CandleTrend EA
- Experts
-
Elvira Akhsanova
10 years of experience working with Forex market. Developing divergent strategies and indicators. - Version: 2.0
- Updated: 7 September 2018
- Activations: 10
External parameters
Signal settings:
- SignalMode:
- 1/1 Candles (Mode 1) - if 1 previous candlestick's close price is higher than open price then buy order is placed, otherwise if 1 previous candlestick's open price is higher than close price then sell order is placed.
- 2/2 Candles (Mode 2) - if 2 previous candlestick's close price is higher than open price then buy order is placed, otherwise if 2 previous candlestick's open price is higher than close price then sell order is placed.
- 2/3 Candles (Mode 3) - if any 2 candlesticks' close price is higher than open price within the range of 3 previous candlesticks then buy order is placed, otherwise if any 2 candlesticks' open price is higher than close price within the range of 3 previous candlesticks then sell order is placed. Examples: white, black, white - buy order is placed; white, white, black - buy order is placed; black, white, black - sell order placed; white, black, black - sell order placed (in these examples white candlestick is the one that has close price higher than open price, while black candlestick is the one that has open price higher than close price.
- 3/3 Candles (Mode 4) - if 3 previous candlestick's close price is higher than open price then buy order is placed, otherwise if 3 previous candlestick's open price is higher than close price then sell order is placed.
- 3/5 Candles (Mode 5) - if any 3 candlesticks' close price is higher than open price within the range of 5 previous candlesticks then buy order is placed, otherwise if any 3 candlesticks' open price is higher than close price within the range of 5 previous candlesticks then sell order is placed.
- 4/5 Candles (Mode 6) - if any 4 candlesticks' close price is higher than open price within the range of 5 previous candlesticks then buy order is placed, otherwise if any 4 candlesticks' open price is higher than close price within the range of 5 previous candlesticks then sell order is placed.
- 5/5 Candles (Mode 7) - if 5 previous candlestick's close price is higher than open price then buy order is placed, otherwise if 5 previous candlestick's open price is higher than close price then sell order is placed.
- Reverse trade signal (true or false) - changes signal to its opposite (for buy - sell order is sent, for sell - buy order is sent)
Order settings:
- Take Profit**
- Stop Loss**
- Lot size
- Slippage**
- Magic number
**These values are set in pips (0.0001). 1 pip = 10 points for 5 digits broker.
The logic behind Expert Advisor's algorithm
It may seem that single candlestick is not sufficient statistical data to identify the current trend, however if a trend is strong enough, then corresponding candlesticks will prevail and show up repeatedly.
Additional modes added to this strategy may detect current trend with higher accuracy. Signal lagging is from 1 up to 5 bars, depending on
mode of operation.
