How do I install this Expert on MetaTrader 5?

Download the file, open MetaTrader 5 -> File -> Open Data Folder, copy the file to the correct folder (Experts / Indicators / Scripts / Libraries), then restart the terminal.

How do I activate / load this Expert?

Drag the Expert Advisor from the Navigator panel onto a chart, enable AutoTrading, and allow live trading in the settings.

Is this compatible with MetaTrader 5?

Yes, this Expert is built specifically for MetaTrader 5.

Is this Expert safe to use with real money?

All tools are provided for educational and testing purposes. We strongly recommend testing on a demo account first. Trading involves significant risk of loss.

Can I use this Expert on multiple charts?

Yes, but each chart can only run one Expert Advisor at a time. You can run multiple EAs on different charts.

Can I customize the settings of this Expert?

Yes. Right-click on the chart and select properties to open and adjust parameters.

Free n-Candles Expert Advisor Expert for MetaTrader 5

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n-Candles Expert Advisor

Info

The n-Candles Expert Advisor is a Expert Advisor for MetaTrader 5 that the expert advisor (ea) identifies n consecutive identical candlesticks and opens positions accordingly. It buys on bullish candlesticks and sells on bearish ones, adapting to both netting and hedging account types.

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 n-Candles 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

The Expert Advisor (EA) identifies n consecutive identical candlesticks and opens positions accordingly.

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: VPS Toolkit: Secure Order Sending and Restart-Safe State for Expert Advisors - another powerful expert for MetaTrader 5 traders.

The Expert Advisor (EA) identifies n consecutive identical candlesticks and opens positions accordingly. It buys on bullish candlesticks and sells on bearish ones, adapting to both netting and hedging account types.

Also recommended: Automated Live Testing for Expert Advisors on Demo Accounts - similar expert with strong performance on MetaTrader 5.

Version 7 introduces:

- Closing positions when a specified profit level is reached.
- Closing all positions when a general profit target is achieved.

Inputs:

- n identical candles which go in a row: Number of identical candlesticks in a row.
- lot: Volume of the position to be opened.
- take profit: Take profit value; if set to "0", this parameter is ignored.
- stop loss: Stop loss value; if set to "0", this parameter is ignored.
- trailing stop: Trailing stop value; if set to "0", this parameter is ignored.
- trailing step: Trailing step value; if set to "0", this parameter is ignored.
- max positions certain direction (only for hedging): Maximum number of one-direction positions for hedging accounts.
- max position volume (only for netting): Maximum volume of open positions for netting accounts.
- use trade hours: Enable/disable trading hours restriction.
- start hour: Trading start hour.
- end hour: Trading end hour.
- closing of positions at achievement of the general profit: Close all positions when a general profit target is reached.
- magic number: Unique EA identifier.
- the type of closure at the meeting of the "black sheep": Closing type for the "blacksheep."

You may also like: Programmatically Attach Expert Advisors with Custom Inputs to MetaTrader 5 Charts - 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.