Some useful information about Price Action Candle Detector. (19 Feb 2016)
It is small but powerful tool for your trading.
Note that Price Action Candle Detector can be used as independent trading straetgy or you can use it to double confirm trend reversal point only. In any case, it is recommeded to use secondary confirmation tool together. This indicator often works fine even in M1 or M5 time frame.
When you use Price Action Candle Detector as independent trading strategy with custom take profit and stop loss, breakeven might help you to improve your profitability. Plus after breakeven you might let it run all the way through its trend by trailing stop sensibly.
◾Use Custom Stop Loss and Take Profit: true or false only
◾Custom Open Price Candle Index: 0 or 1 only
◾Risk Reward Ratio (Reward/Risk): user more than 1.0
◾Stop Loss Offset in pips: Stop Loss Offset in pips specify the Stop loss offset distance from typical stop loss. If Stop Loss Offset in pips = 0, then Stop Loss offset will be not used. So with Stop Loss Offset in pips = 0, you can proceed with typical Stop Loss level for each pattern.
◾Custom Take Profit and Stop Loss Line Length: control line length for take profit and stop loss in your chart
◾Custom Take Profit and Stop Loss Line Width: control the thickness of take profit and stop loss line in your chart
◾Custom Take Profit and Stop Loss Text Size: control the size of text for take profit and stop loss line in your chart
◾Custom Take Profit Color: color of take profit line
◾Custom Stop Loss Color: color of stop loss line
◾Custom Open Price Color: color of open price line
If you are starters (or even experienced one), it is very useful to have some idea about your trading objective. Use this guided trading instruction.
◾Show Guided Trading Instruction: If you need some guide for your trading, use this guide line.
◾Guided Trading Instruciton X Coordination: default is generally ok
◾Guided Trading Instruction Y Coordination: default is generally ok
◾Your Target Success Rate: 55%(0.55) = default
◾Your Risk per Trade: 2% (0.02) = default
◾Your Target Trade Number: 100 = default
https://www.mql5.com/en/market/product/5721
https://www.mql5.com/en/market/product/5728
It is small but powerful tool for your trading.
Note that Price Action Candle Detector can be used as independent trading straetgy or you can use it to double confirm trend reversal point only. In any case, it is recommeded to use secondary confirmation tool together. This indicator often works fine even in M1 or M5 time frame.
When you use Price Action Candle Detector as independent trading strategy with custom take profit and stop loss, breakeven might help you to improve your profitability. Plus after breakeven you might let it run all the way through its trend by trailing stop sensibly.
◾Use Custom Stop Loss and Take Profit: true or false only
◾Custom Open Price Candle Index: 0 or 1 only
◾Risk Reward Ratio (Reward/Risk): user more than 1.0
◾Stop Loss Offset in pips: Stop Loss Offset in pips specify the Stop loss offset distance from typical stop loss. If Stop Loss Offset in pips = 0, then Stop Loss offset will be not used. So with Stop Loss Offset in pips = 0, you can proceed with typical Stop Loss level for each pattern.
◾Custom Take Profit and Stop Loss Line Length: control line length for take profit and stop loss in your chart
◾Custom Take Profit and Stop Loss Line Width: control the thickness of take profit and stop loss line in your chart
◾Custom Take Profit and Stop Loss Text Size: control the size of text for take profit and stop loss line in your chart
◾Custom Take Profit Color: color of take profit line
◾Custom Stop Loss Color: color of stop loss line
◾Custom Open Price Color: color of open price line
If you are starters (or even experienced one), it is very useful to have some idea about your trading objective. Use this guided trading instruction.
◾Show Guided Trading Instruction: If you need some guide for your trading, use this guide line.
◾Guided Trading Instruciton X Coordination: default is generally ok
◾Guided Trading Instruction Y Coordination: default is generally ok
◾Your Target Success Rate: 55%(0.55) = default
◾Your Risk per Trade: 2% (0.02) = default
◾Your Target Trade Number: 100 = default
https://www.mql5.com/en/market/product/5721
https://www.mql5.com/en/market/product/5728