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Candlestick Patterns Settings/Inputs Guide for MT4 & MT5

12 March 2026, 08:43

MT4 Version: Candlestick Patterns Strategy EA MT4

MT5 Version: Candlestick Patterns Strategy EA MT5

Complete User Documentation — MT4 & MT5

1. OVERVIEW

The Candlestick Patterns Strategy EA utilizes various candlestick patterns to automate trading decisions. It identifies potential buy and sell signals based on established candlestick formations, enhancing trading efficiency. This EA addresses the challenge of timely decision-making in volatile markets.

Who Should Use It: Retail forex traders seeking to automate their strategies based on candlestick analysis, regardless of experience level.

Main Benefit: Maximize trading opportunities by leveraging automated candlestick pattern recognition, allowing traders to focus on strategy refinement and market analysis.

2. INPUT PARAMETERS & SETTINGS

This product shares a common set of general input settings with all Expert Advisor products in this series. The following sections are covered in the common guide: General Settings (lot size, SL/TP modes, magic number, trade direction), Breakeven Settings, Trailing Stop Settings, News Filter Settings and News Action Settings, Martingale Settings, Grid Settings, Hedge Settings, Risk Settings, Position Sizing, Alert Settings, Display Settings, Trade Time Settings, Trade Days Settings, Safeguard Settings, and Trend Filter Settings (MA Filter, ADX Filter, RSI Filter, MACD Filter, Parabolic SAR Filter — each with their own strategy options). All of these are fully documented in the Common General Input Settings for Expert Advisors. The sections below cover only the product-specific inputs unique to this product.

Display Settings

This section controls how information is presented to the user, enhancing usability and clarity during trading operations.

Setting Name	Type	Default Value	Description	Example
Label Offset %	double	20	Adjusts the percentage offset for label positioning on the chart, improving visibility of trading signals.	10 - Use this setting to reduce clutter on the chart for better readability.
Text Distance Multiplier	double	0.5	Determines the multiplier for the distance between text labels on the chart, allowing for customization based on user preferences.	1.0 - Set this value to increase spacing for clearer visibility of multiple signals.
Show Copyright Info	bool	true	Controls the display of copyright information on the chart, ensuring proper acknowledgment of the software creator.	false - Disable this option if you prefer a cleaner chart without copyright notices.

Settings

This section includes specific settings related to the candlestick entry and exit strategies, allowing traders to customize their trading approach.

Setting Name	Type	Default Value	Description	Example
Candlestick Entry Strategy	ENUM	ENTRY_ENGULFING	See options explained below.	ENTRY_HAMMER - Use this when you want to trade on hammer candlestick patterns.
Candlestick Exit Strategy	ENUM	EXIT_DISABLE	See options explained below.	EXIT_HAMMER - Activate this to exit trades based on opposing hammer patterns.

Candlestick Entry Strategy — Options Explained

This setting allows traders to select the specific candlestick patterns that will trigger entry signals for trades. Each option corresponds to a unique pattern with defined buy or sell conditions.

ENTRY_DISABLE: Disables all entry strategies, preventing the EA from opening new trades. This is useful for traders who wish to manually control their entries.

ENTRY_HAMMER: Triggers a buy on a hammer pattern and a sell on an inverted hammer. Ideal for identifying potential reversals in the market.

ENTRY_ENGULFING: Executes a buy on a bullish engulfing pattern and a sell on a bearish engulfing pattern, capturing strong momentum shifts.

ENTRY_HARAMI: Initiates a buy on a bullish harami and a sell on a bearish harami, indicating possible trend reversals.

ENTRY_PIERCING: Buys on a piercing line and sells on a dark-cloud cover, signaling potential bullish and bearish reversals.

ENTRY_STAR: Activates on morning star patterns for buys and evening star for sells, indicating market reversals.

ENTRY_THREE_INSIDE: Buys on a 3-inside-up pattern and sells on a 3-inside-down pattern, capturing price action reversals.

ENTRY_TASUKI_GAP: Triggers a buy on a tasuki gap up and a sell on a tasuki gap down, indicating continuation patterns.

ENTRY_BREAKAWAY: Executes a buy on a breakaway up and a sell on a breakaway down, capturing strong momentum shifts.

ENTRY_WINDOW: Buys on a rising window and sells on a falling window, indicating potential trend continuation.

ENTRY_ON_NECK: Activates a buy on an on-neck up pattern and a sell on an on-neck down pattern, signaling reversals.

