Candle Beast
- Experts
- Version: 1.1
- Updated: 7 June 2022
This bot uses two CCI indicators one slow and the other fast. Then there is a moving average to determine the trend (if price is above moving average then its an up trend ). If a signal is to be produced in the opposite direction of the current open trade then it closes and reverses the type of trade. An ATR indicator is used for better stop loss and take profit placement. There is a trailing stop function.
This robot can be used in the H1 timeframe , other time frames should work though you will need to play with the values a little, mainly the take profit value, stop loss value and the trailing stop.
the risk to reward ratio i found to best for this strategy/Bot is 1:3 , meaning if your stop loss is 30 points your take profit should be 90, though with the ATR indicator the stop loss may not be exactly 30 or 90 , the bot will add extra points it gets from the ATR ,so careful on the multiplier but the recommend value is 3, if you don't want the ATR at all just set the multiplier at 0.
NB: the higher your time frame the higher the pips or points u have to take/risk .
The tests i ran this bot on was for H1 timeframe so the default values are already optimized , but if they don't work for u try changing the Take profit and stop loss and trail stop first without changing anything else .
Also if u want to test on different time frames make sure the Expert Time Frame is set to "current" and then test other time frames
