EA trading based on Candle Color | Forex Factory

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EA trading based on Candle Color

  • #1
  • First Post: Edited 10:51am Nov 22, 2011 8:27am | Edited 10:51am
Hi,

I'm looking for an EA that does these :

(1). Open Position - it will BUY (for bullish candle) or SELL (for bearish candles) on next open candle. E.g. , if previous candle is Bullish, open BUY on next candle open.

(2). Close Position - after candle has changed color. E.g.,

Summary :
Bullish candle -> Bullish candle (open BUY position) -> Bullish candle -> Bearish candle -> Closed position.

Vice versa for bearish candle.

(3). Repeat the above 2 steps as long as the EA is running.

(4). Entry, Add-ons and Close position parameters :
- Able to select between 0-10 candle gaps = being 0 as Disabled, and 1 being "at least 1 same color candle" before trigger Open or Close position, etc.

Does anyone has any info on this ?

Thanks in advance.

Regards.
Forex is my business
  • #2
  • Nov 22, 2011 9:24am Nov 22, 2011 9:24am
IMHO it is not difficult to create such an EA but i think that it will not be profitable... why do you think that it will work? do you have any statistics regarding Bullish and Bearish candles.
Think twice before going live, even if you own the best trading strategy...
  • #3
  • Nov 22, 2011 10:03am Nov 22, 2011 10:03am
There are Heiken Ashi EAs around that are built similar to this. They usually look for multiple bullish / bearish candles. I don't think any of them are profitable, but you might want to try them out.
  • #4
  • Nov 22, 2011 10:44am Nov 22, 2011 10:44am
Quoting FxMaestro
IMHO it is not difficult to create such an EA but i think that it will not be profitable... why do you think that it will work? do you have any statistics regarding Bullish and Bearish candles.
The EA backtesting will tell whether this strategy is profitable.
Forex is my business
  • #5
  • Nov 22, 2011 10:45am Nov 22, 2011 10:45am
Quoting CodeMeister
There are Heiken Ashi EAs around that are built similar to this. They usually look for multiple bullish / bearish candles. I don't think any of them are profitable, but you might want to try them out.
Thanks, but I only need candle colour no other indicator is required, basically KISS.
Forex is my business
  • #6
  • Nov 22, 2011 3:44pm Nov 22, 2011 3:44pm
Done it, anything less than 4HR is toast, and on the larger TFs you'll need deep pockets.
  • #7
  • Nov 22, 2011 8:23pm Nov 22, 2011 8:23pm
Quoting samarrone
Done it, anything less than 4HR is toast, and on the larger TFs you'll need deep pockets.
Are you using any EA or manual trading ?
Forex is my business
  • #8
  • Nov 23, 2011 4:26am Nov 23, 2011 4:26am
As your post says, EA.
  • #9
  • Nov 23, 2011 5:20am Nov 23, 2011 5:20am
Quoting samarrone
As your post says, EA.
Do you mind to share the EA ?
Forex is my business
  • #10
  • Dec 18, 2013 3:15am Dec 18, 2013 3:15am
Quoting incomeideas
{quote} Do you mind to share the EA ?

... And there he (samarrone) was: gone :-)

Actually, it's quite nice of him, not wanting to share his terrible EA, don't you think so too? LOL
95% of the people don't believe 100% they can win, that's why they lose
  • #11
  • Dec 20, 2013 11:18am Dec 20, 2013 11:18am
I don't know if anyone still interested in the EA, but I had some free time and was bored, so I coded an EA for this. Unfortunately it's not a good strategy, but maybe someone will find a pair/timeframe/settings combo that works
Attached File(s)
File Type: mq4 Candle Color EA.mq4   9 KB | 4,284 downloads
  • #12
  • Jan 24, 2014 10:53am Jan 24, 2014 10:53am
Hi Zool,

Thanks for the EA works great, but could you make some modifications?

