Simple Candle Filter Martingale EA - MetaTrader 4 Expert | MT4 EA Download - MetaTrader 4 Resources

This EA uses candle size filter to initiate trades.

Attribution: Ideas are mine, code compiled using fxdreema.

If the candle size > x points, the EA will enter a buy trade.

Candle size is an input in the EA settings.

If a buy trade results in a loss, the EA will enter the next trade with an expanded lot size.

The scaling factor can be adjusted in the EA settings.

Main principles of the concept

The main principle behind all EAs I design is to control the number of consecutive losses (rather than predicting the direction of the price in the next step).

This control is achieved by increasing the desired candle size in the setup until a sufficiently low (safe) number of consecutives. The losses occurred during a lengthy testing period. (The reason for controlling consecutive losses is so that we can safely use the martingale strategy).

I tested using USDJPY and the 4 hour chart. Other time frames are also available.

I usually set the candle size to 20 or larger, preferably 30.

10 or less usually doesn't work.

The TP and SL I use are usually in a 1:1 ratio

Set to 50 TP and 50 SL

Settings for 75TP 50SL; 100TP 50SL, can work if you use a lower scale factor (eg 1.5).

This is because when the ratio of TP to SL changes, the average probability of winning and losing changes, as does the number of consecutive wins. Loss (important).

I have found from experience that the maximum consecutive loss is usually 6 times the average loss, and the TP:SL ratio of the average loss is a similar ratio (either the same as the TP:SL ratio or a multiple or a less favorable ratio).

For example, when TP:SL is 50pips:50pips, the average profit to loss ratio is 2:2 or worse 2:3 due to the spread.

Maximum consec loss for example 2x6=12. (The goal is to get these values ​​below 8, maybe 6 would be fine - use a candle filter)

Feedback welcome. We can develop more advanced ideas to control sequential losses and unleash the power of the martingale in a stochastic market environment.

Attachment download

📎 buy_now7candle_filter.mq4 (295.99 KB)

📎 bull_and_bear_candle_martingale_ea.mq4 (323.3 KB)

Source: MQL5 #26220