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Doji Style

FREE

Published: 17 June 2023

Current version: 1.12

Doji Style

Experts
Dimpho Simon
Version: 1.12
Updated: 29 June 2023

(Feel free to download this at absolutely no cost, if you like it I have a scalping manager here: https://www.mql5.com/en/market/product/101312 )

[Feel free to suggest on improvements that can be implemented. This EA will forever remain free.]

Timeframe: 5 Min upwards (The 1 minute timeframe has very short candles, stoploss cannot be set)

Currencies: Multi

Settings:

Lotsize: the trading volume for the EA

How long a position will be held: 900 000 milliseconds for the 5 minute time or an equavalent of 3 candlesticks

How far EA should look: 10 candlesticks back, this one is user preferred, it determines how far back the EA will look to determine if the detected doji occurs at an extreme position (has highest high or lowest low)

Ratio of shorter shadow: How long you want the short tail of the doji to be

Ratio of longer shadow: How long you want the longer tail to be

(By adjusting these settings, you can affect how profitable the EA is, for example, if you increase the duration in which a position is held, in a good a market reversal the profits can be quite significant. The shadows/tails affect the frequency of trading, as if its less strict it will take more trades albeit, the quality of the dojis will be afected as well.)

EA summary

As the name suggests, Doji Style is an EA for trading the doji, specifically the hammer candlestick. It is a very special kind of doji that mostly often occurs where there is a trend reversal.

This EA was created by looking closely at the description provided by the book "Naked Forex". This is a very conservative EA, it lies in wait targeting a very good doji to trade.

NB: if you are to enable the 1 minute timeframe, be aware that in certain currencies it might not set the stoploss because of the very short candlesticks.

[Made in Botswana]

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