Source code library - Expert Advisors, Indicators and Scripts
So post a link to it -let others appraise it
You liked the script? Try it in the MetaTrader 5 terminal
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Translated from Russian by MetaQuotes Software Corp. Original code: http://www.mql5.com/ru/code/9024
Having refreshed my memory regarding these patterns, it would seem to me that they should all be considered as 'failed' once price moves below the pattern (in bullish signals) and the above in the case of bearish signals as you can see from the list below.
Bullish Engulfing pattern - below the low of the two candle pattern
Three Outside Up pattern - below the low of the three candle pattern
Bullish Harami pattern - below the low of the two candle pattern
Three Inside Up pattern - below the low of the three candle pattern
Piercing Line pattern - below the low of the two candle pattern
Three White Soldiers pattern - below the low of the three candle pattern
Morning Doji Star - below the low of the two candle pattern
As for the stop loss/profit expectation I mentioned yesterday, I realise that in some of these cases putting the stop loss (say 20 points) below the low of a pattern will still result in a 150 point stop loss - and possibly more. Therefore I think you would do well to consider the time frame/stop loss/profit target conundrum see if you can reconcile the three and find the best time frame in your chosen instrument to give you a comfortable risk. Once you have done this you can then look for a respectable profit margin. One possible way, for example, would be to change the code so the profit expectation was three times the stop loss.
Go long once a bullish candle has been formed.. target 150 pips, stop loss 150 pips
Go short once a bearish candle has been formed.. target 150 pips, stoploss 150 pips
Did you try actually going for 300:150?
How do you get this to work? and to back test it using the EA?
i have copied it to the \expert folder. and run it on the stategy tester but it doesn't work. please advise.
[Added:] i can see text when the EA is run initially, after a short while it disappears. Can you explain how to get this working.
THanks for the code.!!
can we add more candlesticks?