Candle Stick Pattern Auto Trader
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:
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:
- Morningstar (long trade)
- Evening Star (Short Trading)
Filter:
- RSI(21)
Long signal:
- Morning star pattern detected
- RSI is below 50, indicating a morning star is a trend reversal
Short signal:
- Evening star pattern detected
- RSI above 50 indicates a trend reversal
Version: 1.00
- Detect Morning Star and Even Star Patterns
- Use RSI as a filter
- Transactions can only be made on specific dates and times
- Set hard stop loss and take profit
- Utilize Trailing Stop Loss and Take Profit
- Definable order Magic number
- Lot size and slippage can be defined
- Can be set up to only trade long, short or both
- There is only one open trade at a time.
- Can only be set to "log".






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