Trade signal based on Pull Back and Candle (for MQ L5 Wizard)
Info
The Trade signal based on Pull Back and Candle (for MQ L5 Wizard) is a Library for MetaTrader 5 that this ea will make a trade based on "pull back and candle action". Candle action part used "acandlepatterns.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Library works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Libraries folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Trade signal based on Pull Back and Candle (for MQ L5 Wizard)
1. Storage: Place library files in the MQL/Libraries directory to ensure they are accessible to your projects.
2. Implementation: Include the library in your code using the #import directive, ensuring you match the exact function names and parameters.
3. Compilation: Ensure the library is present in the directory before you compile your main EA or script, as the compiler links them during this phase.
4. Management: Keep libraries organized in sub-folders if you manage many custom functions to maintain a clean project structure.
Frequently Asked Questions
Q: What is a library file used for? A: Libraries store reusable code modules, allowing you to centralize common logic used by multiple EAs or indicators.
Q: Is a library executable? A: No, libraries are non-executable files containing functions; they must be imported into an EA, indicator, or script to function.
Q: Can I update a library while the platform is running? A: You should compile your EA or script after updating a library to ensure the latest code changes are integrated.
What this tool does
This EA will make a trade based on "Pull Back and Candle Action".
Typical Use Case
This Library excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Library works on MetaTrader 5. Place the file in the MQL5/Libraries folder and restart the terminal.
Description & Settings
Related: AS Q Trade Frequency Controller - another powerful library for MetaTrader 5 traders.
This EA will make a trade based on "Pull Back and Candle Action".
Candle action part used "acandlepatterns.mqh" provided by MetaQuotes.
Also recommended: Asynchronous Institutional Trade Engine (Library) - similar library with strong performance on MetaTrader 5.
This program was very useful for improving the entry accuracy. Thank you.I added the mq5 file that was automatically generated just in case, but you do not have to use it by force.
Because you can create mq5 file automatically customized as you like using MQL 5 wizard.
1. Open Position
[Open Long]
Open the Long position when all of the following conditions are satisfied.
Price is greater than MA
RSI is less than set value
Candle action is on the bear side
[Open Short]
Open the Short position when all of the following conditions are satisfied.
Price is lower than MA
RSI is larger than set value
Candle action is bull side
[Common condition]
Do not open the position if the spread is less than the set value. (If you set it to zero, this condition will be ignored.)
2. Close Position
The condition to close the position is simple.
[Close Long]
Close the position when RSI falls below the set value.
[Close Short]
Close the position when RSI exceeds the set value.
3. Image diagram of open / close
Long open and close.
Short open and close.
4. Create an expert advisor using the MQL 5 wizard
Once you compile SignalPullBackCandle.mqh you will be able to use it with the MQL5 wizard.
To generate a transaction robot based on this logic, select Signals of indicator 'PullBack And Candle' in the signal property of the MQL 5 wizard.
5.
Test result
Let's backtest of EA.
The setting value is below.
Test period: 01.12.2017 - 11.12.2018
Timeframe: M15 (even for others)
USDJPY(M15)
GBPJPY(M15)
Attachment: The "SignalPullBackCandle.mqh and acandlepatterns.mqh" must be placed in terminal_data_folder \ MQL5 \ Include \ Expert \ Signal \ MySignal.
The ExpertsBands.mq5 file contains the expert advisor code that was created using the MQL 5 wizard.
You may also like: To Close All Open Trades of Different Symbols - excellent alternative for library users on MetaTrader 5.
⚠ 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.