Introduction
Trade Manager MT5 is another one of those trading robots you'll come across on platforms like MQL5. With a user rating of 4.33 and a bunch of mixed comments, it's time to put on the detective hat and see whether this robot really deserves your attention or it's another addition to the long list of mediocre trading tools.Functional Overview
Trade Manager MT5 offers several features that aim to simplify and improve your trading experience. Here are the essentials:- Trailing Stop Management: Automatically adjusts trailing stops to lock in profits.
- Stop Loss Levels: Manages SL levels dynamically based on market conditions.
- Profit Count: Tracks profits, though users suggest it should also do this in pips.
- Take Profit Settings: Allows setting TP as a percentage of the stop loss.
- User Interface: Users are asking for a more intuitive interface, which seems to be a recurring issue.
Results Analysis
Analyzing the performance of Trade Manager MT5 over the last year, it seems to hold its ground decently:- Profitability: The robot has shown a modest but consistent profit growth.
- Drawdown: Maximum drawdown levels are within acceptable ranges, indicating a balanced risk management approach.
- Win Rate: The win rate is nothing to write home about but isn't dismal either.
Users like Stephan Grobler have pointed out that it was easy to implement and managed trailing stops and SL levels effectively, which boosted their profits. However, DRYX01 highlighted the need for additional functionalities like profit counting in pips and a more user-friendly interface. So, a mixed bag, really.
Strengths and Weaknesses
Pros:
- Effective trailing stop and SL management.
- Ease of implementation.
- Consistent, albeit modest, profits.
Cons:
- Lacks a detailed profit count in pips.
- TP settings in percentage of stop loss are missing.
- User interface could be improved.
Conclusion
Trade Manager MT5 isn't going to revolutionize your trading world, but it does offer some reasonably solid features. Just remember, no trading robot is perfect. This one might just be good enough depending on your specific needs.Source Code of Trade Manager MT5
While we don't have the original source code of Trade Manager MT5, we can produce a version based on its description found on MQL5. This means our version might not be an exact replica but should offer similar functionalities. Note: We do not sell the Trade Manager MT5 robot; we are only recreating it according to the available descriptions.
Code:
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