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Seven Candles for MT5

The Seven Candles is an Expert Advisor that implements a strategy originally described on the book Short Term Trading Strategies That Work by Larry Connors and Cesar Alvarez.

Developed to trade stock indexes (SP500, Down Jones, NASDAQ, BOVESPA, Nikkei, etc.), this strategy seeks for trading opportunities based on where the close price is in relation with Simple Moving Average indicator. However, in order to be triggered, a pattern between candles also must occur.

The original strategy seeks long positions on daily charts only, but the Seven Candles EA can also seek short positions as well.


Long Entry Rules

  • Price is above 200 SMA.
  • Lowest low of last seven candles occurred on last candle.


Short Entry Rules

  • Price is below 200 SMA.
  • Highest high of last seven candles occurred on last candle.


Long Exit Rules

  • Highest high of last seven candles occurred on last candle.


Short Exit Rules

  • Lowest low of last seven candles occurred on last candle.

This strategy boasts a 60%-75% success rate in average and works very well on trending markets. As the original strategy does not uses stop loss nor take profit (because the exit is strictly conditioned by the price behavior), the losing trades outweigh the winning ones. However, the Seven Candles EA has additional built-in features, like take profit, stop loss and trailing stop allowing it to yield different results than the original strategy.


*Expert Parameters

  • Order Type - List with options that inform the EA what trade type it will seek, as follows:
    • LONG ONLY - EA will search only for buy opportunities.
    • SHORT ONLY - EA will search only for sell opportunities.
    • LONG & SHORT - EA will search for both buy and sell opportunities.
  • System ID - Identifies trades opened by the EA.
  • Trade Volume - Lots of each trade.
  • Stop Loss (as points) - Stop Loss.
  • Take Profit (as points) - Take Profit.
  • Trailing Stop Trigger in points (0 turns-off) - When an opened position is on profit, informs the EA when it should perform trailing stop operations. Zero (0) value turns-off this feature.
  • Trailing Step Trigger in points (0 BreakEven) - When trailing stop is going to be triggered, tells EA where it should adjust the first stop value on profit. Zero (0) value puts stop on break-even.
  • Moving Average Period - Period for Moving Average Calculation.
  • Moving Average Calculation Method - Informs the EA how the Moving Average should be calculated. Options are:
    • Simple.
    • Exponential.
    • Smoothed.
    • Linear weighted.
  • Moving Average Calculation Price - Informs the EA what price will be used during Moving Average calculation. Options are:
    • Close price.
    • Open price.
    • High price.
    • Low price.
    • Median price.
    • Typical price.
    • Weighted price.
  • Candle lookback for Entry - Informs the EA how many candles it will analyze for entry.
  • Candle lookback for Exit - Informs the EA how many candles it will analyze for exit.
  • **Trade Start Time - Start time to seek for new trading opportunities.
  • **Trade EndTime - End time to seek for new trading opportunities.

(*) Using default parameters value, the EA will behave exactly as the original strategy described on the book.

(**) Trade time does not interfere with management of opened positions. Also, using default time values the EA will search trades while the market is opened.

This EA works on any pair/timeframe.

