Three Green Red Candle
- Experts
- Version: 3.0
- Activations: 5
Three Green Red Candle EA is an automated momentum trading strategy designed to capture trend continuations following three consecutive high-conviction candles. Highly customizable for body size, candle quality ratio, and risk parameters.
📄 Full Description
Overview
Three Green Red Candle EA is a clean and effective momentum-based Expert Advisor for MetaTrader. It automatically identifies strong market momentum by detecting three consecutive bullish or bearish candles that meet strict size and quality filters. By filtering out weak or high-wick candles, the EA ensures trades are only opened when true directional conviction is present in the market.
Trading Logic
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Buy Signal: Triggered when 3 consecutive bullish candles occur, where every candle meets the user-defined minimum Body Size and Body-to-Candle Ratio.
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Sell Signal: Triggered when 3 consecutive bearish candles occur under the same conditions.
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Exit Logic: Position management based purely on fixed Take Profit (TP) and Stop Loss (SL) targets in pips.
⚠️ Important Notice: Do not use the default settings for live trading, as they are provided solely to pass the MQL5 Market automated validation bot; please customize the parameters according to your risk/reward profile and test the EA on a demo account first.
⚠️ Note: Due to differing volatility across asset classes and timeframes, default settings should not be used directly on live accounts. Traders are strongly advised to adjust parameters based on their personal risk/reward profiles.
Key Features & Customizable Parameters
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Body Size (in Pips): Set the minimum required body size for all three setup candles to filter out flat market conditions.
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Body-to-Total Candle Ratio (0.0 to 1.0): Filter out candles with long wicks. A ratio of 0.80 (80%) or higher is recommended to target strong body-dominant candles (a value of 1.0 means a pure Marubozu candle with no wicks).
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Take Profit & Stop Loss (in Pips): Clear, hard risk targets applied to every order for automated trade management.
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Lot Size: Full control over contract sizing to match your account capital.
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Max Open Positions: Set a hard cap on active trades to prevent over-leveraging during strong multi-candle runs.
Recommended Setup & Usage Tips
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Timeframes & Pairs: Perform historical backtests on your specific currency pair or asset (e.g., Forex pairs, XAUUSD, Indices) to find optimal body size and ratio values for that volatility profile.
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Candle Quality: Keeping the Body Ratio above 0.80 ensures the EA targets strong momentum and avoids indecision bars (Doji/Spinning Tops).
