CandleAlert by Jonathan Tan

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Disclaimers This EA is only an educational tool. You have to do your own diligence if you would like to enter the trade. I am not responsible for your trade, which means by using this tool, you agree not to put any blame on me for any losses. Any losses are your own responsibility. Trade with the risk that you can afford to lose.

Things to take note of Even though this program is an Expert Advisor (EA) program and designed as one, it is not meant to be run as an EA. This EA is meant as an alarm system to alert you when there is a possible trade coming up. It is never meant to be an EA as the money management designed into this EA are meant to lose money, for example profitable trade will take profit at $3, but a losing trade will lose $20. It is not a fool-proof program therefore you will have to your own diligence on when to enter and when to take profit.

What is CandleAlert logic? I designed this program to look for bullish candlestick and bearish candlestick. However it will not look for all candlestick as there are just too many. Mainly it will look for hammer, bullish engulfing look-alike, shooting star, and bearish engulfing look-alike candle. It is able to screen in all time-frame, all forex currency/commodities available from the MT4 platform. Default values are meant for EUR/USD 5 minute chart.

CandleAlert configuration Highly recommend that you set the parameters for the MT4 to be as above

Sensitivity vs consistency Balance between

CandleAlert parameters VariableValueMeans ConstantAlarmTrue False If set to “true”, MT4 will keep on sending out an alert at every pips until you manually turn the EA screener off. If set to “false”, there will be no visual or sound alert. Only blue or red arrow will be seen. SurenessDefault = 70Range from 50 to means that the candle will be at extreme end. For example, at 100, it will look for hammer way at the bottom of the chart. 50 means it will look for a hammer look- alike but it may not be a good hammer. LotsDefault = 0.1Enter a contract at 0.1 contract size. This is not really important as there is no real money management in this tool. This is just a sample trade size.

Alert signals Bullish signal spotted Bearish signal spotted

Glossary Bullish signal spotted When position entered, this is the cut loss level If triggered, EA will enter long position When position entered, this is the profit taking level Position closed with profits

CandleAlert parameters StopLoss=20 (2 pips) from the signal low ShadowSize=50 (5 pips) AbovePipToEnter=5 (half pips) from signal high to enter a trade) StopEnterIfAbove=60 (6 pips) to prevent double trade TakeProfit=80 (8 pips) from the signal high

When to enter a position Look to sell/short Look to buy/long

Things to take note of In the first bearish signal (left arrow), do take note that price did not fall, therefore it is not a failed trade. It is a bearish signal that did not happen. In the second bearish signal (right arrow), the price fell, therefore a signal to enter short position is valid.

How to turn off the alarm Simplest way is to mute your computer volume, but do remember to turn on the volume once the alert is no longer available Turn off the EA but do remember to turn it on or else it will not be running Must have smiling face