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New Candle

The "New Candle" is an Expert Advisor that has an algorithm running beneath it that looks at price action. The EA is a market scalper, which means that trades run for a short period of time and the Take Profit is small, which is the definition of scalping.

To the contrary of indicators which are lagging, price action is always running with the price.

Best settings for the Expert Advisor :

- Lot : It depends on the Account Balance. Default for the EA is 0.01 lot (micro lot).

- TP : Take profit should be small since the EA is mainly for scalping. Default TP for the EA is 10 pips.

- SL : Stop loss is to prevent huge losses, and thus should be places a bit far from the price to avoid being hit by the price fluctuations.

Default SL for the EA is set to 40 pips.

- Timeframe : The EA has been optimized for the 1 hour (H1) timeframe.

- Currencies : The EA has been optimized for the EURUSD currency pair. It works best with basically any xxxUSD pair.

The EA has been tested successfully with the following currency pairs : (used timeframe : H1, period from January 1st to January 30th 2020)


Expert Advisor Inputs :

- Lot : The lot used for the Buy/Sell orders. Default has been set to 0.01 lot (micro lot).

- TP : The take profit. Default has been set to 10 pips.

- SL : The stop loss. Default has been set to 40 pips.

- Slippage : The slippage occurs when an order is executed at a different price than executed.

To prevent volatile market movements, default value has been set to 3.

- Magic Number : The magic number aims to distinguish the EA from other EAs running on the same MetaTrader platform.

For any suggestion, issues, or question. Please, feel free to contact me at : https://www.mql5.com/en/users/amiine90

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Версия 1.2 2020.07.27
- General Improvements.
Версия 1.1 2020.02.01
- Added more inputs for more control over the EA behavior.
- Fixed trading lot selection issue (not being able to change the lot from the default value of 0.01 lot).