Price Action EA

This EA has no indicator. It works based on candlestick patterns and support and resistance of previous day.

First of all EA will see support and resistance of previous day.

Support:

1:  Previous day low

2: if today opening price is higher than previous day closing price, then previous day closing price will also be support level.

Then there will be two support level.

Resistance:

1: Previous day high

2: if today opening price is lower than previous day closing price, then previous day closing price will also be resistance level.

Then there will be two resistance level.

Buy trade rules:

This EA works with two timeframe. It confirms the trade with two timeframe. If it will find any of these three bullish candlestick pattern in two time frame (which we will select in EA input), on the same support level, then EA will open buy trade.

All these three candlestick pattern must touch support level in higher timeframe.

EA will always open buy trade, if price will cross high of these candlestick patterns.

1: Hammer:

 Identification of correct hammer:

Upper wick should not be more than one time of body.

Lower wick should not be less than two times of body.

For example if body length is 2, then upper wick should be 2 or low and lower wick should be 4 or high, then EA will identify it as Hammer. Body can be green or red, it doesn’t matter.

Then EA will see the next selected timeframe to find any candlestick pattern on support.

There is one candle in hammer pattern. Hammer candle wick or body must touch support level in Higher Timeframe. It means support level price must be sitting anywhere  from high and low of hammer pattern.

2: Bullish Engulfing

Bullish engulfing means the first candle will be red and second candle will be green and green candle body (not wick) high and low should be higher or equal to red candle body high and low. Candle wicks doesn’t matter.

There are two candles in bullish engulfing  pattern first candle is bearish and second candle is bullish. Any of both candle wick or body must touch support level in Higher Timeframe. It means support level price must be sitting anywhere  from high and low of bullish engulfing pattern.

3: Bullish Harami

Bullish harami means the first candle will be red candle and second candle will be green candle and green candle body high and low should be lower than red candle body. Green candle open or close (anyone of them) can be equal to red candle open or close. Wicks don’t matter of any candle.

There are two candles in bullish harami pattern first candle is bearish and second candle is bullish. Any of both candle wick or body must touch support level in Higher Timeframe. It means support level price must be sitting anywhere  from high and low of bullish harami pattern.

Buy trade on support:

EA will see any of these three candlestick pattern on two timeframe (selected in EA input) on support level, then EA will open buy trade, if price will cross high of candlestick pattern on higher timeframe.

Stop Loss: stop loss be low of candlestick pattern on higher timeframe.

Take Profit: take profit will be three times of stop loss.

If take profit will be more than resistance level, then EA will not take that trade.

Candle must touch (by wick or body) support level in higher timeframe in all three candlestick patterns.

If it is not touching support level in lower timeframe, then it doesn’t matter.

Sell trade rules:

This EA works with two timeframe. It confirms the trade with two timeframe. If it will find any of these three bearish candlestick pattern in two time frame (which we will select in EA input), on the same resistance level, then EA will open sell trade.

All these three candlestick pattern must touch resistance level in higher timeframe.

EA will always open sell trade, if price will cross low of these candlestick patterns.

1: Inverted Hammer:

 Identification of correct bearish hammer:

Lower wick should not be bigger body. It can be lower or equal to body.

Upper wick should not be less than two times of body. It can be equal to two times of body or more than two times of body.

For example if body length is 2, then lower wick should be equal to 2 or low and upper wick should be equal to 4 (2 times of body) or high, then EA will identify it as Hammer. Body can be green or low, it doesn’t matter.

Then EA will see the next selected timeframe to find any candlestick pattern on resistance.

There is one candle in inverted hammer pattern. Inverted Hammer candle wick or body must touch resistance level in Higher Timeframe. It means resistance level price must be sitting anywhere from high and low of hammer pattern.

2: Bearish Engulfing

Bearish engulfing means the first candle will be green and second candle will be red and red candle body (not wick) high and low should be higher or equal to green candle body high and low. Candle wicks doesn’t matter.

There are two candles in bearish engulfing  pattern first candle is bullish and second candle is bearish. Any of both candle wick or body must touch resistance level in Higher Timeframe. It means resistance level price must be sitting anywhere  from high and low of bearish engulfing pattern.

3: Bearish Harami

Bearish harami means the first candle will be green candle and second candle will be red candle and red candle body high and low should be lower than green candle body. Red candle open or close (anyone of them) can be equal to green candle open or close. Wicks don’t matter of any candle.

There are two candles in bearish harami pattern first candle is bullish and second candle is bearish. Any of both candle wick or body must touch resistance level in Higher Timeframe. It means resistance level price must be sitting anywhere  from high and low of bearish harami pattern.

Sell trade on resistance:

EA will see any of these three candlestick pattern on two timeframe (selected in EA input) on resistance level, then EA will open sell trade, if price will cross low of candlestick pattern on higher timeframe.

Stop Loss: stop loss be high of candlestick pattern on higher timeframe.

Take Profit: take profit will be three times of stop loss.

If take profit will be more than support level, then EA will not take that trade. For example if take profit is 10 pip, and distance between trade price and support is lower than take profit 10 pip, then EA will not take that trade.

Candle must touch (by wick or body) resistance level in higher timeframe in all three candlestick patterns.

If it is not touching resistance level in lower timeframe, then it doesn’t matter.

After confirming any candlestick pattern on support level, if price will cross low of candlestick pattern in any timeframe, then trade will be invalid. Then EA will not take that trade and it will see next candlestick pattern. It means candlestick pattern must be lowest of the day.

After confirming any candlestick pattern on resistance level, if price will cross high of candlestick pattern in any timeframe, then trade will be invalid. Then EA will not take that trade and it will see next candlestick pattern. It means candlestick pattern must be highest of the day.

EA Input:

Magic Number

Lower Timeframe (m1, m5, m15, m30, h1, h4 I can select any of them)

Higher Timeframe (m1, m5, m15, m30, h1, h4 I can select any of them)

Fixed Lot :                           True or false

Fixed Lot Size :                   0.1

Fixed Profit :                      True or false

Fixed Profit Points :        10 (fixed profit points means if I will put 10 in this, then EA will close each trade

                                            With 10 USD fixed profit. And according to that EA will automatically calculate

                                Lot size for each pair according to pip value and take profit.)

Trailing :                              True or false (if I will set it to true, then EA will move stop loss to breakeven if

                                                                   Profit will hit 1:1 It means if stop loss is 10 pip and take profit is 30

                                                                  Pip then if price will reach 25 pip profit, then EA will move stop loss                

                                                                To breakeven.)

Use closing as Support and Resistance :          True or false (if I will set it true, then EA will use previous day closing price as second support in case of gap up opening and as second  resistance in case of gap down opening. If I will set it false, then EA will not use previous day closing price.)

Use four Digits :                               True or false (if I will set it true, then EA will calculate and decide take profit, stop loss, candlestick pattern and all other things based on four digit decimal. For example if EURUSD price is 1.88551, then EA will calculate only 1.8855 And if I will set it false, then EA will work as normal 5 digit decimal.)

Profit Target :                                    1,2,3 (please give option 1, 2 and 3 in this EA input. If I will select 1, then EA will close the trade with 1:1 take profit. If I will select 2, then EA will close the trade with 1:2 take profit and If I will select 3, then Ea will close the trade with 1:3 take profit. 1:1 means if stop loss is 10 pip, then take profit will also be 10 pip. 1:2 means if stop loss is 10 pip, then take profit will be 20 pip and 1:3 means if stop loss is 10 pip, then take profit will be 30 pip.