candle shadows
Info
The candle shadows is a Expert Advisor for MetaTrader 5 that idea by:. mql5 code by:.
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 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.
What this tool does
idea by:.
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.
idea by
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.
: .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.
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.