Welcome Forex EA downloads & MT4/MT5 auto-trading resources — EAs, Gold EAs, quant tools and real-world automation.
Sign In Sign Up

Candle Stick Pattern Auto Trader

author EAcpu | 3 reads | 0 comments |
Hello everyone,
I'm developing an EA for trading candlestick patterns, i.e.; Morning Star, Evening Star, etc... I thought I'd share it on the forum so we can figure out ways to make it profitable. Please test it and make suggestions on how to improve it. I will update the following information as the EA progresses. Note, I'm not a professional programmer, but I can figure out what is needed to make the EA work as expected. Any programming suggestions are also welcome

Currently, the biggest problem I see is that the stop loss has to be set higher. This destroys the risk:reward ratio!

The current strategy is this:
Pairing: EURUSD
Timetable: 1hr
Detected patterns:

  1. Morningstar (long trade)
  2. Evening Star (Short Trading)

Filter:

  1. RSI(21)

Long signal:

  1. Morning star pattern detected
  2. RSI is below 50, indicating a morning star is a trend reversal

Short signal:

  1. Evening star pattern detected
  2. RSI above 50 indicates a trend reversal

Version: 1.00

  1. Detect Morning Star and Even Star Patterns
  2. Use RSI as a filter
  3. Transactions can only be made on specific dates and times
  4. Set hard stop loss and take profit
  5. Utilize Trailing Stop Loss and Take Profit
  6. Definable order Magic number
  7. Lot size and slippage can be defined
  8. Can be set up to only trade long, short or both
  9. There is only one open trade at a time.
  10. Can only be set to "log".

v1.00-test.gif
v1.00-test.gif
v1.00-test.gif
v1.00-test.gif
v1.00-test.gif
v1.00-test.gif

Attachment to original post (3)

Verification code Refresh