Black Elephant FX
- Experts
-
Domantas Juodenis
Are you looking for a reliable and skilled EA developer who can bring your trading ideas to life with precision and performance? - Version: 1.0
- Activations: 20
Momentum "Elephant Candle" Breakout System for MetaTrader 5
Black Elephant FX is a rules-based breakout expert advisor that trades the moment momentum enters the market. It hunts for "elephant" candles — large, decisive bars backed by a volume surge that break market structure — and enters in the direction of that momentum, with a built-in risk-progression engine and a full on-chart dashboard.
No grid. No martingale averaging into losses. No hidden recovery logic. Every trade carries a hard stop loss from the moment it opens.
How It Works
The EA scans each closed candle and only acts when all four momentum conditions line up:
- Large body — the candle body is significantly larger than the recent average.
- Strong close — a bullish bar closes near its high, a bearish bar near its low.
- Volume spike — volume is well above the recent average.
- Structure break — price breaks a recent swing high or low.
On top of that core signal, several confirmation filters keep trades aligned with the broader picture:
- 20 / 50 EMA trend filter — trade only with the prevailing trend.
- MFI filter (Money Flow Index) — a volume-weighted momentum filter that avoids entering when the market is already exhausted.
- Optional VWAP filter — keep entries on the right side of the session's volume-weighted average price.
- Optional session filter — restrict trading to the London and New York sessions.
Entry, Stop & Target
Entry modes
- Safe Retrace (recommended): places a limit order at a configurable 30–50% retracement into the elephant candle, for a better price and a tighter stop.
- Aggressive: enters at market the moment the candle closes.
Stop-loss modes (switchable)
- Candle — beyond the high/low of the elephant candle.
- ATR — a configurable ATR multiple from entry, adapting to volatility.
- Wider of both — uses whichever is further, for extra protection.
Take-profit modes
- Fixed R:R — e.g. 1:2 or 1:3.
- Structure-based — targets recent highs/lows.
Risk Progression Engine
Position size is calculated automatically from your risk percentage and the stop distance — you never type in a lot size.
The system starts at a 1x base risk and scales the multiplier up after each winning trade, then resets back to 1x after a loss. This anti-martingale approach presses size only when the strategy is performing, and pulls back immediately when it isn't. The base risk %, growth step, and maximum multiplier are all configurable, with a hard absolute lot cap and full margin checks so the EA never over-commits the account.
On-Chart Dashboard
A clean, compact panel shows everything at a glance:
- Live status, entry mode and active stop-loss method
- Current risk multiplier and effective risk per trade
- Balance, equity and open P/L
- Trade count, win rate, profit factor, net P/L and win streak
- A second panel with live market stats: price, spread, trend, EMAs, MFI, ATR, volume ratio, VWAP and current session
The chart is themed in the signature black-and-gold Black Elephant style, with the EMAs plotted directly on the chart.
Recommended Settings
- Crypto: 15m timeframe, EMA 20/50, volume and ATR on.
- Forex: 5m or 15m, trade London/New York sessions.
Every parameter is exposed and grouped logically (detection, filters, entry, stop/target, risk, sessions, visuals). Always test on a demo account and optimize the inputs for your specific symbol and broker before trading live.
About the Logo
For technical reasons, the Black Elephant chart logo image is not bundled through the MQL5 Market — the Market only distributes the compiled program, not the accompanying image file. The EA runs perfectly without it; the logo simply will not appear on the chart by default.
If you would like the chart logo to display, please contact the developer and the logo file and setup instructions will be provided. You can also leave the logo disabled with no effect on trading.
Important
This expert advisor is a trading tool, not a guarantee of profit. Past performance and backtest results do not predict future returns. Trading leveraged instruments carries substantial risk of loss. Use only risk capital, test thoroughly on a demo account first, and ensure the settings match your broker's conditions. The developer is not responsible for any trading losses.
