Big Candle CoverUp Breakout Trade
- Experts
- Versione: 1.0
- Attivazioni: 5
Big Candle CoverUp Breakout is a rule-based Expert Advisor for XAUUSD on the M15 timeframe. It can also be tested on other symbols and timeframes.
How it works
1. The EA looks for a "big candle": a candle whose range is larger than the ranges of the previous candles (the lookback is adjustable).
2. The high and low of this candle define a range.
3. Smaller candles must stay inside this range (cover-up). At least one cover-up candle is required, and the setup is cancelled if there are too many.
4. When a candle closes outside the range, the EA opens a trade in that direction. If a candle breaks both sides of the range, the setup is cancelled.
5. The stop loss is placed on the opposite side of the big candle range. The take profit is set by a risk to reward ratio (default 2.0).
Risk management
- One position at a time per symbol and magic number.
- Fixed lot (default 0.01) or risk percent of balance.
- Optional maximum stop loss distance and maximum spread filter.
- Optional session filter (broker server time).
- Optional break-even: moves the stop loss to the entry price after the floating profit reaches a set amount in your account currency. With small lot sizes this amount may rarely be reached, so adjust it to your lot size.
- Optional swing-based trailing stop, active after break-even.
- Optional Telegram notifications for new setups, entries, break-even, trailing and closed trades. To use them, allow the Telegram API address (api.telegram.org) in Tools > Options > Expert Advisors > Allow WebRequest, then enter your bot token and chat ID in the inputs.
Main inputs
- Timeframe (default M15), Magic Number, Slippage, Max Spread
- Big candle lookback and range multiplier
- Minimum and maximum cover-up candles
- Lot mode, fixed lot, risk percent
- Max SL points, use take profit, risk to reward
- Break-even and trailing settings
- Session filter hours
- Draw range on chart
- Telegram settings
Recommendations
- Test on a demo account first and use the Strategy Tester with "Every tick" modelling.
- Adjust the lot size to your own risk tolerance.
- Trading involves risk. Backtest results and past performance do not guarantee future results.
