REGISTER PARTICIPANTS Expert Candle Pattern Mt4

#candlepattern



The Expert Advisor is based on Japanese candlestick patterns. Each pattern can be enabled or disabled in the EA parameters. The EA works with up to three trend indicators. Each indicator has its own parameters which can be modified. Also it's possible to enable or disable the indicators or to combine the indicators together. The best way is to use one indicator at the same time.

The indicators are needed to determine if the trend goes up or down.

The EA trades any currency pair, metals and stocks. All timeframes are supported. It is recommended that you optimize the EA on the history data of the last 2-4 weeks. Pattern recognition, trailing and breakeven parameters should be used for optimization.

The best strategy is to combine some of the patterns and the indicator together and not to use all the pattern and all the indicators on the same time.

If the Stoploss is disabled(set to 0), the EA works only with the fixed lot for safety reason.

Supported Candlestick Patterns
Bullish Pattern:

• Bullish Engulfing
• Piercing Pattern
• Morning Star
• Dragonfly Doji
• Three Line Strike (bullish)
• Hammer
• Harami Cross (bullish)
• Harami (bullish)
• Three Star In The South
• Three Outside Up
• Three Inside Up
• Inverted Hammer
• Three White Soldier
• Own Pattern (bullish)

Bearish Pattern:

• Bearish Engulfing
• Dark Cloud
• Evening Star
• Gravestone Doji
• Three Line Strike (bearish)
• Shooting Star
• Harami Cross (bearish)
• Harami (bearish)
• Deliberation
• Three Outside Down
• Three Inside Down
• Three Black Crows
• Hanging Man
• Own Pattern (bearish)

Parameters

• Magic Number - trade magic number.
• Slippage - maximum slippage.
• TradeOnBarTrue - whether the EA trades on open bar only or not.
• Money Management - set false, the EA works only with fixed lot.
• RiskPercent - lot is chosen automatically on the basis of the percentage of the balance.
• FixedLotSize - lot. 1 on default.
• Bullish Candle Pattern - enable or disable the bullish candle pattern.
• Bearish Candle Pattern - enable or disable the bearish candle pattern.
• UseMovingAverage - if true, Moving Average indicator is activated to determine the trend.
• Moving Average Period - period of the Moving Average. 5 on default.
• Moving Average Method - applied Method. Exponential on default.
• Moving Average Price - applied Price. Close Price on default.
• UseRSI - if true, RSI indicator is activated to determine the trend.
• RSIPeriod - period of the RSI indicator. 14 on default.
• downtrend - if RSI higher than downtrend there is a trend down (activates the bearish candle pattern). 70 on default.
• uptrend - if RSI lower than uptrend, there is a trend up (activates the bullish candle pattern). 30 on default.
• UseMomentum - if true, Momentum indicator is activated to determine the trend.
• Momentum Period - period of the Momentum indicator. 21 on default.
• Stop Loss - distance to fix loss.
• Take Profit - distance to fix profit.
• UseBreakEvenStop - if true, Breakeven Stop is activated.
• MinimumProfit - minimum level of profit reached before break even start to activate. 0 on default.
• LockProfit - moves the stoploss based on the value of this variable. 0 on default.
• UseTrailingStop - if true, trailing stop is activated.
• TrailingStop - distance at which the Stop Loss will be moved after the current price, but only if the positions is profitable. 50 on default.
• MinProfit - minimum level of profit reached before trailing stop begins to work. 0 on default.
• Step - steps of the trailing stop. 10 on default
• UseTimer - if true, the timer will only trade between the specified hour and minutes.
• UseLocalTime - if true, the Timer will work with the local time.