Ed's Candle Pattern EA (default settings out of the package) can be used on multiple currency pairs even if you have a small starting balance (if your broker allows micro lots at appx. 10 cents a pip). In the default settings money management is set at a minimum risk, and other inputs are used to prevent the EA from overtrading (see details below). So the EA can be loaded on several currency pairs, but the number of opened trades limited. Included with this EA is a custom stochastic divergence indicator which will be installed automatically into your custom indicators folder (this EA uses the stochastic divergence indicator if you turn the divergence inputs on true). There are also 10 preset files (for 10 different currency pairs) included with your purchase of Ed's Candle Pattern EA. The preset files are for the Inside Bar strategy in the EA (please see the back test results below which came from using the optimized inside bar preset files). Ed's Candle Pattern EA is a reliable MT4 Expert Advisor that triggers trades according to various price reversal formations (candle/bar reversal patterns). Ed's Candle Pattern EA recognizes the following candle patterns:  Hammer (bullish/buy signal)
Shooting Star (bearish/sell signal) Dark Cloud Cover (bearish/sell signal) Piercing Line (bullish/buy signal) Bearish Engulfing (bearish/sell signal) (Customizable) Bullish Engulfing (bullish/buy signal) (Customizable) Evening Star (bearish/sell signal) Morning Star (bullish/buy signal) Evening Doji (bearish/sell signal) Morning Doji (bullish/buy signal) Morning Star (bullish/buy signal) Morning Doji Star (bullish/buy signal) Evening Star (bearish/sell signal) Evening Doji Star (bearish/sell signal) Customizable Inside Bar (Hamari) Patterns automatically filtered by Stochastics Customizable Candlewick Patterns with auto stop loss placement option The EA can trade any of the above candle patterns as they appear. Or, you can turn on various filters which will help filter out some of the candle patterns. The optional filters include: Stochastics, Bollinger Bands, Simple Moving Average, Stochastic Divergence, Bearish and Bullish candle confirmation. Each of the above candle pattern signals can be turned on (true) or off (false) in the inputs. For example, if you want to only trade hammers then you can the 3 hammer inputs on true, and everything else on false. Then, if you want to confirm the hammer signals with stochastics confirmation put the stochastics oversold input input on true. Only those hammers that appear in the stochastics oversold area will bu buy signals. The inputs included in Ed's Candel Pattern EA are: MagicNumber If you want to put the EA on several charts of the same currency pair (such as on 5 EURUSD charts), then you will need to be sure there is a different random magic number in the inputs on each chart. This is not the case if you use the EA on several different currency pair charts. Money Mangement and Risk (Optional true/false input) If money management is on true the Ea ignores the fixed lot size and chooses a lot size based on your chosen risk percent and accoutn equity. The minimum risk % in this EA is 0.1. EnterEachPattern (Optional true/false input) Max Buy Orders = 1 Max Sell Orders = 1 If EnterEachPattern is on false the EA will work with US brokers, and it won't open buy and sell orders on the same currency pair. If EnterEachPattern is on true, and Max_Buy_Orders = 1, and Max_Sell_Orders = 1 the EA can open up to 1 buy order and 1 sell order on the same currency pair if there is a buy and sell signal. If max buy and max sell is 10, then the EA can open up to 10 buy orders from 10 different buy signals on the same currency pair, and 10 sell signals. Use Max Orders ALLPairs (Optional true/false input) Max Orders AllPairs = 10 If Use Max Orders ALLPairs = true and is set at 10, and you have the EA loaded on multiple currency pairs, it will allow only up to 10 live trades in the account. As a trade or trades close new trades will open from any currency pair, but never more than 10 if Max Orders AllPairs = 10. BUT if you have Limit Orders turned on (see below), and limot orders is, for example 4, and there is a signal, the initial live trade and its set of limit orders above or below it, count as 1 even though that is 5 trades (1 live trade, and 4 pending trades). So if Max_Orders_AllPairs = 10, but limit orders is on and set at 4, this can allow up to 50 trades. 