Identical Candlestick Sequence Expert Advisor
Info
The Identical Candlestick Sequence Expert Advisor is a Expert Advisor for MetaTrader 5 that this expert advisor identifies sequences of 'n' identical candlesticks. It initiates buy orders on bullish candlesticks and sell orders on bearish candlesticks.
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 Identical Candlestick Sequence Expert Advisor
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
This Expert Advisor identifies sequences of 'n' identical candlesticks.
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.
This Expert Advisor identifies sequences of 'n' identical candlesticks. It initiates buy orders on bullish candlesticks and sell orders on bearish candlesticks.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.
The EA operates considering the account type, supporting both netting and hedging modes.
The implementation utilizes the CPositionInfo, CTrade, and CSymbolInfo classes.
Inputs
- n: Number of identical candles in a row.
- Lot: Trading lot size.
- Take Profit (pips): Profit target in pips.
- Stop Loss (pips): Stop loss level in pips.
- Trailing Stop: Set to '0' to disable trailing stop.
- Trailing Step: Distance in pips for trailing stop activation (if Trailing Stop is enabled).
- Max Positions (Hedging Mode): Maximum number of open positions in a single direction for hedging accounts.
- Max Position Volume (Netting Mode): Maximum total volume for open positions in netting accounts.
- Magic: Unique identifier for EA trades.
- Slippage: Maximum allowed slippage in points.
Example EA operation on a netting account:
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.