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i need to build an EA BASED ON CANDLESTICKS
3 patterns are specified for entry rules
1- engulfing Candlestick
- properties of this Candlestick Pattern
- small wick candle
- wicks shouldn't exceed 50%
ENTRY rules based on engulfing Candlestick:
CASE 1
- the Engulfing candlestick is 2.5 times or less than the previous Candlestick
straightforward entry
CASE 2
- if the engulfing Candlestick is 2.5 times or more than the previous Candlestick(which we shall call HULK) the code look back 15 candle searching for a similar Engulfing candle in size
if found
the EA enters a trade in the direction of HULK candle
CASE 3
- if the Engulfing candle has a wick pointing in the other direction of the candle and the wick is 50% of the candle
than the code reads the volume on the engulfing Candlestick and the candle before it if the volume Engulfing is bigger than the previous candle then the EA should execute a trade in the direction of the engulfing candle
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2ND CANDLE
HARAMI CANDLE :
The Pregnant Woman candle is a reversal pattern consisting of two candles, a candle in the direction of the trend, which is medium in size and is called the Pregnant Woman, followed by a candle called the Fetus Candle.
PATTERN CONDITIONS
- small fetus candle
- wicks of pregnant candle is not over 2.5 times the size of fetus candle
- pregnant candle should be a high liquidity candle
- wicks of pregnant candle shouldn't exceed 70% of the whole candle
ENTRY RULES BASED ON THE PATTERN :
one case of entry is to read and match the volume of the fetus candle vs the pregnant candle if the volume of the fetus is larger the EA execute a trade with the new direction
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MORNING AND EVENING STAR CANDLE :
The morning and evening candle pattern is a pattern consisting of three candles. In the case of the morning, the first candle is bullish, then it is followed by a relatively small candle that is most likely a Doji or close to it, then the third candle is bearish.
As for the evening candle, it is exactly the opposite, as it is a bearish candle, followed by a relatively small candle, a Doji or close to a Doji, then a bullish engulfing candle.
ENTRY RULES :
the EA execute a trade as soon as the pattern is confirmed
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don't trade if :
If one of the three models previously explained in all its conditions appears in a sideways trend (range)
If the pattern appears in a wave reversing the trend and this wave consists of 3 candles or less, the candles are calculated from the top or bottom.
STOP LOSS IS ABOVE OR BELOW THE OPENING OF THE CANDLESTICKS
TAKE PROFIT IS BASED ON RISK TO REWARD RATIO