Price Action Expert is a MetaTrader 4 robot that automates trade execution by combining Fibonacci levels with candlestick pattern analysis. The EA identifies the prevailing market trend through Fibonacci ratios and seeks entry signals using pin bars, engulfing patterns, and morning star formations. It features automate
Trading robot · MT4
Engulfing Pattern EA
This expert advisor for MetaTrader 4 executes trades based on the engulfing candle pattern, a classic price action signal.
GitHub stars1
Forks0
Last update6 years ago8 Jan 2020
LicenceNone stated
Overview
Engulfing Pattern EA identifies scenarios where the current candle completely covers the previous candle's range and filters entries using a Moving Average to ensure alignment with the prevailing trend. The EA places pending stop orders and manages risk through either fixed lot sizes or a balance-based risk percentage. It automatically calculates stop loss and take profit levels relative to the signal candle size and includes a feature to delete unfilled orders after a set number of bars.
- Engulfing candle pattern detection
- Moving Average trend filter
- Risk percentage based position sizing
- Automatic pending order expiration
- Adjustable SL and TP multipliers
Details
Author
JaydenTan98 on GitHub
Type
Trading robot
Platform
Strategy
Markets
Any symbol
Timeframes
Any timeframe
Risk Profile
No grid, martingale or hedging logic was found in its code or README. That says nothing about how it performs: backtest it first.
EA Files
Input Parameters
Read from Engulfing Pattern EA v1.2.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
s0 | string | ________ EA Settings ________ | ________ |
Lots_Cal | MoneyManagementOptions | RiskPercent | Lots Calculation Mode |
Fixed_Lots | double | 1.0 | Fixed Lot |
Risk_Perc | double | 0.25 | Risk % |
SL_Multiply_Factor | double | 1 | SL Multiply factor |
TP_Multiply_Factor | double | 1 | TP Multiply factor |
Number_Of_Candles | int | 15 | Delete Stop Order After "X" bars |
set2 | string | ________ MA Setting ________ | ________ |
Ma_Period | int | 10 | Period |
Ma_Method | ENUM_MA_METHOD | MODE_EMA | MA Method |
Ma_Shift | int | 0 | Shift |
Ma_Applied | ENUM_APPLIED_PRICE | PRICE_CLOSE | Applied Price |
How to Install It
- 1Download the sourceUse "Download source (.zip)" above, or clone JaydenTan98/MT4-Engulifing-Candle from GitHub, and unzip it.
- 2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL4/Experts.
- 3Copy the filesCopy the .mq4 file into Experts.
- 4Compile in MetaEditorOpen the file in MetaEditor and press Compile. Fix any missing includes the compiler reports.
- 5Test before you tradeRun it in the Strategy Tester, then attach it to a demo chart and allow algorithmic trading.
Third-party code. ForexR did not write, test or endorse this EA, and the summary above was generated automatically from its README and code. ForexR lists only repositories with readable source code and never hosts files. Read the code, backtest it and use a demo account first; automated trading can lose money quickly.
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