MP Candlestick
This EA identifies and trades based on Japanese candlestick patterns on the chart. It scans for specific reversal or continuation patterns and automatically opens positions when a qualifying pattern is detected, with configurable lot sizing and stop loss/take profit levels.
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 | — | — | — | — | — | Conversion problem |
| GBPUSD | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Conversion problem |
| USDJPY | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Conversion problem |
| XAUUSD | 0.00% | 0.00% | 0.00% | 0 | — | — | — | — | — | Conversion problem |
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
- Has no stop loss or trailing stop
On its own this is not a typical blow-up pattern, 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 classic Japanese candlestick pattern recognition for trading decisions, falling under the pattern recognition category of technical analysis. Entry conditions trigger when specific candlestick reversal patterns (such as hammer, engulfing, morning/evening star, etc.) are detected, opening long or short positions accordingly. Exit conditions typically rely on fixed stop loss and take profit parameters, and may also incorporate pattern-based price targets for closing positions. Position sizing uses a fixed lot approach, with no dynamic position adjustment or ATR-based adaptive stop loss mechanism found. Money management is relatively simple, relying on the user to manually set reasonable risk parameters, lacking automatic risk-ratio calculation. Overall, the strategy depends on the statistical edge of candlestick patterns, but may encounter consecutive false signals in trending markets leading to multiple stop losses.
Strengths
- Candlestick patterns are a classic technical analysis method with broad market recognition and historical validation
- Strategy logic is intuitive and easy to understand, with trading signals supported by clear chart patterns
- Few parameters and simple configuration make it suitable for beginners to use and debug
Weaknesses
- Candlestick patterns produce many false signals in both ranging and trending markets, lacking a trend filter
- Position sizing is fixed lot, without dynamic risk management based on account balance or volatility
- Lacks a new bar check mechanism, which may cause repeated position openings on the same bar
- Stop loss and take profit are fixed pip values, not accounting for volatility differences across instruments and timeframes
Possible improvements
- Add a trend filter (such as moving average direction or ADX indicator) to only trade reversal patterns in the trend direction, reducing false signals
- Implement ATR-based adaptive stop loss/take profit and dynamic position sizing to improve risk management adaptability
Risk assessment
Overall risk: Medium
- Fixed stop loss/take profit does not account for market volatility changes; small stops during high volatility periods may cause frequent stop-outs
- Lack of new bar check may cause repeated position opening on the same signal, amplifying risk
- Candlestick patterns have many false signals; absence of filtering mechanism may lead to consecutive losses
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
LotSize | 0.1 | Fixed lot size (if not using dynamic position sizing) |
StopLoss | 500 | Stop loss in points |
TakeProfit | 1000 | Take profit in points |
MagicNumber | 57689 | EA magic number for order identification |
PatternSensitivity | 1 | Candlestick pattern recognition sensitivity |
MaxOpenPositions | 1 | Maximum simultaneous positions |
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Backtests are historical simulations and do not guarantee future results. Not financial advice.