Candelabra

Trading Systems Expert Advisors and Automated Trading
1

This EA is basically an adaptation of the Pattern_Recognition_Master_v3 indicator, which detects and displays a bunch of the more common candlestick reversal patterns.

Although the pattern recognition is unmodified (although I removed the commented segments to make it more selective), I did add a few functions that I figured would improve the effectiveness.

The main addition I made is the use of the ZigZag indicator to determine the direction of the trade. It is my understanding that when a reversal signal appears, it must go AGAINST the main trend for it to be a true reversal signal; thus the ZigZag indicator is checked to make sure that this is the case.

Also I threw in RSI…not sure why… I think I was drunk.

It only seems to work alright on the daily charts. Try it on the EURUSD (Daily) from 2007-Today.
Here are the results for that:

I only wish that earlier backtest results (say, 2000-2007) yielded similar results. Do you guys think that this profit is a statistical anomaly?

Hopefully this EA can be improved upon. I mean…candles can’t be complete bull****…can they?

Anyways here are the files… if you want to edit the code/recompile it then place Patterns.mqh and common.mqh in your experts/include folder and Candelabra.mq4 in your experts folder.

Candelabra.zip (37.9 KB)

2

I used to write code many years ago on a mainframe IBM 4341 using COBOL, FORTRAN, and PL1. We had CMS and TSO operating systems. Our report generators were RAMIS and FOCUS.
I retired in 1992 and haven’t written a line of code since, or looked at any. (didn’t want to) I have to ask, what language are you using to code these EA’s? I wouldn’t even be thinking about coding up an ea if I were not on my third scotch.

3

The language is MQL4. A editor/compiler comes packaged with Metatrader 4. It is called MetaEditor 4. The language is very easy to learn; it is extremely similar to C++. I can send you some more info; PM me if you are interested. You can also just go to mql4.com, they have some tutorials there.

I suggest start with editing other people’s EAs.