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¡Promoción de lanzamiento! ¡Quedan solo algunas copias al precio actual! Próximo precio: 1533 $ Precio final: 1993$ Live signal:  https://www.mql5.com/en/signals/2220893?source=Site+Profile+Seller MT4:  https://www.mql5.com/en/market/product/113580?source=Site+Market+Product+Page For more top Expert Advisors and Indicators, visit:   https://www.mql5.com/en/users/lothimailoan/seller I am Los, please subscribe to receive more updates:   https://www.mql5.com/en/users/lothimailoan/news US30 Scalp
Hercules AI
Aleksandr Chebotaev
2.6 (30)
Hello, my name is Alexander. I would like to introduce you to my new development, the Hercules AI advisor. The advisor is synthesis of Price Action Method and Artificial Intelligence technologies.  It doesn't use  any indicators. The EA works well on Gold  pair. The advisor has shown stable performance for more than 10 years. It does not use dangerous trading methods such as martingale, etc. All transactions are protected by take profit and stop loss. I tried to make the advisor as easy to insta
Ultimate Bot
Mr James Daniel Coe
4.64 (11)
9 asesores por el precio de uno El último bot que tendrás que comprar. Ultimate Bot es un Asesor Experto multiestrategia que opera   con XAUUSD, GBPUSD, AUDCAD, USDCAD, EURGBP, EURUSD, GBPJPY, USDJPY y EURJPY, utilizando una combinación de patrones de seguimiento de tendencias, reversión a la media y ruptura. Cada estrategia opera en base a la equidad de la cuenta, por lo que si un grupo está en reducción, los demás reducen su riesgo, trabajando juntos para optimizar el rendimiento. Una confi
FT Gold Robot MT5
Marzena Maria Szmit
4.35 (48)
Introducing the FT Gold Robot MT5, your ultimate companion in navigating the intricate world of XAUUSD trading. Developed with precision and powered by cutting-edge algorithms, FT Gold is a forex robot meticulously crafted to optimize your trading performance with XAUUSD pairs . With its advanced analytical capabilities, FT Gold Robot constantly monitors the gold market, identifying key trends, patterns, and price movements with lightning speed. The FT Gold Robot opens 5 positions every day (you
Waka Waka EA MT5
Valeriia Mishchenko
4.1 (39)
EA has a live track record with 4.5 years of stable trading with low drawdown: Live performance MT4 version can be found here Waka Waka is the advanced grid system which already works on real accounts for years. Instead of fitting the system to reflect historical data (like most people do) it was designed to exploit existing market inefficiencies. Therefore it is not a simple "hit and miss" system which only survives by using grid. Instead it uses real market mechanics to its advantage to make p
Daytrade Pro Algo MT5
Profalgo Limited
3.88 (8)
Promoción de lanzamiento: Número limitado de copias disponibles al precio actual Precio final: 990$ Ultimate Combo Deal   ->   click here LIVE RESULTS:   https://www.mql5.com/en/signals/1949810 JOIN PUBLIC GROUP:   Click here Set Files ¡Bienvenido a DayTrade Pro Algo!   Después de años de estudiar los mercados y programar distintas estrategias, he encontrado un algoritmo que tiene todo lo que necesita un buen sistema de trading: Es corredor independiente Se propaga independiente Muestra p
Supply Demand EA ProBot MT5
Georgios Kalomoiropoulos
4.5 (2)
Asesor totalmente automatizado basado en el principio de oferta y demanda . La primera empresa en ofrecer asesoramiento de oferta y demanda totalmente automatizado. Operar ahora es aún más fácil y le brinda control total sobre su estrategia comercial. A través del conveniente panel gráfico de operaciones. Obtiene un software de comercio algorítmico de altísima calidad con más de 15.000 líneas de código. Requisitos Guía ProBot de la propuesta de EA El desafío Trading Prop Firms y completar to
Quantum StarMan
Bogdan Ion Puscasu
4.91 (77)
Hola a todos, permítanme presentarme: Soy   Quantum StarMan,   el miembro más electrizante y fresco de la familia   Quantum EA   . Soy un EA multidivisa totalmente automatizado con el poder de manejar hasta 6 pares dinámicos:   AUDUSD, EURAUD, EURGBP, EURUSD, GBPUSD y USDCAD   . Con la máxima precisión y una responsabilidad inquebrantable, llevaré su juego comercial al siguiente nivel. Aquí está el truco: no confío en las estrategias de Martingala. En lugar de ello, utilizo un sofisticado
Big Forex Players MT5
Marzena Maria Szmit
4.8 (40)
We proudly present our cutting-edge robot, the  Big Forex Players EA  designed to maximize your trading potential, minimize emotional trading, and make smarter decisions powered by cutting-edge technology. The whole system in this EA took us many months to build, and then we spent a lot of time testing it. This unique EA includes three distinct strategies that can be used independently or in together. The robot receives the positions of the  biggest Banks  (positions are sent from our database t
Gold Excel MT5
Gregory Hay
4.81 (16)
Bienvenido a       Versión GoldExcel EA MT5   , negociación válida en el par de divisas XAUUSD (GOLD) del día. ¡Diseñado por nuestro equipo para trabajar con cuentas regulares, cuentas patrocinadas y tareas! ¡No utilice operaciones de alta frecuencia! See all products here:   https://www.mql5.com/en/users/fxmanagedforexltd/seller El precio de oferta inicial aumenta cada pocas semanas. Jin Zhuo       Es una estrategia comercial de un día que utiliza únicamente pares de oro. El par de oro es ideal
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This strategy searches for trade opportunities based on what area the close price is, in comparison with Moving Average. In order to be triggered, a pattern between candles also must occur. The EA works well on trending markets. It has been initially developed for stock markets indices (SP500, NASDAQ, etc) on Daily chart entering long positions only. However, I refined the strategy in order to enter short positions as well. It does not use stop loss or take profit, so the losing trades outweigh
The Intraday Momentum Index ( IMI ) is a technical indicator that combines aspects of Candlestick Analysis with the Relative Strength Index ( RSI ). The Intraday Momentum Index indicator concept remains similar to RSI and includes the consideration for intraday open and close prices. The IMI indicator establishes a relationship between a security open and close price over the duration of a trading day, instead of how the open and close prices vary between different days. As it takes into conside
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Versión 1.3 2021.11.26
Add System ID (magic number)
Possibility to trade Long or short only
Versión 1.2 2020.04.07
Fix EA icon
Versión 1.1 2020.04.07
Recompiled to accommodate new builds of MetaTrader