MasterCandle

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System description:

f1trader:
1dave7:

Ok, here is how it works:

Can be used on any timeframe, and chart.

Eachtime frame will have a different range on the candlestick.

I will explain how 1 hour works:

We look back about 350 bars (All the bars from 1 to 350).

If the range of a candlestick is above lets say 150 pips, this is called the master candle.

Ok, from the 350 bars, then can be many master candles, this is all the candles on the 1 hour chart with a range greater than 150 pips.

If the current market price is below the master candle, then buy at 1/3rd of master candle, and tp at 2/3rd of master candle.

If the current market price is above the master candle, then sell at 1/3rd of master candle, and tp at 2/3rd of master candle.

Its a very simple EA. let me know what you guys think.

You will find the following diagram helpful in understanding how this strategy works.

Just made basic EA for this system, mainly to stop people to hijack other thread with such requests like here:

https://www.mql5.com/en/forum/177291/page137

Files:
mastercandle.mq4  4 kb
 

Thanks enforcer, I will test it out.

 

Martingale

Hi Enforcer,

Could you add a martingale feature in this, for a max of 3 continuios losses?

Win Rate seems to be like 50% on 4 hour EURUSD.

100 bars, and 100 pips range candle.

 

I'll try to add this, but I can't promise when... when I'll have some free time.

But fell free to edit code to suit your needs.

 
f1trader:

Win Rate seems to be like 50% on 4 hour EURUSD.

100 bars, and 100 pips range candle.

think this works better on the 3 bars high/low fibonacci levels

 

thanks for the share, will test it. hope its profitable

 

Thanks for the EA. Will test it out.

 

the determination master candle theory held for $eurchf

to start in forex

firstly, you have to find the 5% indicator that don't lie in your favorite TF and the currency pair

then look for the indicator that tell you the PRICE LEVEL to enter

then stick with the direction and see whether it give you the moments

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after you find all the above, test it in LIVE condition -- and be critical of the false positive signal

SL (swallow the loser) , TP (tip the top players) -- if you found a way to avoid SL, and able to follow your own TP, then STICK to it, don't change your mind or keep on looking for something else, as it probably work for about 3 to 9 weeks afterward

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master candle simply mean long candle while it give a huge range, and few hours later, traders will chase the either ends

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