Range Monster

In the realm of Forex Trading, the Range Monster stands as a unique tool designed to capitalize on market corrections. It is a Forex Expert Advisor (EA) that operates on the principle of high or low range to define a potential market correction. Following this identification, trades are then executed based on Divergence Signal, a strategy distinct to this Forex EA.

Trading without Conventional Stop Loss and Take Profit Functions

Unlike many Forex Robots, the Range Monster deviates from the traditional use of stop loss and take profit functions. Instead, it opts for a more strategic approach where trades are closed at the indicator signal. This unconventional method ensures a more efficient and effective trading process.

Utilizing Hidden Divergence for Trade Exits

Another unique feature of the Range Monster is its application of Hidden Divergence for exiting trades. This feature ensures a more nuanced and sophisticated trading strategy, which potentially could lead to higher returns.

Compatibility Across Multiple Currency Pairs

By default, the Range Monster is set for GBPCAD but its functionality extends to other currency pairs as well. It is compatible with EURUSD, EURCAD, EURAUD, GBPUSD, USDCHF, AUDNZD, and AUDUSD. This wide range of compatibility demonstrates the versatility of the Range Monster in Forex Trading.

Optimized for Specific Timeframe and Broker

The recommended timeframe for the Range Monster is 1H. It has been developed, tested, and optimized on FXCM broker from 2011 to the release date. The developers have ensured that the EA operates only once per bar opening, thus ensuring a streamlined operation and preventing any unnecessary trades.

Strategy Testing and Optimization

The Range Monster also boasts fast methods for strategy testing and optimization. Users can test or optimize the model using either control point or open prices only. This feature, coupled with its compatibility with high spreads, increases its suitability for diverse trading conditions. Notably, the Range Monster can also be used solely as an indicator, providing users with greater flexibility.

Independent Testing and Updates

For those interested in seeing the Range Monster in action, independent testing of this product can be observed on the forexroboteasy.com website. Users can also subscribe to updates on the results of testing this product, ensuring they stay informed about its performance and potential improvements.

FAQ

Can the Range Monster be used as an Indicator Only?

Yes, users have the flexibility to use the Range Monster solely as an indicator if they prefer.

What is the recommended timeframe for the Range Monster?

The recommended timeframe for the Range Monster is 1H.

Does the Range Monster work with high spreads?

Yes, the Range Monster works with high spreads, making it suitable for diverse trading conditions.

We invite readers to share their experiences with this product. This is an independent product review, and we value your views and opinions on the Range Monster.