Candle Range Trader
Expert Advisor for Metatrader 4 platform that will create price range based on the X number of last closed price candles. This range is called “Candle Range” and is used to trade the Forex market like in a breakout trading system. Once market price will reach high/low level of that “Candle Range” EA will open trade(s). You need to set desired start and end trading hours, number of last X closed candles to be used to create “Candle Range”, any other parameters you need and EA will start trading at the high and low level of the “Candle Range”. EA can be set to trade only single “Candle Range” at a particular time or you can have EA trading for an unlimited time by redrawing “Candle Range” and opening new trades when price will continue to create new candles. Candle Range Trader can be used on any currency pair and any time frame. EA can be used on the same currency pair with different magic number to trade unlimited “Candle Range” boxes. You will find example trades illustrated in the images below.
Candle Range Trader features
- EA license works on 1 Real account and any Demo account
- EA is designed for Metatrader 4 platform
- Can handle two lines: high level for BUY signal and low level for SELL signal
- Allows to set number of candles when “Candle Range” expiry. Trades can be closed at that event
- Allows to add desired number of pips to widen range. You can set this in percentage as well
- EA can place regular pending orders or use hidden pending orders
- Stop Loss and/or Take Profit are set in percent of the range size or in pips
- Lot size can be fixed or EA can use Advanced Money management
- OCO supported. EA can cancel opposite pending order when one is triggered
- EA supports unlimited number of range boxes on the same currency pair
- All settings displayed on the chart at the left-top corner in the BlueBox
- Various custom settings can be configured to fit your needs
- Any desirable features can be added individually for additional payment if you purchase unlimited version
Candle Range Trader
Price for lifetime license €120 EUR for single MT4 account
We will contact You after we receive payment
Candle Range Trader (Unlimited)
Price for lifetime license €600 EUR unlimited MT4 accounts
We will contact You after we receive payment
How Candle Range Trader can be useful for me?
There are a lot of similar Forex Trading Systems were you have to take the last high and low price levels of the last X number of candles and open trades when price reach those levels. Usually these are Breakout Trading Systems where you should open BUY trade if price touch the high level and open SELL trade if price touch the low level. If you have full time job or just do not want to sit in front of the computer all day, you will likely miss those moments when you need to open the trade.
Candle Range Trader will help you with this. You just need to set your desired settings and it will monitor the Forex market 24/7 and open trades at the right moment. Many traders use last 4-8 closed candles on a hourly time frame at the London/Europe session open as this is the 4-8 hour range of the previous trading session, then draw lines at the high and low manually or use pending orders. They calculate lot sizes, stop loss, take profit levels manually and that can take much time and effort. Candle Range Trader will do all this automatically in a matter of seconds.
How to use Candle Range Trader?
- Once started EA will draw a range box of previous candles/bars according to your settings
- EA will open trade at high and low of the candle range box
- When running EA on many charts it is recommended to not use pending orders to avoid “Trading Context Busy” error
- If pending orders are disabled (UsePendingOrders=false) you will see two lines ar the high and low of the range box
- EA will open BUY trade when price touch top line
- EA will open SELL trades when price touch bottom line
- Lot Size, Stop Loss, Take Profit and any other settings are controlled by special EA settings which are described below
Some of the Candle Range Trader EA Inputs
AllowBuyTrades and AllowSellTrades
there you can set which trades EA can open
there you can set which trades EA can open
TrailStopStartPips and TrailStopMovePips
EA will activate Trailing Stop function when trade goes in profit by pips value set in TrailStopStartPips. Once activated EA will move stop loss in profit every pips value set in TrailStopMovePips
EA will activate Trailing Stop function when trade goes in profit by pips value set in TrailStopStartPips. Once activated EA will move stop loss in profit every pips value set in TrailStopMovePips
BreakEvenStartPips
sets how many pips trade should get into profit before stop loss is moved to the entry price. BreakEvenMovePips is used to set how many pips EA must add to the entry price if you want your trade to be closed in profit on reverse.
sets how many pips trade should get into profit before stop loss is moved to the entry price. BreakEvenMovePips is used to set how many pips EA must add to the entry price if you want your trade to be closed in profit on reverse.
StopType
you can choose between two different Stop Loss and Take Profit methods. If this value is set to 1, EA will use TakeProfitPercent and StopLossPercent settings to calculate Stop Loss and Take Profit. If StopType value is set to 2, then EA will use TakeProfitPips and StopLossPips
you can choose between two different Stop Loss and Take Profit methods. If this value is set to 1, EA will use TakeProfitPercent and StopLossPercent settings to calculate Stop Loss and Take Profit. If StopType value is set to 2, then EA will use TakeProfitPips and StopLossPips
TakeProfitPercent
this variable is used to set Take Profit in percent of the range box. Default is 50%. So if range box size is 80 pips, your take profit will be set to 40 pips. You must have StopType=1 to use this value.
this variable is used to set Take Profit in percent of the range box. Default is 50%. So if range box size is 80 pips, your take profit will be set to 40 pips. You must have StopType=1 to use this value.
