Candlestick Advisor EA Three Candle
Many beginners, for some unknown reason, greatly underestimate the information content of a candlestick chart. As a result, such traders can see a dozen indicators on the chart, while the price itself is practically invisible behind them.
In fact, charts can reveal simply enormous information for a trader, starting from the current parity of forces between bulls and bears and ending with signals for a continuation or reversal of the trend.
Of course, not everyone can study all the patterns, of which there are dozens, but the simplest and at the same time the most frequently occurring patterns should not only be familiar and studied, but also applied at the right time.
One of such strong patterns of trend reversal and continuation is considered to be “Three Candles”, and in this article you can get acquainted with the forex advisor EA Three Candle, which will allow you to fully automate trading using this pattern.
The EA Three Candle Candlestick Advisor is a fully automatic trading robot that is built on the basis of two candlestick analysis patterns: “ Three Black Crows ” and “Three White Soldiers”.
These patterns, as a rule, appear during the movement of a trend after a rollback, or when a new trend emerges, which undoubtedly makes the expert trend and counter-trend at the same time.
This pattern also appears on almost all trading assets, meaning the Three Candle EA can be used on both currency pairs and CFDs, making it a multi-currency robot.
Installing the advisor
Despite the fact that the "Three Candles" pattern has been known for about 20 years and has been widely used in the commodity and stock markets, the pattern was implemented separately in an expert advisor for the Forex market almost quite recently, namely in mid-2017.
Since the robot was published in the official MT4 developer library, you can use it for free and install it in two different ways. The first and easiest way is through the library.
To do this, launch your MT4 trading terminal and go to the "Terminal" panel, where you can find up-to-date information on your balance.
Then go to the Library tab and sort the received files so that only the ones you want to display are displayed in the list advisors.
Find EA Three Candle in the sorted list and download the expert using the additional menu as shown in the image below:
If installing the robot through the library failed for some reason, you can follow the standard installation procedure.
To do this, first scroll to the end of the article and download the robot file. Then, simply copy the downloaded file to the appropriate folder in the terminal data directory, specifically the folder named "Expert."
After installing using any method, you must restart the trading platform or refresh it in the navigator panel, otherwise, the Three Candle EA will not appear in the list of advisors. To start trading, simply drag the EA name onto the chart.
EA Three Candle Trading Strategy. Settings.
The Three Candle EA is an indicator-free trading robot. The Three Candle EA is based on the very popular "Three Candles" pattern. If three bullish candles appear, the EA buys, and if three bearish candles appear, the EA sells.
The robot places a stop order at the minimum or maximum of the first candle of the pattern, while a special coefficient is used to calculate profit.
In the Volume field, you can change volume the EA will use to open an order when a signal occurs.
The StopLoss variable allows you to set an offset in points from the minimum or maximum, depending on the direction of the first candlestick of the "Three Candles" pattern.
The TakeProfit variable allows you to specify a multiplier by which the stop order should be multiplied in points. Thus, with a multiplier of 2 and a stop order of 30 points, the profit will be 60 points (both the stop order and the profit will always be dynamic).
The MaxCandle and MinCandle variables allow you to set the minimum and maximum candlestick sizes in points to filter out weak and overly strong patterns.
The Magic variable allows you to assign a unique code to orders, allowing the EA to track only the trades it has opened.
Testing the EA
: Since the author of the EA does not provide clear recommendations for using the EA, but only indicates that optimization is required for each asset and timeframe, we decided to conduct our own.
The optimization included filters, and the optimization itself was performed for 2017 on the EUR/USD on a four-hour chart. This is what the yield curve for 2017 looked like after optimization:
In conclusion, it's worth noting that the Three Candles EA is a decent expert advisor. However, since it's based on the Three Candles pattern, it often enters the market before the trend ends, as after three advancing candles, most shocking impulses fade away.
Download the Three Candles EA advisor .
