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Daily Engulfing EA

Daily Engulfing pattern is one of the strongest patterns in trading industry. This pattern predicts strong movement. The EA has special algorithm to prevent false signals. I worked on this EA several months.

This EA uses Engulfing pattern, B. Band indicator and time price action to pick right price level to enter into order and close order.

This EA can find such pattern and open trade next day. User can set trading time (default 8-18.30). If you use this EA try to pick Open loss and Open target option true because in that case you can set stop loss and target alone. In testing mode stop loss/target is 200. Performance is excellent if trader controls stop loss and target in own way. The EA alows that trader to set additional trades which will be opened in the same time and then to set different targets and stop loss. The EA will not trade very often. It will be 1-2 trades per month per currency pair. I use this EA on all pairs when I trade. Better results can be made if a user controls trades and sets alone stop loss and profit. "Daily candle close" option can follow the trend or not. If the EA detects that trend does not follow the pattern, the trade will be closed next day.


Parameters

  • addOrders=0 - only one open position per time. If we put 1, the EA will have another additional position. You can set different stop loss and target to second position.
  • Open_loss=true - user can change stop loss. If a user changes stop loss, the EA will respect that level.
  • Open_target=true - user can change target price. If user changes target, the EA will respect that level.
  • SL_TP_empty=false - no value for stop loss or target.
  • Daily_Candle_Close=true - EA can close trade if trend is changed. If in some moment one day closed against main trend, the EA will close that trade.
  • Only_Positive_Candle_Close=false - trade will be closed after one day if trade is positive.
  • useWhen_To_Open=true - trades can be opened only from Start_Operating_Time till End_Operating_Time.
  • Start_Operating_Time=08:30
  • End_Operating_Time=18:00
  • Pivot=0.00000000 - user can define Pivot.
  • FridayOff=true - EA will not trade on Friday. High volatility is not good for trading.
  • StopLossRate=0.00000000 - you can define stop loss rate for any future trade.
  • TakeProfitRate=0.00000000 - you can define target for any future trade.
  • Max_StopLoss=200 - max stop loss is 200 pips. The EA will close any trade above 200 pips. Only for testing.
  • Max_Target=200 - max target is 200 pips. The EA will close trade above 200 pips. Only for testing.
  • Min_Target - if value is 20, then EA cannot close trade less than 20 pips profit.
  • ProfitForBE=0 -  if ProfitForBE is 20, then when EA is 20 pips in profit, stop loss will be at entry price value.
  • StepForBE=3 - if ProfitforBE is defined, then every three pips will be step in calculation.
  • Lot_size=0.1 - lot size is 1 mini lot.
  • Only_shorts=false - trade only long trades if it true. Default is false.
  • Only_long=false - trade only short trade if it is true. Default is false.
  • MinStopLoss=15 - default minimum stop is 15 pips.
  • MaxStopLoss=1500 - if you have a lot of open positions, then max drawdown is 1 500 pips for all positions the EA created.
  • Martingale=false - not recommended for use.
  • +++ BBANDS D1 +++ - section for B. bands indicator manipulation.
  • D1_Period_BB=3 - D1 Period for B. Band indicator is default 3.
  • D1_Deviation_BB=1 - deviation for B. Band indicator is default 1.
  • D1_Shift_BB=2 - shift for B. Band indicator is default 2.
  • +++ TrailingStop +++ - section is EA inputs to manipulate with trailing stops.
  • TrailingStop=0 - trailing stop is set to 0.
  • Step=2 - step for trailing stop is 2 pips. This works if trailing stop is not 0.
  • MagicNumber - if you run EA on several platforms you can use magic number and define random number.
  • slippage=3 - slippage is 3 pips. Please increase if broker has wide spread.
  • CornerTxtSize=16 - text size for text message on chart.
  • CornerTxtColor=clrGold - text color for text message on chart.


Tips

  1. Put the EA on various pairs. One order per time. Do not use martingale.
  2. Use B. Band indicator on Daily chart. This EA uses B. Band in trend analysis. Watch price above middle B. Band line.
  3. False signals are holiday trades. During holidays, do not trade using this EA (New Year days, Thanksgiving day...).
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