trade signals based on 3 black crows/3 white soldiers + mfi indicator

Related: Trade Adjustment Panel for MT5 - another powerful expert for MetaTrader 5 traders.

the mql5 wizard allows creating ready-made expert advisors based on the classes delivered together with the client terminal. it allows checking trade ideas quickly, all you need is to create your own trading signals class.

Also recommended: Quantora Trade Manager MT5: Advanced Position Management - similar expert with strong performance on MetaTrader 5.

reversal candlestick patterns, confirmed by indicators and oscillators, are considered. the best way is to create a separate class, derived from the base class, for checking the formation of candlestick patterns. for confirmation of trade signals, generated by candlestick patterns, it's sufficient to write the class, derived from the base class, and add the necessary features there.

here we will consider the signals, based on the 3 black crows/3 white soldiers reversal candlestick pattern, confirmed by the mfi indicator. the module of trade signals is based on the class, it's a simple example of its use for creation of trade signals with candlestick patterns.

- 3 black crows and 3 white soldiers reversal candlestick patterns
- a bearish candlestick pattern that is used to predict the reversal of the current uptrend. this pattern consists of three consecutive long-bodied candlesticks that have closed lower than the previous day with each session's open occurring within the body of the previous candle.
- a bullish candlestick pattern that is used to predict the reversal of the current downtrend. this pattern consists of three consecutive long-bodied candlesticks that have closed higher than the previous day, with each session's open occurring within the body of the previous candle.

- trade signals, confirmed by mfi indicator
- the trading signals to open long or short position must be confirmed by the mfi indicator. the value of the mfi indicator must be lower than 40 (for long positions) or greater than 60 (for short positions).
- the closing of opened position depends on the values of the mfi indicator. it can be done in 2 cases: if mfi has reached the opposite critical level or if the reverse signal isn't confirmed.

- open long position/close short position
- the formation of the 3 white soldiers pattern must be confirmed by the mfi indicator: mfi(1)<40.
- the short position must be closed if the mfi indicator has crossed upward the critical levels.

- open short position/close long position
- the formation of the 3 black crows pattern must be confirmed by the mfi indicator: mfi(1)>60.
- the long position must be closed if the mfi indicator has crossed upward the critical levels.

- creating expert advisor using mql5 wizard
- to create an expert advisor, launch the mql5 wizard and specify the name of the expert advisor.
- after that, select the modules of trade signals used.
- in our case, we use only one module of trade signals.
- adding the signals based on 3 black crows/3 white soldiers confirmed by mfi module of trading signals.

- you can select any trailing properties, but we will use trailing stop not used.
- concerning the money management properties, we will use trading with fixed trade volume.
- by pressing the finish button, we will get the code of the generated expert advisor.

- the default input parameters of the generated expert advisor must be replaced.
- the signal_thresholdopen/signal_thresholdclose input parameters allow specifying threshold levels for open and close of positions.

- history backtesting results
- let's consider backtesting of the expert advisor on historical data.
- the best set of input parameters can be found using the strategy tester of the metatrader 5 client terminal.

You may also like: Professional Automatic Trailing Stop Utility for MetaTrader 5 - excellent alternative for expert users on MetaTrader 5.

#property copyright "robotfx"
#property link "https://robotfx.org"
#property version   "1.00"
#include <expert\expert.mqh>
#include <expert\signal\mysignals\acbc_ws_mfi.mqh>
#include <expert\trailing\trailingnone.mqh>
#include <expert\money\moneyfixedlot.mqh>
input string expert_title         ="expert_abc_ws_mfi"; // document name
ulong        expert_magicnumber   =24969;               // 
bool         expert_everytick     =false;               // 

.......

• 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.