Engulfing Candle Strategy EA

The engulfing candle strategy EA uses a combination of price action, EMA and MACD indicators to place market orders. We have used it on the M15 time frame and tested from January 2012 to June 2017 on USDJPY and will work on any currency pair. Comes with an indicator and template to allow visual representation of how the EA is working. Will work on brokers with 3 or 5 decimal places but pip based settings are always 2 or 4 decimal depending on the currency pair.


Expert Advisor Settings

*** Order Settings ***

MagicOrderNumber – Number to identify the EA Trades.

Lots – Lot size when MoneyManagement is set to false.

SlippagePips – Number of slippage pips allowed when placing a trade.

MoneyManagement – Enables fraction risk of account balance and profit lock.

MoneyManagementRisk – Fraction of account balance to risk per trade.

AllowNewTrades – Allows new trades.

AccountProfitLock – Fraction of account to lock profit and stop trading in the event of an excessive draw down.


*** Entry Settings ***

TimeFrame – Select the time frame that the EA uses to trade.

MaxSpread – Maximum spread in pips that the EA will trade.

MATrendPeriod – Period for trend EMA

StartTradingHour – Limit trading hours of the day, zero to disable.

StopTradingHour- Limit trading hours of the day, zero to disable.

TakeProfit – Take profit in pips, zero to disable.

RoomToLeft – Number of bars to left to requiring space to validate the engulfing candle


*** Exit Settings ***

StopLoss – The stop loss in pips.

ExitOnGoodCandle – Exits in profit on close of candle

TrendExit – Uses MACD to exit trades when a reversal of trend is detected

TrendExitMACDFastPeriod – MACD fast period

TrendExitMACDSlowPeriod – MACD slow period

TrendExitMACDSMAPeriod – MACD SMA period

TrendExitSignalPeriod – Trend signal smoothing

BreakEven – Perform break even.

BreakEvenPips – Number of pips to set stop loss in profit.

BreakEvenTriggerPips – Number of pips of profit before break even is performed.

BreakEvenTimeDelaySeconds – Number of seconds to delay break even.

TrailingStopLoss – Perform trailing stop loss.

TrailingStopLossPercentage – Percentage from original stop loss to move.

TrailingStopLossPipIncrements – Increments in pips of trailing stop loss to reduce number of order modifications.