Candle
This EA detects and trades based on candlestick pattern formations. It scans for specific candle patterns on the current timeframe and generates entry signals when qualifying patterns are identified, then manages positions with defined exit rules.
Open the interactive view (equity curve, symbol switch)Key facts
Backtest results (H1, about 1 year)
| Symbol | P&L | Annual | Max DD | Trades | Win rate | Sharpe | Recovery | Losing streak | Per trade | Status |
|---|---|---|---|---|---|---|---|---|---|---|
| EURUSD | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Not convertible yet |
| GBPUSD | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Not convertible yet |
| USDJPY | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Not convertible yet |
| XAUUSD | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Not convertible yet |
Why this EA never traded: no entry rule survived the conversion.
Converted from MQL5 to Python and run with the same rules for every EA. Positions use MT5 lot sizes (100,000 units per FX lot, 100 oz per gold lot) with 1:100 leverage, one order at a time, and a stop-out below 10% of the starting balance. Sharpe is computed from the equity curve. Results marked as unreliable are shown for completeness only.
Blow-up risk: No blow-up pattern found
None of the usual blow-up patterns were found in the code, and the account was not stopped out in our backtests. That is not a guarantee: any EA can lose money.
High: stopped out in our backtest, or martingale/grid sizing without a stop loss. Elevated: martingale or grid sizing with a stop loss, or several positions at once without a stop loss. What the label means and what we found →
Strategy analysis
The core strategy of this EA is based on classical candlestick pattern recognition for trading decisions. Entry conditions rely on identifying specific candlestick formations such as engulfing patterns, hammer candles, doji, and other reversal or continuation signals, with entries placed at the next bar's open once a pattern is confirmed. Exit conditions typically include fixed stop-loss and take-profit levels or pattern-based price targets, depending on the parameter configuration. Position sizing employs either fixed lot sizes or dynamic lot calculation based on account equity or risk percentage. Money management relies on user-defined risk parameters to control exposure per trade. The overall strategy logic is straightforward and intuitive, but candlestick pattern recognition is prone to false signals in noisy markets, lacking multi-timeframe confirmation and volume verification.
Strengths
- Strategy logic is intuitive and based on well-established technical analysis theory
- Candlestick patterns have higher reliability near key support and resistance levels
- Clean parameter set makes it easy for users to adjust and optimize
Weaknesses
- Candlestick patterns frequently generate false signals in ranging markets leading to repeated losses
- Lacks multi-timeframe confirmation, reducing reliability of single-timeframe pattern recognition
- Does not account for trading costs and slippage impact on short-term pattern-based trading
Possible improvements
- Add multi-timeframe confirmation such as H4 pattern with H1 trend direction filter
- Incorporate volume or volatility filters to improve pattern signal quality
Risk assessment
Overall risk: Medium
- Single candlestick pattern recognition has high false signal rate in noisy markets, potentially causing consecutive losses
- Lacks maximum drawdown control and consecutive loss limiting mechanisms
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
LotSize | 0.1 | Lot size per trade |
StopLoss | 50 | Stop loss in points |
TakeProfit | 100 | Take profit in points |
MagicNumber | 12345 | EA magic number for identifying orders |
Timeframe | 0 | Trading timeframe, 0 to disable |
Similar Candlestick Pattern EAs
Backtests are historical simulations and do not guarantee future results. Not financial advice.