CandleBot is an advisor based on Japanese candlestick patterns.

Trading using Japanese candlestick patterns has become an integral part of the daily routine of a professional trader. Indeed, not a single indicator will show us a possible price change as quickly as a Japanese candlestick chart can show us.

What can we talk about if each advisor or expert is based on an analysis of the average indicators of Japanese candlesticks, either their number or the average price for the period, and even the opening of transactions often occurs on a closed candlestick. 

Many pros eventually give up trading with indicators and say that it is enough for them to see the price. But they do not say that under the words see the price there is candlestick analysis and patterns by which you can see possible reversals and the strength of the current trend.

The CandleBot advisor trades using Japanese candlestick patterns without using any risky money management methods such as martingale or reversal. The second feature of the expert is that it analyzes and trades 29 candlestick combinations, which you can disable, using only those that really work for you.

As you understand, the candlestick chart is available on any currency pair, so the patterns can be used on any instrument. The same situation is with time frames, however, most traders note that candlestick analysis is effective on higher time frames and is completely useless on minutes and five minutes.

Installing the expert will take you no more than two minutes. Drop the file with the advisor, which is available for download at the end of the article, into the expert folder of your terminal and restart it. After launching the platform, enter the list of experts and drag CandleBot onto the chart of a currency pair with a time frame from the hourly chart to the daily chart. A settings window will appear in front of you, which I will tell you about below:

 The developers of the expert have revealed maximum possibilities for setting and optimizing parameters. In the Lots line you can change the lot that the expert will trade. You also have the opportunity to enable money management in the MM line and set the risk percentage per position in the MMRisk line. The Expert Advisor also has a built-in time filter, so you can specify the start time of trading in the TimeStart line, and you can specify the end time of work in the TimeEnd line.

The UseTime line is responsible for enabling and disabling the time filter. You can also change the profit in the TakeProfit line, and the stop order in the StopLoss line.

In addition to standard money management, you can turn trailing on or off in the Tral line, and in the TralStartLevel line you can set after what number of points the trailing will begin, and in the TralStop line the step of the trailing itself.

In the DrawInfo line, you can enable or disable the display of the name of the candlestick combination at the moment of opening a position. In addition to the basic settings, you have access to a list of 29 patterns that you can turn on or off.

By default, all 29 candlestick combinations are included, but if you look at the trading history of the expert, then due to the fact that one of the patterns is triggered, the expert misses signals on others. We also don’t know what patterns are relevant and work for the currency pair you want to trade.

Therefore, before starting work, I recommend testing each of the patterns separately, and only then leaving for work those that really work.

I decided to conduct the first test on the euro/dollar currency pair on a four-hour chart. The test period is from January 1, 2015 to July 1, 2015. In the settings, I disabled almost all candlestick combinations, leaving only the Hanged Man, Hammer, Inverted Hammer, Harami, Tombstone Doji, Long-legged Doji, and Three White Soldiers patterns. You can see the test result in the picture below:

In conclusion, I want to say that with the help of this expert you can check how relevant certain candlestick patterns are.

The advisor works with a small deposit, so with its help you can make a profit without having a large balance. Download the CandleBot advisor.