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Seven Candles for MT5

  • Experts
  • Luiz Tim
  • Version: 1.3
  • Mise à jour: 26 novembre 2021
  • Activations: 5

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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Marzena Maria Szmit
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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
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PAVEL UDOVICHENKO
4.82 (11)
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Profalgo Limited
4.08 (12)
Bienvenue chez Indicement ! PROP FIRM READY ! -> téléchargez les fichiers de l'ensemble   ici PROMOTION DE LANCEMENT : Il ne reste que quelques exemplaires au prix actuel ! Prix ​​final: 990$ NEW: Choose 1 EA for FREE! (limited to 2 trading account numbers) Offre Combo Ultime     ->     cliquez ici REJOIGNEZ LE GROUPE PUBLIC :   Cliquez ici   LIVE SIGNAL INDICEMENT     apporte mes 15 années d'expérience dans la création d'algorithmes de trading professionnels aux marchés indiciels. L'EA utili
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Marzena Maria Szmit
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Xian Qin Ceng
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Andrei Nazarets
2 (1)
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Yvan Musatov
Professional trading robot   Albatross : Your reliable assistant in the Forex market Albatross is an innovative trading robot designed to analyze the market using a specialized algorithm. This expert uses advanced methods to assess the strength and amplitude of price movements, which allows it to accurately predict trend reversals and make optimal trading decisions. Benefits of using Albatross Unique analysis algorithm: Albatross analyzes market data for a certain period of time, assessing th
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Thi Thu Ha Hoang
4.71 (28)
Le Black Friday est là, et nous vous offrons une remise exclusive de 30 % sur le Boring Pips EA ! C'est une occasion rare de posséder un EA avec une performance de trading réelle et en direct de près de 1000 %—suivie et vérifiée. Vous ne trouverez pas une offre comme celle-ci ailleurs ! Mais ne tardez pas ! Cette incroyable offre n'est disponible que jusqu'au 7 décembre, ou pour les 10 premiers clients, selon la première éventualité. Une fois que c'est parti, c'est parti. Agissez maintenant et
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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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Version 1.3 2021.11.26
Add System ID (magic number)
Possibility to trade Long or short only
Version 1.2 2020.04.07
Fix EA icon
Version 1.1 2020.04.07
Recompiled to accommodate new builds of MetaTrader