In the dynamic world of Forex trading, XR Gartley MT5 has emerged as a significant tool. It is an indicator that effectively detects and alerts Gartley patterns on the candlestick chart. Letโs dissect the key features and functionalities of this Forex software in more detail.
Understanding the Gartley Pattern
The Gartley Pattern, named after the renowned trader H.M Gartley, is a key part of the XR Gartley MT5. This pattern is illustrated on the chart in the form of triangles, with arrows marking the concluding candle of the pattern. It is based on two principal rules.
Firstly, the retracement of point B should be 0.618 of XA, but it should not exceed 0.786. Secondly, the retracement of point D should be 1.272 of the AB movement. The first leg (XA) leads to a BC retracement movement that does not reach A.
Forex Strategies: Trade Execution
The XR Gartley MT5 does not automatically open positions. Instead, it provides potential trade details with calculated Take Profit and Stop Loss. The potential trade is marked at four levels: the entry price at the patternโs ending point, the Stop Loss as a selected distance in points, and two targets at 38.2% and 61.8% of the distance created between the A and D point of the pattern.
Customizable Features
One of the defining aspects of the XR Gartley MT5 is its customizable settings. Users can set colors for displayed patterns and visible text. They can also select the type of alerts they prefer, whether that be a Pop-up window or an email. The software allows users to set the Stop Loss distance and the maximum number of bars in which patterns are detected. It is worth noting that the indicator works only on H1 or higher timeframes.
Automated Trading: The XR Gartley MT5 Robot
For those interested in automated trading, there is an option to program a robot according to this indicator. This robot would have the ability to open and close positions automatically. However, this feature requires a separate conversation and agreement with the service provider.
Parameters of XR Gartley MT5
The XR Gartley MT5 software has specific adjustable parameters, including Stop Loss distance for potential trade and the maximum number of candles on which the indicator looks for patterns. The software also allows the customization of trianglesโ color on the chart, text and letters color, and the size of the displayed text in pixels. The alert settings can be adjusted to either a pop-up message on the platform or an email alert.
FAQ Section
Q: Can the XR Gartley MT5 open and close positions automatically?
A: No, XR Gartley MT5 does not open positions automatically. However, it can be programmed into a robot that opens and closes positions automatically.
Q: Can I customize the settings of XR Gartley MT5?
A: Yes, XR Gartley MT5 has customizable settings, including the choice of alert types, colors of patterns and text, Stop Loss distance, and the maximum number of bars for pattern detection.
Q: Can I test the XR Gartley MT5 before using it?
A: Yes, independent testing of this product is available on the forexroboteasy.com website. You can also subscribe to updates on the results of testing this product.
In closing, we invite all users of XR Gartley MT5 to share their experiences. This helps to create a community of well-informed traders. Please note that this review is independent, and the product described herein is not owned or promoted by us. We simply aim to provide an unbiased review and analysis of the XR Gartley MT5 software to aid traders in their decision-making process.
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