Golden Bird MT5

Overview of Golden Bird MT5

Golden Bird MT5 is an indicator-based scalping expert designed specifically for trading XAUUSD (Gold). It operates by placing two stop orders on the high/low of a pattern-defined zone whenever the indicator pattern occurs. The onscreen panel provides a comprehensive view of the system and market status, and includes buttons for traders to place additional sessions or market orders manually.

Key Features

• Indicator-based scalping for XAUUSD (Gold)
• Onscreen panel for detailed system and market status
• Manual order placement for additional trading opportunities
• Fixed Stoploss to protect trades
• Built-in recovery function to balance profitable and lower loss positions
• Virtual trailing for profit-taking
• Spread- and latency-sensitive, requiring Hedge ECN accounts
• Recommended for use on VPS with low latency locations like New York or London

Advantages

• Does not use Martingale or Grid strategies, reducing risk
• Recovery levels are dynamically calculated based on the expert's pattern
• Allows for manual intervention to capitalize on additional trading opportunities
• Profits are taken through virtual trailing, starting at a preset 'Profit Trail Activation' level
• Highly sensitive to spread and latency, ensuring optimal trading conditions

Installation and Operation

• Install on the XAUUSD chart; timeframe can be changed without affecting operation
• Only regards trades with the same Magic Number in conjunction with the Symbol
• Manual trades should be entered using the corresponding panel buttons 'BUY'/'SELL'
• For continuous operation, install on a VPS with low latency

Trading Recommendations

• Use Hedge ECN accounts with brokers like IC Markets, FP Markets, Tickmill
• Avoid standard accounts due to high spreads
• Backtest in visual tester mode to simulate live trading conditions
• Utilize the News Reader data for backtesting with a special free script tool

Conclusion

Golden Bird MT5 stands out as a sophisticated and reliable scalping expert for XAUUSD, offering robust risk management and dynamic recovery functions. Its sensitivity to spread and latency ensures that traders can maximize their profits while minimizing risks. 🦅✨