If you're looking to up your trading game, the MomentumCandleSign indicator might just be what you need. This trading system is designed to deliver signals based on candle movements, specifically when a bar closes with a colored point, indicating potential market momentum.
To get started with this Expert Advisor (EA), you'll need to have the compiled indicator file, MomentumCandleSign.ex5. Make sure you place this file in your <terminal_data_folder>\MQL5\Indicators directory to ensure everything runs smoothly.
One thing to keep in mind is that the TradeAlgorithms.mqh library file enables you to use EAs with brokers that offer a non-zero spread. Plus, it allows you to set Stop Loss and Take Profit levels right when you open a position. If you're interested, you can check out more options for the library here: Trade Algorithms.
For the tests shown below, we used the default input parameters for the EA. It’s important to note that neither Stop Loss nor Take Profit was utilized during these tests, so keep that in mind when evaluating the results.
Fig. 1. Trade examples on the chart
Now, let’s take a look at the testing results for 2014 on the GBPJPY H12 timeframe:
Fig. 2. Chart of testing results
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