Patterns EA

Related: trade signals using reversal candlestick patterns in mql5 - another powerful expert for MetaTrader 5 traders.

The Expert Advisor utilizes a popular indicator of thirty candlestick patterns.

Also recommended: trade signals based on 3 black crows/3 white soldiers reversal patterns with rsi confirmation - similar expert with strong performance on MetaTrader 5.

This EA offers flexibility in position management, accommodating various trading styles. It supports multiple position types, allowing users to configure the opening of positions for each pattern individually or in groups based on one-, two-, or three-bar candlestick formations.

Designed specifically for hedging accounts, the EA will display a warning message and unload if launched on a netting account.

The EA's functionality is independent of the indicator, as calculations and pattern searches are handled by a dedicated class within the same folder.

Users can set stop loss and take profit values in points, universally applied to all positions. If invalid values are entered, the EA automatically adjusts them to the minimum allowed for the symbol.

Additionally, the EA adjusts the lot size if an incorrect value is provided. If the lot size is too large, the EA modifies it to enable position opening. In cases where funds are insufficient for the minimum lot, the signal is ignored.

It's important to note that this Expert Advisor is intended for educational purposes.

With 75 configurable parameters, users have extensive control over the EA's behavior. Here are the key 15 parameters:

- Enable one-bar patterns: Allows the use of one-bar candlestick patterns.

- Enable two-bar patterns: Permits the utilization of two-bar candlestick patterns.

- Enable three-bar patterns: Facilitates the application of three-bar candlestick patterns.

- Maximum of pips distance between equal prices: Sets the maximum distance between two compared prices (*).

- Draw pattern and descriptions: Displays patterns and their descriptions on the chart.

- Font size: Adjusts the font size for pattern descriptions.

- Texts color: Modifies the text color for pattern descriptions.

- Font name: Selects the font name for pattern descriptions.

- Experts magic number: Assigns a unique identifier for the EA's positions.

- Mode of opening positions: Configures the position opening mode (**).

- Lots: Determines the volume of positions to open.

- Stop loss in points: Sets the stop loss of a position in points, disabled if set to 0.

- Take profit in points: Specifies the take profit of a position in points, disabled if set to 0.

- Slippage of price: Defines the maximum allowable slippage when opening a position.

- Multiplier spread for stops: Applies a spread multiplier to calculate the appropriate distance for stop orders (***).

The remaining 60 parameters are switches for patterns and position types, enabling users to fine-tune the EA's behavior.

* The accuracy of pattern search is determined by this parameter. Prices are considered equal if their difference is less than the specified number of points.

** Six position opening modes are available:

- Any position

- Always one position (swing)

- Only one buy position

- Many buy positions

- Only one sell position

- Many sell positions

*** For stop loss, take profit, and pending orders, there is a minimum allowed distance for placement, known as
stoplevel
. This means that stop loss and take profit orders cannot be placed closer than this distance to the price. If
stoplevel
is zero, it indicates a floating value, and the minimum distance is typically the spread, although it may require a larger multiplier in some cases.

Example: Mode of opening positions set to 'always one position', with the 'outside' pattern opening sell positions. All other settings use default values.

You may also like: Trade Signals Based on Bullish/Bearish Harami Candlestick Patterns Confirmed by MFI Indicator using MQL5 Wizard - excellent alternative for expert users on MetaTrader 5.

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• 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.