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Candle Shadow Advisor

Strategy of this EA is based on the assumption that the potential price movement depends on the time of day and day of the week. The EA calculates the most probable range of the price movement and rebound from the High and Low levels. If one of the price levels is achieved, the EA places a pending order (BUYSTOP or SELLSTOP). The pending orders follow the price, in order to buy or sell at the best price.


Features

It is recommended to run the EA on the H4 or D1 timeframes only. It is also to run the EA on multiple instruments simultaneously (Recommended instruments are EURUSD, EURJPY, USDJPY. Maximum order volume - 0.01 lot per $150 when running the EA on 3 instruments simultaneously). Spread value less than 1.8 points is preferred. On average, orders on one instrument are opened once 3 days (using the default settings). The EA can be attached to any chart and used in conjunction with other trading robots.

  • Yellow line – if the price reaches this level, a BUYSTOP will be placed
  • Red line – if the price reaches this level, a SELLSTOP will be placed

Advantages:

  • Excellent results of testing on terminals of brokers that use fixed and floating spread.
  • Does not accumulate orders
  • Always places Stop loss and Take profit.
  • The EA shows the price levels for opening orders beforehand.

Disadvantages:

  • Due to its newness, only short statistics on live trading are available.
  • The EA is unable to make profit from the main price movement in a trend, only during rollbacks.


Parameters

  • MagicNumber - magic number
  • reeinvest - use a percentage of the deposit for trading. Related to the value of PercentOfDepo
  • PercentOfDepo - lot size is calculated as a percentage of the free margin
  • Lot - the initial lot size, if Reeinvest = false
  • TP - take profit. If set to 0, the value is calculated automatically
  • SL - stop loss. If set to 0, the value is calculated automatically
  • use_trailing - use trailing
  • TrailingStop - trailing step in points.
  • DeltaForStop - distance of the pending orders from the price in points
  • max_period - the amount of history candles in history for calculation of the predicting the current High and Low and the probable rollback from these levels (maximum value is 15)
  • performance_day - the maximum number of orders opened for one instrument per day
  • UseFloaTDelta - enable the algorithm of smart changing the DeltaForStop parameter
  • overnight_enable - allow leaving orders of the previous day opened or close them. (Note: if set to "false" - Friday orders may not be automatically closed due to features of market closure for the weekend at different brokers. Therefore, it is recommended to manually perform this closure beforehand).
  • Sun,Mon,Tue,Wed,Thu,Fri,Sat - day of the week for the EA to work
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