Raj Candles Lookout

Raj Candles Lookout — Multi-Setup Price Action EA (v1.0)

Magic Number: 1434  I  Type: Rule-based Price Action

Short Description (for listing teaser)

Raj Candles Lookout automates five classic price action setups — trendline breakouts, support/resistance retests, false-breakout trap fades, opening range breakouts, and confirmed candlestick reversals — with built-in USD/pip risk controls, daily P/L limits, and a trading-hours filter.

Overview

Raj Candles Lookout is a rule-based Expert Advisor built around discretionary price-action concepts — trendline breaks, support/resistance retests, false-breakout traps, opening-range breakouts, and classic candlestick reversal patterns (Hammer, Shooting Star, Bullish/Bearish Engulfing). Each concept is converted into an objective, back-testable rule and packaged as its own toggleable module, so you can run all five together or isolate a single approach to test and tune independently.

The EA does not use martingale, grid, or averaging. Each module opens a single trade with a pre-calculated stop loss and take profit; position sizing is fixed-lot by default.

Strategy Modules

1. Trendline Break Automatically plots a descending resistance line from the two most recent swing highs, and an ascending support line from the two most recent swing lows. A confirmed close beyond the line (with a buffer) triggers an entry in the breakout direction — the classic "buy when the candle closes above the trendline" / "sell when it closes below" setup.

2. Range Breakout + Retest Identifies a validated support or resistance level (minimum number of touches within tolerance) over a lookback window. Rather than chasing the breakout candle, the EA waits for price to pull back and retest the broken level with a confirming close before entering — avoiding the common "bought the breakout, got trapped" mistake.

3. False-Breakout Trap Fade Detects a shallow pierce beyond a support/resistance level followed by an immediate close back inside the range, and fades the false breakout in the opposite direction.

4. Opening Range Breakout Marks the high/low of the first N minutes after a configurable session start time (IST by default, adjustable for any broker's server-time offset) and trades a confirmed break of that opening range — usable on index/stock instruments as well as forex.

5. Candlestick Pattern Confirmation Scans for Hammer, Shooting Star, Bullish Engulfing, and Bearish Engulfing formations. No pattern is traded on its own appearance — the EA arms a pending signal and only enters once price breaks the pattern's high/low within a defined confirmation window, matching the "wait for confirmation, don't trade the raw candle" principle. Doji formations are logged as a caution flag only and are never traded directly, since they represent indecision rather than a directional edge.

Risk & Trade Management

• Fixed or module-calculated Stop Loss / Take Profit — choose to let each module calculate its own SL/TP from swing structure and risk-reward, or override with a fixed Take Profit and Stop Loss in either pips or USD.
• Trailing Stop — pip-based, activates after a configurable profit threshold, moves in defined steps.
• Break-Even Management — automatically moves the stop to break-even (+ a small lock) once a trade reaches a set profit.
• Daily Profit Target / Daily Loss Limit (USD) — once either threshold is hit, all open positions are closed and no new trades are opened for the remainder of the trading day.
• Trading Time Window — restrict new entries to a specific start/stop time (supports overnight windows that cross midnight); open positions continue to be managed (trailing/break-even) even outside the window.
• One-trade-at-a-time option to prevent overlapping signals from different modules.

Full Settings Reference

General Settings

• Magic Number — default 1434
• Lot Size (fixed)
• Slippage (points)
• One Trade At A Time (on/off)

Strategy Modules (Enable/Disable)

• Trendline Break
• Range Breakout + Retest
• False-Breakout Trap Fade
• Opening Range Breakout
• Candlestick Pattern Confirmation

Swing / Structure Settings

• Swing Lookback (bars each side to confirm a fractal pivot)
• Max Swings Stored

Trendline Break Settings

• Buffer beyond line to confirm break
• Extra SL buffer
• Risk:Reward ratio

Range / Retest Settings

• Lookback bars for level detection
• Level tolerance (pips)
• Minimum touches to validate a level
• Retest window (bars)
• Retest tolerance (pips)
• Risk:Reward ratio

False-Breakout Trap Settings

• Max pierce beyond level to qualify as a trap
• Risk:Reward ratio

Opening Range Breakout Settings

• Opening range duration (minutes)
• Session start hour/minute (IST)
• Broker-to-IST offset (hours) — set this to match your broker's server time
• Risk:Reward ratio

Candlestick Pattern Settings

• Engulfing minimum body ratio
• Hammer shadow ratio
• Shooting Star shadow ratio
• Doji max body ratio (informational only, not traded)
• Confirmation window (bars)
• Risk:Reward ratio

Break-Even Settings

• Enable/disable
• Trigger (pips)
• Lock (pips)

Trailing Stop Settings

• Enable/disable
• Start (pips)
• Trail distance (pips)
• Step (pips)

Fixed Take Profit / Stop Loss Override

• Enable/disable (overrides all module-calculated SL/TP when on)
• TP Mode: Pips or USD
• TP value (pips or USD)
• SL Mode: Pips or USD
• SL value (pips or USD)

Daily Profit / Loss Limits

• Enable/disable
• Daily profit target (USD, 0 = disabled)
• Daily loss limit (USD, 0 = disabled)

Trading Time Window

• Enable/disable
• Start hour / minute (broker/server time)
• Stop hour / minute (broker/server time — supports overnight windows)

Recommended Usage

• Timeframe: M1-M15
• Instruments: Works on Forex majors, Gold (XAUUSD), indices, and stocks — the Opening Range Breakout module is particularly suited to index/stock sessions
• Testing: Always run on a demo account or the Strategy Tester across multiple months of data before committing real funds. Test each module individually before combining them, and adjust swing/level detection settings per instrument volatility.
• VPS: Recommended for uninterrupted operation of the daily-limit and trading-window logic

⚠️ Risk Disclaimer

Trading foreign exchange, CFDs, commodities, and other leveraged financial instruments carries a high level of risk and may not be suitable for all investors. Past performance — including any backtest, strategy tester result, or historical example shown in this listing — is not indicative of future results. Backtested results are inherently limited by the quality of historical data and do not account for all real-world trading conditions (slippage, requotes, variable spreads, liquidity gaps, and broker execution differences), which can cause live results to differ materially from tested results.

This Expert Advisor is a rule-based automation tool, not financial advice, and does not guarantee profit. It is possible to lose part or all of your invested capital, and you should never trade with money you cannot afford to lose. You are solely responsible for your own trading decisions, for testing this EA thoroughly on a demo account before live use, for choosing appropriate lot sizes and risk settings for your account size, and for ongoing monitoring of its performance.

The developer is not a licensed financial advisor and accepts no liability for any financial losses incurred through the use of this product. By purchasing or using this EA, you acknowledge that you understand and accept these risks.