Hey traders! Today, I want to dive into the Exp_AnchoredMomentumCandle, a powerful Expert Advisor (EA) designed for MetaTrader 5, which leverages signals from the Anchored Momentum Candle indicator. This EA generates signals based on changes in candlestick color when the bar closes, offering a fresh perspective on market movements.
To get started, simply place the AnchoredMomentum.ex5 and AnchoredMomentumCandle.ex5 files into your <terminal_data_folder>\MQL5\Indicators.
One noteworthy feature is the TradeAlgorithms.mqh library, which enhances the EA’s functionality. This allows you to work with brokers that offer a non-zero spread, while also giving you the flexibility to set your Stop Loss and Take Profit levels right at the point of opening a position. You can check out more options from this library here: Trade Algorithms.
For the tests below, we used the default input parameters for the EA, and it’s important to note that we didn’t apply Stop Loss or Take Profit during these tests.
Fig. 1. Trade examples on the chart
Let’s take a look at the testing results for the year 2014, focusing on the USDJPY on the H12 timeframe:
Fig. 2. Chart of testing results
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