Candlestick Pattern EA

The Candlestick Pattern EA is an expert advisor that is designed to use the Japanese candlestick patterns to guide trading decisions on multiple currency pairs. With eight built-in strategies, it also features advanced risk management settings, including hard and virtual take profit and stop loss levels.

In this article, we’ll take a closer look at the EA’s features, strengths, and weaknesses, and explore whom it may be suitable for. By the end of this review, you should have a good understanding of the Candlestick Pattern EA and be able to decide whether it’s a suitable tool for your trading needs.

Candlestick Pattern EA Strategy

The Candlestick Pattern EA is a fully automated trading robot that uses 8 different built-in strategies based on Japanese candlestick patterns to analyze market trends and identify trading opportunities. It runs on the MetaTrader 5 platform and can be used with various currency pairs and other financial instruments on any timeframe.

The EA works by analyzing historical price data and identifying patterns in the market that suggest potential trading opportunities. Once a potential trading setup is identified, the EA automatically opens a trade according to the selected strategy and settings. One of the strengths of the Candlestick Pattern EA is that it does not use risky strategies such as Martingale or Grid. It is recommended by the developer to use an ECN broker, such as IC Markets, to trade with the EA.

Candlestick Pattern EA
Candlestick Pattern EA

However, the Candlestick Pattern EA also has its weaknesses. The EA relies solely on historical price patterns to make trading decisions which can result in missed opportunities or losses if unexpected market movements occur. It may not perform as well in certain market conditions, such as low volatility or high impact news periods.


The Candlestick Pattern EA is worth considering for traders who want to automate their trading strategies and have an interest in using Japanese candlestick patterns. As with any trading tool, it is recommended that traders test the EA on a demo account before using it on a live account to mitigate potential loss.

Candlestick Pattern EA Features

  • Fully automated Expert Advisor
  • Uses 8 different built-in strategies based on Japanese Candlestick Patterns
  • Does not use dangerous techniques like Martingale or Grid
  • Has specially optimized set files for many symbols/instruments
  • Allows for hard and virtual take profit and stop loss levels
  • Supports SL, TP, BE, and trailing SL levels in percentage of the average daily range
  • Offers time and price level settings for maximum flexibility

Candlestick Pattern EA Settings

  • Allow Long/Allow Short: enables or disables the EA’s ability to take long or short positions
  • Lot Size: determines the size of the position the EA will take
  • Use Risk %: calculates lot size based on a percentage of account balance
  • Risk: sets the risk per trade as a percentage of account balance
  • Magic Number: identifies the EA’s trades in the platform’s trade log
  • EA Comment: adds a comment to the platform’s trade log for easier identification
  • Offset in Points: adds a distance between the order opening price and the actual market price
  • Try Minutes: determines the number of minutes the EA will wait before placing a trade
  • Timeframe: sets the timeframe the EA will trade on
  • Opposite Logic: enables or disables the EA’s ability to take trades in the opposite direction
  • Use 3 White Soldiers / 3 Black Crows Strategy: enables or disables the use of the 3 white soldiers/3 black crows strategy
  • Use 3 Outside Up / Down Strategy: enables or disables the use of the 3 outside up/down strategy
  • Use 3 Inside Up / Down Strategy: enables or disables the use of the 3 inside up/down strategy
  • Use 4 Candles Up/Down Strategy: enables or disables the use of the 4 candles up/down strategy
  • Maximum Slippage in Points: sets the maximum allowable difference between the requested price and the actual execution price
  • Use SL/TP in Percentage of Average Daily Range: sets the stop loss and take profit levels as a percentage of the average daily range
  • Stop Loss/Take Profit/Virtual Stop Loss/Virtual Take Profit/Break Even/Trailing Start/Trailing Stop/Trailing Step: sets the corresponding level in points or as a percentage of the average daily range
  • Average Daily Range Candles: determines the number of candles used to calculate the average daily range
  • Use Partial Closure: enables or disables the ability to partially close a position
  • Partial Closure Level: sets the level at which the partial closure will occur
  • Partial Closure %: sets the percentage of the position to be closed
  • Basket Take Profit %: sets the take profit level for all open positions as a percentage of the account balance
  • No Trading Candles Timeframe: sets the time frame during which the EA will not trade

Candlestick Pattern EA Summary

The Candlestick Pattern EA is an automated trading system that can trade a range of financial instruments using eight built-in strategies based on Japanese candlestick patterns. Its strengths include the absence of dangerous strategies like martingales or grids.

However, the EA’s performance is highly dependent on the current market conditions. If the market is choppy or ranging, the EA may generate a large number of false signals, resulting in losses. Overall, Candlestick Pattern EA is worth considering for traders who are comfortable with Japanese Candlestick patterns. To reduce risk, demo testing the EA and applying good risk management settings are recommended.

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