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Expert Advisors: MQL5 Wizard - Trade Signals Based on Hammer/Hanging Man + MFI

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Automated-Trading
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Automated-Trading 2011.03.21 14:10 

MQL5 Wizard - Trade Signals Based on Hammer/Hanging Man + MFI:

The MQL5 Wizard allows creating ready-made Expert Advisors based on the Standard library classes delivered together with the client terminal (see Creating Ready-Made Expert Advisors in MQL5 Wizard for the details). It allows to check your trade ideas quickly, all you need is to create your own trading signals class. The structure of this class and example can be found in the article MQL5 Wizard: How to Create a Module of Trading Signals.

The generic idea is the following: the class of trading signals is derived from CExpertSignal, the next, it's necessary to override the LongCondition() and ShortCondition() virtual methods with your own methods.

There is a book "Strategies of best traders" (in Russian), there are many trading strategies are considered there, we will focus on reversal candlestick patterns, confirmed by Stochastic, CCI, MFI and RSI oscillators.

The best way is to create the separate class, derived from CExpertSignal for checking of formation of candlestick patterns. For confirmation of trade signals, generated by candlestick patterns, it's sufficient to write the class, derived from CCandlePattern and add the necessary features (for example, confirmation by oscillators) there.

Here we will consider the signals, based "Hammer/Hanging Man" reversal candlestick pattern, confirmed by MFI indicator. The module of trade signals is based on the CCandlePattern class, it's simple example of its use for creation of trade signals with candlestick patterns.

The "Hammer" candlestick pattern "Hanging Man" candlestick pattern

Testing results of the Expert Advisor, based on Hammer/Hanging Man + MFI

Author: MetaQuotes Software Corp.


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