candle shadow percent
Info
The candle shadow percent is a Expert Advisor for MetaTrader 5 that the expert advisor is based on the indicator with the same name. lot is calculated based on the risk value as a percentage of free margin.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use candle shadow percent
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
the expert advisor is based on the indicator with the same name.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: trade signals using reversal candlestick patterns in mql5 - another powerful expert for MetaTrader 5 traders.
the expert advisor is based on the indicator with the same name . lot is calculated based on the risk value as a percentage of free margin.
Also recommended: Trade Signals Based on Bullish/Bearish Harami Candlestick Patterns Confirmed by MFI Indicator using MQL5 Wizard - similar expert with strong performance on MetaTrader 5.
attention: in this expert advisor, it is assumed that the indicator is located in the\indicators\myind\candels
\ folder, which is clear from oninit()
you will need to edit the path to the indicator in oninit, if it is located in another folder.
the expert advisor only performs actions at the moment of a new emergence, and it does not work inside the bar.
position opening conditions:
if the value of the "candle shadow percent" indicator on the bar indexed 1 in the 0 buffer ("buffertop") is not equal to zero, i.e. an there is an arrow on this bar, sell will be opened
if the value of the "candle shadow percent" indicator on the bar indexed 1 in the 1 buffer ("bufferlow") is not equal to zero, i.e. an there is an arrow on this bar, buy will be opened
recommendations for debugging: first adjust parameters only for the upper shadow, then only for the lower shadow.
You may also like: MQL5 Wizard: Trade Signals Based on Hammer/Hanging Man Candlesticks with CCI Confirmation - excellent alternative for expert users on MetaTrader 5.
Source Code
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⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.