Candlestick Patterns Advisor
The EA identifies candlestick patterns and opens trades as soon as it finds one of the patterns. It recognizes both simple patterns consisting of 1 candle, and complex patterns with 2 to 5 candles. Usually, the candlesticks are traded on daily timeframes, but then the trades become rare. This EA has been tested and adapted for trading the EUR/USD currency pair on 4-hour timeframe. It can also trade on other currency pairs and timeframes, it requires optimization. Indicators are hardly used, only МА and RSI to improve the trend detection. The name of the pattern is displayed after each trade (if the ShowInfo option is configured).
This type of analysis is the most reliable over the course of a very long time. It has been invented long ago, and it is frequently used nowadays. However, not everyone knows most of the candlestick patterns, or they forget to use the possibility of a good trade at the right moment. This EA does everything autonomously, and also moves the stop loss to breakeven, if necessary, and closes the trade if it detects a reverse pattern.
- Lots - lot size (if Lots=0, then the lot will be calculated based on the percentage of account free margin);
- Percentage of free money - the percentage of free margin to open each new trade (works when Lots=0);
- MaxSpread - the maximum allowable spread to open trades (for floating-spread symbols, to avoid opening with a large spread);
- Magic (unique identifier) - a unique identifier, use different magic numbers if multiple Expert Advisors run in your terminal;
- MaxTakeProfit - maximum take profit;
- MaxStopLoss - maximum stop loss;
- EnableAutoClose - enable/disable automatic order closure when a reverse signal appears;
- Dynamic SL - if enabled (true), the Stop-loss depends on the candlestick pattern (but not greater than MaxStopLoss);
- Stop to breakeven after - move stop loss to breakeven after passing this number of points;
- EnableVolume - if enabled, the candle volumes of almost every pattern are considered (recommended - true);
- MinForceModel - minimum strength of the candlestick pattern to enter a trade (1 or 2);
- CountCandlesLength - the number of candles to determine the optimum candle length in the pattern (recommended - from 10 to 50);
- MinuteOpen - the minute to open the trade (to wait for the market to cool down after a candle closes);
- Trading start hour - trading start hour;
- Trading end hour - trading end hour;
- ShowInfo - display information (if enabled, displays the name of the candlestick pattern on which the trade was opened);
The EA is best suited for trading the EUR/USD currency pair on the H4 timeframe. For all other currency pairs the parameters must be optimized.
The initial parameters are selected for 5-digit accounts. If you use a 4-digit account, the take profit and stop loss must be decreased 10 times, and also the other parameters must optimized.
Optimization is desirable before trading and after a certain time period. Wishing you stable profits!