Idea by: Alex.
MQL5 code by: Vladimir Karputov.
Executor Candles is an innovative trading tool designed for MetaTrader 5 that identifies various candlestick patterns to help you make informed trading decisions. This EA operates with both BUY and SELL positions, and it’s essential to set individual parameters for Take Profit, Stop Loss, and Trailing for each position. Plus, it’s built to maintain only one open position at a time, which means it’s versatile enough to work on both hedging and netting accounts.
One of the standout features of this EA is the option to enable or disable trend identification based on the first bar of the Main timeframe. Let’s take a closer look at how the Off "Main timeframe" setting impacts your trades, using EURUSD on the H1 chart as an example:
Fig. 1. Parameter "Off 'Main timeframe'" set to true
Fig. 2. Parameter "Off 'Main timeframe'" set to false
Input Parameters
- Stop Loss Buy - Stop Loss level for BUY positions;
- Take Profit Buy - Take Profit level for BUY positions;
- Trailing Stop Buy - Trailing mechanism for BUY positions;
- Stop Loss Sell - Stop Loss level for SELL positions;
- Take Profit Sell - Take Profit level for SELL positions;
- Trailing Stop Sell - Trailing mechanism for SELL positions;
- Trailing Step - The step size for trailing (applies to both BUY and SELL);
- Lots - Fixed position volume (if set above zero, the "Risk" parameter must be zero);
- Risk - Automatically calculates position volume based on risk percentage (if set above zero, the "Lots" parameter must be zero);
- Off "Main timeframe" - Toggle for the "Main timeframe" parameter;
- Main timeframe - The primary timeframe used for trend analysis;
- Magic number - A unique identifier for the EA.
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