Candle EA MT4

Overview:This Expert Advisor (EA) is based on candlestick patterns and is designed to detect trends using these patterns. It features both profit and loss limits, which contribute to a low-risk trading strategy. The recommended time frame for using this EA is M30.

Best Currency Pairs:

• EURUSD

• GBPUSD

• AUDUSD

• USDCAD

Supported Time Frames:

• M30

• H1

• H4

Features:

• Uses candlestick patterns to detect trends.

• Incorporates profit and loss limits to manage risk.

• Avoids risky strategies like martingale or hedging.

• Adheres to FIFO rules.

• Suitable for trading with low capital.

• Offers various capital management strategies.

• Compatible with proprietary trading firms.

• Tested with a minimum capital of $100 and a leverage of 50.

• Works best with reputable brokers.

Settings:

• Magic Number: Useful for distinguishing trades when using multiple EAs simultaneously. Each EA should have a unique magic number.

• Order Long: Enables or disables long (buy) trades. By default, long trades are enabled.

• Order Short: Enables or disables short (sell) trades. By default, short trades are enabled.

• Comment: Helps differentiate trades made by this EA from others.

• Risk Percentage: Determines the risk percentage per trade. Recommended risk is 2%.

• Manual Lot Setting: Allows manual setting of the lot size for trades.

• Take Profit: Sets the profit target in points.

• Stop Loss: Sets the loss limit in points.

• Breakeven Enable: Activates the breakeven feature to protect profits.

• Breakeven Value: Specifies the profit level at which the stop loss is moved to the entry price.

• Max Spread: Prevents trading when the spread exceeds a specified threshold in points.

• Trailing Stop: Adjusts the stop loss to lock in profits as the trade moves in a favorable direction.

• Days of the Week: Allows disabling trading on specific days.

Frequently Asked Questions:

• Compliance with FIFO Rules?

• Yes, the EA fully complies with FIFO rules.

• Simultaneous Trading Across Multiple Pairs?

• Yes, the EA can trade simultaneously across all recommended currency pairs and time frames.

• Trading with Symbols Having Suffixes/Prefixes?

• The EA automatically recognizes symbols with suffixes or prefixes and requires no special settings.

• Compatibility with Other Symbols?

• The EA can be used with other symbols, but results may vary from the recommended pairs.

• Average Number of Trades?

• The average number of trades depends on the settings. Backtesting provides a good estimate of live trading activity.

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