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Is this possible with metatrader?

  • Post #1
  • Quote
  • First Post: Jul 6, 2006 1:26pm Jul 6, 2006 1:26pm
i want to create an expert advisor to execute when a certain candle pattern happens. i dont know the capabilities of metatrader, but i want to place an order and a stop order when . is this possible?
yes
Yes it is possible. With MQL language built into Metatrader you can create a program that does so.

In my opinion candlestick patterns are not very reliable because:

 

  1. When they appear as reversal patterns they can't mention whether the trend is really reveresed or the market has entered a consolidation period. On the other hand you need to use other means to recognize the trend because candlestick patterns can't tell you whether we are in trend mode or not.
  2. When they appear as continuation patterns you need to make sure a trend already exists. Recognizing trend existence is not an easy task when you use automated trading systems. Wilder's indicators are useful but are not enough in many cases.
  3. These patterns do not define the Take Profit/Stop Loss limits. You need to use other means.
  4. Recognition of many of the candlestick patterns is really subjective. For example how do you define a doji or a hanging man in terms of numbers. Your definition can be different from mine.

My suggestion is to use them as supplementary tools only.

Good Luck

Quoting clam61
i want to create an expert advisor to execute when a certain candle pattern happens. i dont know the capabilities of metatrader, but i want to place an order and a stop order when . is this possible?
I would say yes, I'm not a programmer but I don't see why not, no matter if they are candlesticks, bars, or whatever, you always have open, close, high, and low. Metatrader doesn't have to know that you like candlesticks .

As for how to do it, I think there was a thread here where people requested indicators/EAs and some programmers popped up willing to help. Just pretend it's a small project and unveil your requirements gradually as you go, otherwise you will scare them away.

Good luck,

Dane
Quoting great*dane
I would say yes, I'm not a programmer but I don't see why not, no matter if they are candlesticks, bars, or whatever, you always have open, close, high, and low. Metatrader doesn't have to know that you like candlesticks .

As for how to do it, I think there was a thread here where people requested indicators/EAs and some programmers popped up willing to help. Just pretend it's a small project and unveil your requirements gradually as you go, otherwise you will scare them away.

Good luck,

Dane
lol, actually there is some candlestick pattern recognition indicator for metatrader somewhere in this forum.
I happen to be looking for one and found it.

Actually... I'm not quite interested in the pattern identification... only interested in getting the indicator to identify long tailed candles for me.
Anyone here happen to know how to do program that into mt4?

Appreciate it


(btw, I haven't checked out e indicator. I pulled it off e web somewhere)
Attached File
File Type: zip candlestick.zip   1 KB | 649 downloads
One Mind, Any Market
"Long Tail" candles?

Sounds like a pin bar to me. There's already a thread dedicated to pin bars with EAs and indicators to match
  • Post #8
  • Quote
  • Last Post: Aug 18, 2011 7:25am Aug 18, 2011 7:25am
Quoting Ronald Raygun
"Long Tail" candles?

Sounds like a pin bar to me. There's already a thread dedicated to pin bars with EAs and indicators to match

can you share a link there mate
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