The Evening Star Expert Advisor is designed specifically to trade the iconic "Evening Star" pattern. For those unfamiliar, this pattern is a powerful signal in technical analysis, indicating potential reversals in price action.
One key feature of this EA is that it doesn’t clutter your chart with indicators; instead, it operates behind the scenes, executing trades based on the Evening Star pattern.
When it comes to managing your trades, the EA calculates the lot size based on your specified risk percentage of the available margin, allowing you to stay in control of your trading strategy.
If you're looking to dive deeper into the mechanics of the Evening Star pattern, I recommend checking out the EveningStar indicator code for a comprehensive overview.
Expert Advisor Parameters
Here’s a rundown of the key parameters you can customize in the EA:
- Evening Star - Choose the type of position to open (either Buy or Sell).
- Take Profit (in pips).
- Stop Loss (in pips).
- Risk in percent for a deal - This sets how much risk you're willing to take per trade as a percentage of your free margin.
- Shift in bars (ranging from 1 to 255).
- Gap - Set to true if you want gaps to be considered in trading decisions.
- Candle 2 type - Toggle true to consider the type of the second candle in the pattern.
- Candle sizes - Set to true to factor in the sizes of the candles.
- true -> close opposite positions - This option helps manage any opposing positions effectively.
- Magic number - A unique identifier for the EA to manage its trades.
Keep in mind, this EA only triggers trades when a new bar forms, ensuring that you're making decisions based on the latest market conditions.
Related Posts
- Harnessing MQL5 Wizard for Trading Signals: 3 Black Crows & 3 White Soldiers with MFI
- Creating a Stochastic-Based EA for Hammer and Hanging Man Patterns in MetaTrader 5
- Mastering Trading Signals with MQL5 Wizard: Bullish and Bearish Engulfing Strategies
- Creating an Expert Advisor for Dark Cloud Cover and Piercing Line Patterns with CCI Confirmation
- Leveraging MQL5 Wizard: Crafting Trade Signals with Meeting Lines and Stochastic