Candle Trap EA
This EA is built to work using a combination of some indicators together with price action. It makes use of some special candle sequence to enter trades. The strategy exhibits scalping tendency and hedging characteristics for recovery. If a signal is generated the expert places buy/sell orders with its corresponding hedge order at some calculated distance(pips) away. If signal works as expected, the EA takes profit intelligently by closing these orders at some minimum Profit(automatic). If however, the signal fails, the EA goes into a recovery mode by placing some more orders at calculated levels. It can work on any pair but its best on brokers or pairs with low spreads or transaction cost.
I recommend an account leverage of at-least 1:200 and above and my preferred time frame is 1 hour and Stoploss of 60pips though its not too important. The expert has undergone successful back testing and forward testing and can be used on real account. For best results, run EA on several pairs say eight or more.
For a $10K account, I recommend using a 0.1 lotsize. Because of the recovery feature included, sustained growth on investment could be achieved. The EA is fortified with lots of controls already automated that makes it very safe and easy to use especially in the recovery mode. The nice part is that there are no tons of parameters to set and worries about magic numbers when using it on multiple currency pairs.
In most cases, the default values set on the parameters is enough to make profitable trades at good draw-down levels.
- Allow_Trade- if false, EA won't start trades.
- Lot_Type- decides if EA uses Automatic lotsize or fixed lot (baselot).
- StartLot - lotsize for starting trades
- StartHour- hour at which EA begins to trade if there are no existing positions (broker's server time)
- EndHour- hour at which EA ends trading if there are no existing positions (broker's server time)
- base_lot- this is the lotsize used by EA if Lot_Type is set to fixedlot
- ReserveUnits- the divisor used to divide account equity for the autolot calculation. eg. for a 10K account, if ReserveUnit is 10000,
- EA would start with 0.1 lotsize. If ReserveUnit is 5000 then starting would be 0.2 etc...
- Use_minProfit- if true, EA would close all trades at just a small profit in order to restart as it works in recovery mode.
- ATR_Period- period/no. of candles to be used by the ATR indicator.
In this new version you would fine significant features added and the strategy has also been modified to cut down on drawdowns while trading. Most importantly, running EA on smaller time-frame (M5) and with StopLoss of 20 pips for multiple pairs is great!