Candle shadows
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use Candle shadows
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.
Description & Settings
Idea by
: .
MQL5 code by
: .
The EA waits for the candlestick size to become higher than or equal to "
Candle size minimum
" within "
The position can be opened within N minutes
" minutes. At the same time, the "
Length opposite shadow max
" can also be considered (the lower shadow is considered for position Sell, while the upper shadow is considered for position Buy).
A rule also works here: Only one position can be opened on the current bar. If the last position was closed by Stop Loss (trade DEAL_ENTRY_OUT having property DEAL_REASON_SL is intercepted in OnTradeTransaction) and there was a loss, then the next position is opened with a "
Factor of reduction of lot at SL
" times smaller lot size.
There are two more interesting position-related parameters: "
Position lives N bars"
- position lifetime is set in bars, followed by closing the position forcedly, and "
Close the profitable position on bar N
" - closing a position on bar N, if such position is profitable.
Oh, I nearly forgot to mention that a position could only be opened within a time interval limited by "
Start hour
" and "
End hour
", and position size mamangement:
Position volume can be constant (parameter "
Lots
">0, and "
Risk
"==0)
Position volume is dynamic (parameter "
Lots
"==0, and "
Risk
">0)
Moroever, you can also disable Stop Loss and Take Profit levels and trailing.
