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Thread: Candelabra

  1. #1
    Junior Member
    Join Date
    May 2010

    Default Candelabra

    Hi guys. I just found this forum, and I gotta say - its amazing.
    This section inspired me to post my own attempts at an EA. I have several, and I will post them all, but for now here is my most recent one.

    This EA is basically an adaptation of the Pattern_Recognition_Master_v3 indicator, which detects and displays a bunch of the more common candlestick reversal patterns.

    Although the pattern recognition is unmodified (although I removed the commented segments to make it more selective), I did add a few functions that I figured would improve the effectiveness.

    The main addition I made is the use of the ZigZag indicator to determine the direction of the trade. It is my understanding that when a reversal signal appears, it must go AGAINST the main trend for it to be a true reversal signal; thus the ZigZag indicator is checked to make sure that this is the case.

    Also I threw in RSI....not sure why... I think I was drunk.

    It only seems to work alright on the daily charts. Try it on the EURUSD (Daily) from 2007-Today.
    Here are the results for that:

    I only wish that earlier backtest results (say, 2000-2007) yielded similar results. Do you guys think that this profit is a statistical anomaly?

    Hopefully this EA can be improved upon. I mean....candles can't be complete bullshit...can they?

    Anyways here are the files.... if you want to edit the code/recompile it then place Patterns.mqh and common.mqh in your experts/include folder and Candelabra.mq4 in your experts folder.
    Attached Files Attached Files
    Last edited by mfurlend; 05-30-2010 at 06:06.

Tags for this Thread

add, backtest, candles, candlestick, eurusd, experts, forex, indicator, main, mq4, pattern, profit, rsi, signal, trend

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