Candle Action ByA
- Experts
- Aristeidis Gitas
- Version: 1.50
- Updated: 14 June 2024
- Activations: 10
The Candle Action ByA Expert Advisor (EA) is a sophisticated trading tool designed for the MetaTrader 5 platform. This EA employs a comprehensive strategy based on various technical indicators and conditions to execute trades
ONLY on the EUR/USD pair, particularly on the 5-minute timeframe. It uses seven different trading strategies, each with a minimum win rate of 60%.
Features
Trade Execution Logic:
- Executes trades based on significant price movements (big candles).
- Integrates RSI (Relative Strength Index) for overbought and oversold conditions.
- Utilizes multiple moving averages (MA) for trend detection.
- Implements dynamic support and resistance calculations.
Risk Management:
- Configurable lot size.
- Predefined stop loss and take profit levels.
- Ensures trade volume adheres to broker's minimum and maximum volume constraints.
- Recommended to use a lot size of 0.03 per $100.
- Automatic risk management: 0.03 per $100, max lot size 7.00.
Customization and Flexibility:
- Adjustable RSI and MA periods.
- Option to enable or disable grid trading.
- Configurable time period for trading activities.
Key Parameters
Trade Settings:
- magicnumber : Unique identifier for the EA's trades.
- takeProfitPoints : Points to define the take profit level.
- stopLossPoints : Points to define the stop loss level.
- basicLotSize : The initial lot size for trades.
Indicator Periods:
- RSI Period : Default is set to 14.
- MA Periods : Multiple MAs set to 50, 100, 200, 400, and 500 periods.
Trade Conditions:
- Buys or sells based on specific RSI and price conditions.
- Uses moving averages and support/resistance levels to validate trade entries.
Time Management:
- Trades only during specified hours (2 AM to 11 PM server time).
- Uses a timer to execute the main trading logic at defined intervals.
Trading Strategies
This EA incorporates seven different strategies, each designed to maximize profitability and maintain a minimum win rate of 60%:
-
Big Candle Strategy:
- Initiates trades based on significant price movements (e.g., 400 points) and specific RSI levels.
-
Support and Resistance Levels:
- Executes trades when the price interacts with calculated support and resistance levels.
-
RSI-Based Strategy:
- Trades based on RSI values, targeting overbought and oversold conditions.
-
Moving Average Crossovers:
- Confirms trades using multiple moving averages to ensure alignment with the trend.
-
Trend Continuation:
- Identifies and trades in the direction of the prevailing trend using MA and RSI indicators.
-
Reversal Patterns:
- Detects potential market reversals based on price action and RSI divergence.
-
Breakout Strategy:
- Trades breakouts from significant support and resistance levels.
Installation and Usage
- Download and Install: Download the Candle Action ByA EA and place it in the Experts directory of your MetaTrader 5 platform.
- Attach to Chart: Open the EUR/USD chart on the 5-minute timeframe and attach the EA to the chart.
- Configure Settings: Adjust the input parameters according to your trading preferences.
- Enable Algo Trading: Ensure the "Algo Trading" button is enabled on your MetaTrader 5 platform.
Conclusion
The Candle Action ByA Expert Advisor combines robust technical analysis with a disciplined trading approach to provide a reliable trading tool for the EUR/USD pair. Utilizing seven different strategies with a minimum 60% win rate, this EA offers a strategic edge in the fast-paced forex market. Whether you are a novice or an experienced trader, this EA can enhance your trading performance.
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