GOLD Edge PRO MT5 is a notable player in the Forex market, specifically designed for trading GOLD (XAUUSD). However, its versatility allows it to be used on any financial instrument and any currency pairs. This Forex EA employs a trend-following strategy using moving averages and multi-timeframe RSI, making it a potential game-changer in the world of Forex trading.
Trading Strategy and Features
The GOLD Edge PRO MT5 uses a GRID trading strategy, which involves placing several trades at once to capitalize on market volatility. This Forex EA also comes with a ‘DD Reduce’ function. This functionality closes the oldest order when a drawdown occurs, simultaneously closing the most recent order. This feature can help traders manage risk more effectively, a crucial aspect of successful Forex trading.
Another noteworthy feature is the ability to set a trailing stop for both GRID trading and the ‘DD Reduce’ function. This allows traders to lock in profits while the market moves in their favor, further enhancing risk management capabilities.
News Filter and Trading Times
Being able to respond to unexpected price movements is vital in Forex trading. The GOLD Edge PRO MT5 has a built-in NEWS FILTER function that allows traders to pause trading during important news events that could lead to significant price fluctuations. Traders can set specific days, hours, and days of the week when they do not wish to trade, and the EA will automatically pause trading during these times.
Additionally, traders can choose to close positions according to their trading strategy and market conditions. This level of flexibility and control is a significant advantage for those using the GOLD Edge PRO MT5.
Support and Updates
For any queries or support, traders can register with the Wildrose Forex support group. Regular updates and improvements are made to the GOLD Edge PRO MT5, ensuring it remains efficient and effective in the ever-changing Forex market.
Recommendations and Settings
The recommended time frame for using this Forex EA is M5, with a minimum deposit of $3,000 and a lot size of 0.01. However, for optimal results, a deposit of $6,000 or more is suggested. The EA can be customized with various settings, including the use of trailing stop, Min RSI% (D1), and Max RSI% (D1).
FAQs
Q: Why has the EA stopped trading as frequently as it used to?
A: The ‘RSI Filter’ D1 and H1 are ‘true’ by default. If the RSI exceeds the set range, the EA will not place a Buy trade. Similarly, if the RSI is below the ‘min’ value, the EA will not place a Sell trade. Adjusting the ‘RSI Filter’ settings can increase trading frequency, but this also increases risk.
Independent testing of the GOLD Edge PRO MT5 can be viewed on the forexroboteasy.com website. Subscriptions for updates on the results of testing this product are also available. We invite readers to share their experiences of using this product, contributing to a broader understanding of its performance in different trading environments.
This review is an independent analysis of the GOLD Edge PRO MT5. It is not affiliated with the product or its developers. It aims to provide a neutral and comprehensive overview of the product and its features.
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