Executor Candles
Info
The Executor Candles is a Expert Advisor for MetaTrader 5 that the ea trades based on multiple candlestick patterns, allowing for distinct settings of take profit, stop loss, and trailing for buy and sell positions. It ensures that only one position is active in the market, making it compatible with both hedging and netting accounts.
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 Executor Candles
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 EA trades based on multiple candlestick patterns, allowing for distinct settings of take profit, stop loss, and trailing for buy and sell positions.
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 EA trades based on multiple candlestick patterns, allowing for distinct settings of take profit, stop loss, and trailing for buy and sell positions. It ensures that only one position is active in the market, making it compatible with both hedging and netting accounts.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.
In addition to pattern recognition, the EA includes a setting ('Off Main Timeframe') to enable/disable trend determination based on bar #1 on the main timeframe. This setting significantly impacts trading decisions, as illustrated in the following examples for EURUSD, H1:
Fig. 1. Parameter 'Off Main Timeframe' == True
Fig. 2. Parameter 'Off Main Timeframe' == False
Input Parameters:
- Stop Loss Buy: Stop loss for buy positions.
- Take Profit Buy: Take profit for buy positions.
- Trailing Stop Buy: Trailing for buy positions.
- Stop Loss Sell: Stop loss for sell positions.
- Take Profit Sell: Take profit for sell positions.
- Trailing Stop Sell: Trailing for sell positions.
- Trailing Step: Common trailing step for buy and sell positions.
- Lots: Position volume, permanent (if above zero, 'Risk' must be zero).
- Risk: Automatic position volume calculation based on risk percentage (if above zero, 'Lots' must be zero).
- Off Main Timeframe: Disables the 'Main Timeframe' parameter.
- Main Timeframe: The main timeframe for trend determination.
- Magic Number: Unique identifier for the EA.
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.