ENTRY_SPINNING: Triggers a buy on a bullish spinning top and a sell on a bearish spinning top, indicating indecision in the market.

ENTRY_DOJI: Executes a buy on a bullish doji and a sell on a bearish doji, indicating potential market reversals.

ENTRY_SOLDIERS_CROWS: Buys on a 3-white soldiers pattern and sells on a 3-black crows pattern, indicating strong trends.

Candlestick Exit Strategy — Options Explained

This setting allows traders to select the specific candlestick patterns that will trigger exit signals for trades. Each option corresponds to a unique pattern with defined exit conditions.

EXIT_DISABLE: Disables all exit strategies, allowing trades to remain open until manually closed. Useful for traders who prefer to manage exits themselves.

EXIT_HAMMER: Exits buy trades on opposing hammer patterns and sell trades on opposing inverted hammer patterns, securing profits on reversals.

EXIT_ENGULFING: Exits trades on opposing engulfing patterns, capturing profits when market sentiment shifts.

EXIT_HARAMI: Exits trades on opposing harami patterns, indicating potential trend reversals.

EXIT_PIERCING: Exits trades on opposing piercing and dark-cloud cover patterns, securing profits during market reversals.

EXIT_STAR: Exits trades on opposing star patterns, indicating potential market reversals.

EXIT_THREE_INSIDE: Exits trades on opposing 3-inside patterns, capturing price action reversals.

EXIT_TASUKI_GAP: Exits trades on opposing tasuki gap patterns, indicating continuation patterns.

EXIT_BREAKAWAY: Exits trades on opposing breakaway patterns, capturing strong momentum shifts.

EXIT_WINDOW: Exits trades on opposing window patterns, indicating potential trend continuation.

EXIT_ON_NECK: Exits trades on opposing on-neck patterns, signaling reversals.

EXIT_SPINNING: Exits trades on opposing spinning top patterns, indicating indecision in the market.

EXIT_DOJI: Exits trades on opposing doji patterns, indicating potential market reversals.

EXIT_SOLDIERS_CROWS: Exits trades on opposing soldiers/crows patterns, indicating strong trends.

3. HOW IT WORKS

Core Calculation & Logic

This Expert Advisor utilizes various candlestick patterns to identify potential market reversals and continuations. It monitors price action and volume to determine optimal entry and exit points for trades.

The EA calculates key levels based on candlestick formations and applies risk management techniques to ensure that trades align with the trader's risk tolerance and market conditions.

Entry Strategies Explained

Basic Candlestick Pattern Detection

BUY Signal: A bullish engulfing pattern is detected following a downtrend.

SELL Signal: A bearish engulfing pattern is detected following an uptrend.

Best For: Trending markets where clear reversal signals are present.

Step-by-Step Workflow

Step 1: Setup the EA Attach the EA to your desired chart and configure the settings according to your trading strategy.

Step 2: Adjust Risk Parameters Set your lot size and risk management features to align with your trading plan.

Step 3: Monitor Candlestick Patterns The EA will continuously analyze candlestick formations to identify potential trade opportunities.

Step 4: Execute Trades Once a valid pattern is detected, the EA will automatically place buy or sell orders based on your settings.

Step 5: Review Performance Regularly check the trading log and performance metrics to assess the effectiveness of the EA.

4. RISK MANAGEMENT FEATURES

This section outlines the risk management features integrated into the EA to protect your trading capital.

Feature	Description
Lot Size	Defines the volume of each trade, allowing traders to manage exposure according to their account size.
Stoploss	Sets a predefined price level to limit potential losses on a trade, essential for risk management.
Take Profit	Specifies a price level at which profits will be automatically taken, helping to secure gains.
Risk Reward Ratio	Allows traders to set a target ratio for potential profit versus risk, guiding trade decisions.
Hidden Stoploss/Takeprofit	Enables traders to conceal stoploss and take profit levels from the broker, reducing the chance of market manipulation.

Quick Start Guide

Follow these steps to get started in under 5 minutes:

Download the EA: Obtain the Candlestick Patterns Strategy EA from the MQL5 marketplace.
Install the EA: Place the EA file in the 'Experts' folder of your MetaTrader platform.
Attach to Chart: Open your desired trading chart and attach the EA.
Configure Settings: Adjust the input parameters according to your trading preferences.
Enable Auto Trading: Make sure auto trading is enabled in your MetaTrader settings.
Monitor Performance: Regularly check the EA's performance and adjust settings as necessary.
Stay Informed: Keep updated with market news and conditions that may affect trading.