10 will be live until the pending orders start getting triggered, then you will end up with more 10 as well as an increasing lot size as each limit order gets triggered. Please see the details below. Use Daily Profit Target (Optional true/false input) Daily Profit Target AllPairs (Optional true/false input) Profit Target = 200 (dollars) These inputs will close all trades in the account for the day when a daily profit is reached. Or, the EA will stop trading a currency pair for the day when the profits for that currency pair are more than the daily losses. EnterOpposite (Optional true/false input) This is a Reverse switch. If EnterOpposite is on true, and there is a buy signal, the EA will place a sell signal instead. And when there is a sell signal it will place a buy instead. Lots = .01 (works with .001, .01, .1, 1 lot sizes). Takeprofit = 200 Stoploss = 200 Use_Trailing (Optional true/false input) TrailingStopStart = 50 TrailingStop = 35 If use trailing is on true, and trailing stop start is 25, and trailing stop is 15, then if a buy order reaches to +25 pips the EA will move the stop loss to 15 pips behind the trade which will then trail 15 pips behind the order if price continues to climb. But as soon as price reverses back 15 pips it will hit the trailing stop and close the trade. CANDLE PATTERN INPUTS MaxBarsToDisplayPatterns = 50 The MaxBars input allows past signals to be painted on the chart X bars/candles back. If you put the input on 2000, then the previous 2000 patterns will paint. This is good for noting which pattern triggered which trade. BUT if you want to back test using the strategy tester you need to put this input on as low as 1 or 2, otherwise the strategy tester will move too slow. Display Hammer 2 (Buy Signal) (Optional true/false input) Display Hammer 3 (Buy Signal) (Optional true/false input) Display Hammer 4 (Buy Signal) (Optional true/false input) Display ShootStar 2 (Sell Signal) (Optional true/false input) Display ShootStar 3 (Sell Signal) (Optional true/false input) Display ShootStar 4 (Sell Signal) (Optional true/false input) Display Doji (Includes Morning (buy), and Evening (sell) Dojis.) (Optional true/false input) Display Stars (Includes Morning (buy), and Evening (sell) Stars.) (Optional true/false input) Display Dark Cloud Cover (Sell Signal) (Optional true/false input) Display Piercing Line (Buy Signal) (Optional true/false input) Display Bearish Engulfing (Sell Signal) (Optional true/false input) Display Bullish Engulfing = (Buy Signal) (Optional true/false input) Engulfing Pattern Left = 7 Engulfing Pattern Right = 12 You can choose custom sizes for the engulfing candles. The candle to the right should be larger than the candle to the left. Custom Candlewick inputs (Optional true/false inputs) The custom candlewick inputs consist of 8 inputs where you can adjust the size of upper and lower wicks, and also turn on a auto stop loss switch that will automatically place the stop loss above a large upper or lower wick. You can also turn on a switch that will look for candle's whose wick is at least twoce as long a s the candle body or longer etc. Custom Inside Bar (Hamari) inputs (Optional true/false input) If the inside bar inpu is on true all the other candle pattern inputs are ignored and the EA exclusively looks for inside bar patterns that are in stochastics overbought or oversold areas. At the time of writing this page the back tests below came from using the inside bar strategy. ExitAtOppositePattern (Optional true/false input) If this input is on true the EA will close all orders if there is a new signal, and open a new trade at the new signal even before take profit or stop loss have been hit....and then close an order and open a new order at every opposite signal etc. CONFIRMATION INPUTS TO HELP FILTER SIGNALS Bullish Candle Confirmation (Optional true/false input) Bearish Candle Confirmation (Optional true/false input) Confirmation Candles = 1 When these inputs are on true and there is a buy signal, and the confirmation candles input is, for example, 2 than two bullish candles need to close after the buy signals before triggering the buy order. Id a bearish candle closes after the buy signal the signal is cancelled. Stochastics Confirmation KPeriod = 5 DPeriod = 3 Slowing = 3 OverBought = 80 OverSold = 20 OverBought_check (Optional true/false input) OverSold_check (Optional true/false input) If OverBought_check = true, and OverSold_check = true, the EA will only accept buy candle pattern signals that are in Stochastics oversold, and it will accept sell candle pattern signals that are in Stochastics overbought. Stochastics Divergence Confirmation (Uses custome Stocastic Divergence indicator ) Bullish_divergence_check (Optional true/false input) Bearish_divergence_check (Optional true/false input) The divergence inputs require a Stochastics divergence indicator to be loaded into the indicators folder which is in the experts folder. The indicator comes with your purchase, and should be installed automatically in the correct folder if you use the installation file. The divergence indicator does not need to be loaded onto a chart. As long as it is in the experts/indicators folder the EA will use it. On the Stochastics indicator there are green arrows for buy areas and red arrows for sell areas. If the last arrow on the indicator was a red arrow the EA will only be looking for sell pattern signals until there is a green arrow, then it will look for buys. Buy those sells and buys need to be confirmed by the parameters of other confirmation inputs if they are on true. Bollinger Bands Confirmation BB_period = 20 BB_shift = 0 BB_deviation = 2 BB_Upper_check (Optional true/false input) BB_pips_below_upper = 20 (SELL confirmation if a reversal signal triggers a trade 20 pips below the UPPER bollinger band or higher, including on or above upper bollinger band). BB_Lower_check (Optional true/false input) BB_pips_above_lower = 20 (Buy confirmation if a reversal signal triggers a trade 20 pips above the LOWER bollinger band or lower, including on or below lower bollinger band). BB_Upper_crossback_check (Optional true/false input) BB_Lower_crossback_check (Optional true/false input) This confirmation can be used by itself. A upper crossback is when the first candle in a bearish engulfing or dark cloud cover closes above the upper Bollinger band, and the second candle closes below the upper bollinger band. A lower cross back is when the first candle in a bullish engulfing or piercing line pattern closes below the lower bollinger band and the candle next to it closes above the lower bollinger band. This input might also display hammers and shooting stars if they close abobe and the one next to them closes below. Simple Moving Average Confirmation and Trend Direction Use Sma (Optional true/false inputs) (7 inputs) The SMA (Simple Moving Average) section of the inputs consists of 7 inputs. The SMA inputs are a wonderful tool integrated into Ed’s Candle Pattern EA. With the proper adjustment of the SMA settings you can program the EA to only trade in the direction of the trend showing on higher timeframes even if the EA is loaded on a lower timeframe. You can also filter out a ranging market (when price closely hugs the SMA and crosses back and forth over it repeatedly) by utilizing the SMA_Trade_Bar input. Details are included in the .pdf file. Time Settings Use Time Filter (Optional true/false input) Start Time = 17:00 Stop Time = 22:00 When the time filter is on false the EA will be open to trading 24 hours a day. When the time filter is on true it will use your MT4 market watch clock to determine when to trade. So if, for example, you want the EA to only trade the Asian session you need to figure out what time it will be on your MT4 market watch clock during the Asian session, and then add those times in the inputs. End Time Close All (Optional true/false input) If you have the time filter turned on, and EndTimeCloseAll is also on true, and the time settings are at, for example, 10:00 – 18:00, and live trades are still open when 18:00 arrives, the EA will close all trades (winners and losers) and not trade again until the EA is within the time period once again the next day. NoTrade Monday (Optional true/false input) NoTrade Tuesday (Optional true/false input) NoTrade Wednesday (Optional true/false input) NoTrade Thursday (Optional true/false input) NoTrade Friday (Optional true/false input) NoTrade Sunday (Optional true/false input) If you want the EA to open trades on specific days then keep those inputs on "false". If you don't want the EA to place trades on specific days put the inputs on true. Martingale BuyLimit and SellLimit Orders (Optional true/false inputs) (5 inputs) There are 5 inputs in the limit order section of the inputs. Depending on your choice of adjustment with the limit order inputs including the limit order lot multiplier the EA can trigger a buy signal at a buy signal and then place a set of separated buy limit orders below the initial buy signal in case. Or at a sell signal it can trigger a live initial sell order and then place a set of separated selllimit orders above the initial sell signal. CloseAllAtDollarLoss If the close all input is on 0 it is turned off. If it is not 0 it must be a negative value (such as -100). This inputs works like an emergency close all when your drawn down reaches the amount (in dollars) in the input. For example, if the close all input is -500, and the floating balance of all opened trades dips to -$500, all trades will close, and the EA will start looking for new trades. Ed's Candle Pattern EA Inputs & Explanations (Click to Watch) Ed's Candle Pattern EA (20l1 - 2012 Back Test Results with 5% risk) 99% Modelling Quality, Spread deducted from back test, etc. These are 99% modelling quality back test results from the optional Inside Bar strategy in Ed's Candle Pattern EA because this strategy testes very fast in back testing. It is not possible to test every combination of settings in Ed's Candle Pattern EA using the optimization feature in MT4 because some settings require the visual mode for the EA to see the candle pattern signals and confirmation indicators etc. And visual back testing for this EA is very slow due to over 1800 lines of coding. EURJPY $5000 account $50,000 account | AUDUSD $5000 account $50,000 account | EURCHF $5000 account $50,000 account | EURGBP $5000 account $50,000 account | NZDUSD $5000 account $50,000 account | EURUSD $5000 account $50,000 account | USDCAD $5000 account $50,000 account | USDCHF $5000 account $50,000 account | USDJPY $5000 account $50,000 account | GBPUSD $5000 account $50,000 account | | |
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