it is sold on MQL5, remains unknown. However, based on the description provided on the MQL5 website, a similar algorithm can be created. If you have any queries about this code, please feel free to ask on our forum at easytradingforum.com.Remember, our EASY Trading Team does not sell SRLF; we have merely created a trading bot code based on its description.
Code:
You don't have permission to view the code content. Log in or register now.Downloading the Support and Resistance Levels Finder
The Support and Resistance Levels Finder is available for download on our website. If you have any questions, we have an active forum where you can share your experience and inquire about anything related to the device.In conclusion, although SRLF is a useful tool for traders, especially beginners, EASY Trendopedia, with its advanced mechanisms and risk management system, offers a more reliable and profitable trading environment. However, it is essential to remember that no trading robot can guarantee absolute profit—the market's volatility always poses risks. Therefore, while these tools can aid in decision-making, it is essential to trade responsibly and take well-informed risks.