The CandlestickTrader Expert Advisor can trade efficiently with the minimum drawdown in case the settings are mild enough. The EA analyzes candles according to a specified algorithm and enters the market if a price movement continues on the timeframe the EA is launched at. The product has been developed for five digits! It has not been tested on four digits!
The EA is launched at different timeframes with the certain parameters described below per each timeframe. Test the settings with your brokerage company, since different brokers may provide different data. Otherwise, I would have simply built all settings into the EA. Select profit and risk at your discretion. The more symbols and timeframes are used, the more frequently trades are made.
If lots of trades have been opened simultaneously and the error alert has appeared, it means that there have not been enough funds to open one of the orders and the EA is to be disabled. In this case, wait for closing of a part of trades and then disable AutoTrading button and enable it again after a few seconds. The EA that did not have enough money will restart and track the chart again. The EA status is shown in the upper left corner of the chart.
Trades are opened infrequently. Market entries are usually performed during strong movements after financial news releases.
- TakeProfit - take profit
- StopLoss - stop loss. The default value is 1 000. This is approximately 10% of $1 000, while Lot is 0.1
- Lot - order size
- Factor MIN - cut off small candles. Decreasing the parameter leads to more deals. However, the drawdown increases as well.
- Factor MAX - cut off big candles. If you increase the parameter, you may finally meet a large candle followed by a roll-back or a reversal.
- Magiс - individual number for orders if you want a deal to be managed by another EA.
- Comment - order comment.
The lot of 0.1 is recommended for $1 000.
The settings with the drawdown of 8% with no negative deals:
|Currency pair||Timeframe||Factor MIN||Factor MAX||Take profit|
You can pick up the settings for other symbols on your own or find them in this table later.
Optimized operation for scalping strategy.
Added the WithSpread parameter - current spread is subtracted from TP when opening trades.
Added the Repeats parameter - number of attempts to open an order.