I would like a BE and a Trailing function if possible and a max order option because the EA enters a new order every time the platforms start (power failure and restarting the EA)

thanks in advance and best regards

AJ
  • #13
  • Aug 27, 2015 8:18pm Aug 27, 2015 8:18pm
Quoting Zool
I don't know if anyone still interested in the EA, but I had some free time and was bored, so I coded an EA for this. Unfortunately it's not a good strategy, but maybe someone will find a pair/timeframe/settings combo that works {file}
Hi

can anybody help me?

this is the only EA I found which has this "number of same coloured candels needed to open a trade", which is nice.........but I would need this same function for the closing of the trade also.

also, there should be an option to only open one position at a time

If someone could help me out I would be very thankfull. It seams this is a very simple EA to code, no?
  • #14
  • Jan 8, 2016 12:58am Jan 8, 2016 12:58am
Looking for Candle EA with the following action.

1. If previous candle is "bullish", it will open "BUY" position in the next open of candle.
2. If previous candle is "bearish", it will open "SELL" position in the next open of candle.
3. Change of candle direction will not close any position... instead, it will open another position based on previous candle. My strategy is to open many hedging position based only on previous candle direction by executing Step 1 or 2.
4. Additional Parameters:
Take Profit
Stop Loss
Trailing Stop
Trading Hours

Anyone can help, please.
  • #15
  • May 4, 2016 4:29pm May 4, 2016 4:29pm
If you add this strategy to a Renko chart and trade color of Heiken ashi over the top it can work well. My EA is only at a 60% win rate, but I'm trying to make it better by not trading around the doji's on the HA candles.

For example, it will take a trade if the previous bar color is the same, but not after a doji. However, I'm trying to make it only take trades when the HA candle opens with the same and is larger in size on open. Proving a little difficult.

The reason not trading after a doji is a good idea with this is the fact that doji will appear multiple times in a range and it really cuts down on the bad trades during a reversal. It's still far from complete though.

Also it's based on trading futures. But I like to come to FF for the education by other members.
  • #16
  • May 27, 2016 1:51pm May 27, 2016 1:51pm
hello
can you remove or insert optional in box Change of candle direction will not close any position and insert take profit?

thank you

tito
  • #17
  • Dec 25, 2016 4:26pm Dec 25, 2016 4:26pm
Quoting Zool
I don't know if anyone still interested in the EA, but I had some free time and was bored, so I coded an EA for this. Unfortunately it's not a good strategy, but maybe someone will find a pair/timeframe/settings combo that works {file}
Hey ZOOL are you still involve in this community ? I might have a question you are able to answer ! thanks
Learn the rope
  • #18
  • Feb 23, 2018 2:55pm Feb 23, 2018 2:55pm
Anyone can code this simple EA. I search alot without success. I need EA as the above person:

1. If previous candle is "bullish", it will open "BUY" position in the next open of candle.
2. If previous candle is "bearish", it will open "SELL" position in the next open of candle.
3. Change of candle direction will close position. So there is only 1 open trade for a currency pair.
4. Additional Parameters:
Take Profit
Stop Loss
Trailing Stop
  • #19
  • Feb 15, 2019 10:11am Feb 15, 2019 10:11am
Anyone can code this simple EA. I search alot without success. I need EA as the above person:
1. If previous candle is "bullish", it will open "BUY" position in the next open of candle.
2. If previous candle is "bearish", it will open "SELL" position in the next open of candle.
3. Change of candle direction will close position. So there is only 1 open trade for a currency pair.
4. Additional Parameters:
Take Profit
Stop Loss
Trailing Stop
  • #20
  • Jun 20, 2019 1:30am Jun 20, 2019 1:30am
This is good EA.
Best time frame is DAILY.
TP 20PIPS SL 30PIPS.
Best pairs EU,GU,AU,NU,UCHF,UCAD,EJ,UJ.

You can use RONz tp-sl EA to do trailing stop/step and lock your profits.

If the previous daily candle is bullish, buy on the next candle..tp 20pips sl 30 pips.
Try to do a back test first..which i did..out of 8 pairs..aleast 2 losses 6 wins..
Not bad.=)
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