Simple candle filter martingale EA – expert for MetaTrader 4

  • Platform: Metatrader4
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • This EA uses a candle size filter to initiate a trade.

    Attribution: Ideas are mine, code is compiled using fxdreema.

    Concept

    If the Candle size is > x pips, then the EA will enter into a buy trade.

    The candle size is an input in the EA settings.

    If the buy trade results in a loss, The EA will enter into the next trade at a scaled up lot size.

    The scale factor is adjustable in the EA settings.

    Main principle of the concept

    The main principle behind all EAs that I design is to control the number of consecutive losses (Rather than to predict where the price is moving
    next).

    This control is accomplished by increasing the Candle size required in the settings until a sufficiently low (safe) amount of consecutive
    losses occur over a long test period.  (The reason for controlling the consecutive losses is so that we can safely use the martingale
    strategy).

    Settings

    I use USDJPY and 4hr chart for testing. Other timeframes will work too.

    I usually set the settings for candle size to be 20 or more , preferably 30.

    10 or less will usually not work.

    TP and SL

    The TP and SL I use are normally a ratio of 1:1

    and the settings are 50 TP and 50 SL

    Settings of 75TP 50SL; 100TP 50SL, work if you use a lower scale factor such as 1.5.

    This is because when the Ratio of TP to SL changes, the probability of winning to losing on average changes, and so do the number of consecutive
    losses (important).

    I find as a rule of thumb that the max consec losses is usually 6 times the average losses, and that average losses in a similar ratio of TP:SL
    ratio (the same or a multiple of the TP:SL ratio or a less favourable ratio).

    EXample a TP:SL of 50pips:50pips gives average wins to losses of 2:2 or worse 2:3 due to spread

    And max consec losses of example 2×6=12. (We aim to lower these to less than 8, perhaps 6 would be good- using the candle filter)

    Feedback is welcome. We can develop more advanced ideas to control consecutive losses and unleash the power of martingale in a random market
    environment.

    • 1. Open the MT4 trading software – “File” – “Open Data Folder” in the upper right corner
    • 2, find the “MQL4” folder – “Experts”, put the EA in this folder
    • 3, need to refresh or restart the trading software to display EA, find “EA” in “Navigation” – “EA Trading”
    • 4, find the EA you need to use, right click the mouse, select “attach to the chart” (additional chart: EA uses the currency to be linked, if you need to hang Europe and America, please attach to the AUDUSD chart)
    • 5. After adding the chart, set the EA parameter. In the “Common” option, select “Multi-empty position” and check the box in front of “Allow real-time automatic trading”
    • 6, in the “input parameters”, set the relevant parameters, generally modify the number of single hand, jiacang distance, loss ratio, 10,000 US dollars according to the minimum parameter settings, after setting “confirm
    • 7. After setting the EA parameters, start the EA. In the “Tools” – “Options” – “EA” – check “Allow DLL import” to confirm