Follow the BIG Candle | MT4 EA Download - MetaTrader 4 Resources
This is a very simple idea for automated trading (using Expert Advisor)
My idea is to follow the big candle. Open a position in the direction of the big candle.
The logo of the large candle is as follows:
The size of the candle (from low to high) is greater than ATR(atr_period) x ATR_Multiplier
For example, for GBP/USD, H4, assuming ATR(21) is 30 pips, we set ATR_Multiplier to 2.5, so we are looking for H4 candles in the range > 2.5 * 30 = 75 pips.
So, if the high and low of the current H4 candle reaches 75, we go long if the candle goes up, and short if the candle goes down.
(You can choose to trade in the current candle (recommended) or wait for the candle to close)
Take Profit, Stop Loss and Trailing Stop can be fixed points or ATR multiples (recommended).
It is better to use a larger TP in order to take advantage of trailing stops, thus producing a better R:R ratio.
If an opposite candle appears, the EA will close the trade and open a new trade in the other direction,
Or wait for Stop Loss or Trailing Stop or Take Profit to be reached and wait for another trigger.
EA version:
My idea is to follow the big candle. Open a position in the direction of the big candle.
The logo of the large candle is as follows:
The size of the candle (from low to high) is greater than ATR(atr_period) x ATR_Multiplier
For example, for GBP/USD, H4, assuming ATR(21) is 30 pips, we set ATR_Multiplier to 2.5, so we are looking for H4 candles in the range > 2.5 * 30 = 75 pips.
So, if the high and low of the current H4 candle reaches 75, we go long if the candle goes up, and short if the candle goes down.
(You can choose to trade in the current candle (recommended) or wait for the candle to close)
Take Profit, Stop Loss and Trailing Stop can be fixed points or ATR multiples (recommended).
It is better to use a larger TP in order to take advantage of trailing stops, thus producing a better R:R ratio.
If an opposite candle appears, the EA will close the trade and open a new trade in the other direction,
Or wait for Stop Loss or Trailing Stop or Take Profit to be reached and wait for another trigger.
EA version:
- Version 1: Big Candle_01, with initial parameters
- Version 2: Big Candle_02, removed fixed points and added opposite signal and MA closing parameters
- Version 2 is suitable for older versions of MT4 < 600 Version: Big Candle_02_x
- Version 3: Big Candle_03, added breakeven stop and candle effective size parameters
- Version 3 is suitable for older versions of MT4 < 600 Version: Big Candle_03_x
- Version 4 Big Candle_04 Latest, see post no. 226 on page 14
karil
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