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.
Also, this pattern is found on almost all trading assets, therefore, EA Three Candle can be used on both currency pairs and CFDs, which makes it a multi-currency robot.
Installing the advisor
Despite the fact that the “Three Candles” pattern had already been known for about 20 years and was widely used in the commodity and stock markets, a separate pattern in the expert for the Forex market was implemented almost completely recently, namely in the middle of 2017.
Since the robot was published in the official MT4 developer library, you can not only use it for free, but also install it in two different ways. The first and easiest way to install the robot can be done through the library.
To do this, launch your MT4 trading terminal and go to the “Terminal” panel, where the latest information on your balance is located.
Then move to the “Library” tab and sort the received files so that only 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 fails for some reason, you can perform the standard installation procedure.
To do this, first of all, go to the end of the article and download the robot file at the end of the article.
Then you just need to drop the downloaded file into the appropriate folder in the terminal’s data directory, namely the folder called Expert. After installation using any of the methods, you must restart the trading platform or update it in the navigator panel, otherwise EA Three Candle will not appear in the list of advisors.
In order for the robot to start trading, just drag the name of the expert onto the chart. EA Three Candle Trading Strategy.
Settings The EA Three Candle Advisor is a non-indicator trading robot.
EA Three Candle is based on the very popular Three Candles pattern, so 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.
So in the Volume stock you can change the volume of the position with which the advisor will open an order at the moment the signal appears.
The StopLoss variable allows you to set the offset in points from the minimum or maximum, depending on the direction of the trade of the first candle of the “Three Candles” pattern.
The TakeProfit variable allows you to specify the coefficient by which the stop order should be multiplied in points, thus, with a coefficient of 2 and a stop order of 30 points, the profit will be 60 points (which means the stop order and profit will always be dynamic).
The MaxCandle and MinCandle variables allow you to set the minimum and maximum size of candles in points in order to filter out weak and overly strong patterns.
The Magic variable allows you to assign a unique code to orders, thanks to which the robot tracks only the transactions it has opened.
Testing the Expert Advisor
Since the author of the Expert Advisor does not give clear recommendations on the use of the robot, but only points out that it is necessary to perform optimization for each asset and time frame, we decided to carry out our own.
Filters were optimized, and the optimization itself took place for 2017 on the Euro/Dollar for 2017 on a four-hour chart.
This is what the yield curve looked like for 2017 after optimization:
In conclusion, it is worth noting that EA Three Candle is a good expert, however, since it is built on the “Three Candles” pattern, it often enters the market before the end of the trend, because after three offensive candles, most of the shocking impulses disappear.
Download the EA Three Candles advisor .