Classic Patterns Trader
- Experts
- Version: 1.0
- Activations: 5
Classic Patterns EA — Classic Chart Pattern Recognition and Trading
Classic Patterns EA is an Expert Advisor for MetaTrader 5 built around price structure and classic chart pattern recognition, rather than lagging indicators. It identifies 11 well known chart patterns directly from price action and manages every trade with a fully graduated exit system.
Trading Logic
The EA runs two internal engines. A minor engine builds support and resistance levels, trend lines and wedges from swing highs and lows. A major engine uses these structures to detect 11 classic patterns: Double Top, Double Bottom, Triple Top, Triple Bottom, Head & Shoulders, Inverse Head & Shoulders, Continuation Head & Shoulders, Compound Head & Shoulders, Triangle, Wedge, Megaphone, Spike, Cup & Handle and Flag.
Detection thresholds are calibrated automatically per symbol, since volatility on Gold or Bitcoin is not comparable to a major currency pair.
Entry and Exit System
A trade is only opened after a confirmed break of the pattern structure, with an optional entry delay to filter out false breakouts and a minimum risk/reward filter applied before any order is sent.
Exits are managed with four graduated targets at 1R, 2R, 3R and 4R. Each target closes 25% of the position and moves the stop loss to the previous target level, locking in breakeven after the first target. A reversal exit closes the remaining position if a set number of candles close against the trade, and a maximum holding period automatically closes any trade that has not reached its targets after a configurable number of candles.
Chart Visualization
Support and resistance levels, trend lines, wedges and every detected pattern are drawn directly on the chart, together with the potential buy or sell zone before and after a breakout. Open trades display their entry, stop loss and remaining R targets as live chart levels. An on chart dashboard shows account balance, equity, today's performance, spread, open trades and trading status at a glance.
Risk Management
Position size is calculated automatically as a percentage of account balance, or as a fixed lot size. Stop loss placement is based on market structure rather than a fixed number of points. Optional filters include spread control, trading session windows, higher timeframe trend confirmation, a daily loss limit that pauses new entries for the day, and a maximum number of concurrent positions across all symbols using the same EA.
Three ready to use risk profiles (Conservative, Balanced, Aggressive) are available, or every parameter can be set manually.
Recommended Symbols and Timeframe
The EA has been calibrated and tested on EURUSD, GBPUSD, Gold (XAUUSD) and BTCUSD. It can be attached to other symbols using automatic calibration or a manual tolerance setting. The H1 timeframe is recommended as a balance between signal frequency and quality, and the EA can run on any timeframe from M15 upward.
Notes
This is a fully automated, rule based system. Past performance, including backtests, does not guarantee future results. Please test on a demo account before using real funds, and adjust risk settings to match your own risk tolerance.
