If you’re looking to enhance your trading game on MetaTrader 4, the Candle Trader EA could be your new best friend. This expert advisor leverages the previous day's high and low candle prices, making it a nifty tool for both major forex pairs and NASDAQ stocks, especially when you’re trading on the H4 and daily time frames.
Key Features of Candle Trader EA
- Start with a demo account to get a feel for it.
- This EA operates based solely on the price of the open candle!
- Want to avoid increasing your lot size after a loss? Simply set IncreaseFactor=0.
Input Settings
- Use_TP_In_Money - Activate Take Profit in monetary terms (values: true/false).
- TP_In_Money - Set your Take Profit in money (values: 10-100).
- Use_TP_In_percent - Activate Take Profit in percentage (values: true/false).
- TP_In_Percent - Set your Take Profit in percentage (values: 10-100).
- ------------[Money Trailing Stop For Multiple Trades]----------------------
- Enable_Trailing - Turn on trailing stop using money (values: true/false).
- Take Profit In Money (in current currency) (values: 25-200).
- Stop Loss In Money (in current currency) (values: 1-20).
- --------------------------------------------------------------------------------------
- Exit - Close trades if the trend is against you to manage drawdown (values: true/false).
- Lots - Define your lot size (values: 0.01-1).
- Lots size Exponent (values: 1.01-2).
- IncreaseFactor - Adjust how much to increase lots if you lose a trade (values: 0.001-0.1).
- Stop_Loss - Set your Stop Loss (values: 30-500). / Set value 600 for Multiple Trades.
- MagicNumber - Assign a magic number (values: 1-100000).
- TakeProfit - Define your Take Profit (values: 50-200). / Set value 600 for Multiple Trades.
- FastMA - Set Fast Moving Average (values: 1-20).
- SlowMA - Set Slow Moving Average (values: 50-200).
- Mom_Sell - Momentum Sell trigger (values: 0.1-0.9).
- Mom_Buy - Momentum Buy trigger (values: 0.1-0.9).
- ---------------------CONTROL DRAW DOWN-----------------------------
- UseEquityStop - (values: true/false).
- TotalEquityRisk - (values: 0.01-20).
- -------------------------------------------------------------------------------
- Max_Trades (1-12).
- FractalNum - Number of High and Low (values: 1-10).
- ----------------IF YOU USE ONLY 1 TRADE:-----------------------
- /////////////////////////////////////////////////////////////////////
- USETRAILINGSTOP - If using trailing stop (values: true/false).
- WHENTOTRAIL - When to trail (values: 40-100).
- TRAILAMOUNT - Trail amount (values: 40-100).
- Distance From Candle - Distance From Candle (values: 1-100).
- USECANDELTRAIL - If using trailing stop (values: true/false).
- X - Number of candles (values: 1-100).
- USEMOVETOBREAKEVEN - Enable "break even" (values: true/false).
- WHENTOMOVETOBE - When to move to break even (values: 1-30).
- PIPSTOMOVESL = 30 - How many pips to move stop loss (values: 1-30).
- Don't forget to optimize this EA every few months using the inputs mentioned above.
- You can use it as a hedging grid EA or as a single trade EA.
- Curious about backtesting? Here’s a helpful guide: Backtesting Guide.
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