StopLossPercent
this variable is used to set Stop Loss in percent of the Range Box. Default is 100%. So if Range Box size is 80 pips, your take profit will be set to 80 pips. You must have StopType=1 to use this value.
this variable is used to set Stop Loss in percent of the Range Box. Default is 100%. So if Range Box size is 80 pips, your take profit will be set to 80 pips. You must have StopType=1 to use this value.
TakeProfitPips and StopLossPips
this will set Stop Loss and Take Profit to a fixed number of pips. You must have StopType=2 to use this value.
this will set Stop Loss and Take Profit to a fixed number of pips. You must have StopType=2 to use this value.
TradingSessionStart and TradingSessionEnd
these variables are used to set the start and end time of the trading session. It must be broker time. By default EA is set to trade always. To use trading session you must have UseTradingSession=true
these variables are used to set the start and end time of the trading session. It must be broker time. By default EA is set to trade always. To use trading session you must have UseTradingSession=true
CloseAllOrdersAtEnd
if this value is set to TRUE EA will close all trades and delete all pending orders at the end of trading session.
if this value is set to TRUE EA will close all trades and delete all pending orders at the end of trading session.
RangeBoxCandles
here you can set how many previous candles/bars must be used to draw range box.
here you can set how many previous candles/bars must be used to draw range box.
ExpiryAfterCandles
there you can set after how many candles/bars your pending orders must expire and they will be deleted if not triggered until this time.
there you can set after how many candles/bars your pending orders must expire and they will be deleted if not triggered until this time.
CloseTradesOnExpiry
if this variable is set to TRUE EA will close all open trades and orders when range box expires after X amount of candles set by ExpiryAfterCandles
if this variable is set to TRUE EA will close all open trades and orders when range box expires after X amount of candles set by ExpiryAfterCandles
AllowMultipleTradeGroups
if this value is set to TRUE EA will reset range box after X amount of candles set by ExpiryAfterCandles regardless if there are any trades running. If this value is set to FALSE EA will not draw new range box until last trade is closed. This setting is only active if CloseTradesOnExpiry=False
if this value is set to TRUE EA will reset range box after X amount of candles set by ExpiryAfterCandles regardless if there are any trades running. If this value is set to FALSE EA will not draw new range box until last trade is closed. This setting is only active if CloseTradesOnExpiry=False
UsePendingOrders
if this variable set to TRUE EA will use pending orders, otherwise EA will use hidden pending orders (default). If pending orders are disabled (UsePendingOrders=false) you will see two lines at the high and low of the range box. When the price reach one of those lines a trade will be opened immediately.
if this variable set to TRUE EA will use pending orders, otherwise EA will use hidden pending orders (default). If pending orders are disabled (UsePendingOrders=false) you will see two lines at the high and low of the range box. When the price reach one of those lines a trade will be opened immediately.
BoxHighAddPips and BoxLowAddPips
these variables are used to set number of pips that EA will add to high and low of the range box to widen it. This is useful to avoid false breakouts
these variables are used to set number of pips that EA will add to high and low of the range box to widen it. This is useful to avoid false breakouts
BoxHighAddPercentRange and BoxLowAddPercentRange
same as BoxHighAddPips and BoxLowAddPips, but only set in percent of the range box size. EA will widen range box using those values in percent. This is useful to avoid false breakouts.
same as BoxHighAddPips and BoxLowAddPips, but only set in percent of the range box size. EA will widen range box using those values in percent. This is useful to avoid false breakouts.
MaxSpreadPips
set maximum allowed spread. If the spread will be higher than this value at the trade open moment, EA will skip the trade
set maximum allowed spread. If the spread will be higher than this value at the trade open moment, EA will skip the trade
BoxColor
select any desired range box color
select any desired range box color
BoxRangeExceedColor
when range box size in pips will exceed the MaxBoxRange value or will be less than MinBoxRange value, EA will use this color to draw the box. Easy to spot if range box is too big or small.
when range box size in pips will exceed the MaxBoxRange value or will be less than MinBoxRange value, EA will use this color to draw the box. Easy to spot if range box is too big or small.
BuyLineColor and SellLineColor
choose what colors to use when EA will draw BUY and SELL lines when using hidden entry
choose what colors to use when EA will draw BUY and SELL lines when using hidden entry
UseMoneyManagement
if this feature is set to true EA will use special function to calculate lot size. Otherwise it will use FixedLotSize value. Use Risk_Percent variable to set risk in percent. It is calculated using stop loss.
if this feature is set to true EA will use special function to calculate lot size. Otherwise it will use FixedLotSize value. Use Risk_Percent variable to set risk in percent. It is calculated using stop loss.
OCO
One-Cancels-Other. If set to TRUE EA will cancel opposite pending order when first one is triggered
One-Cancels-Other. If set to TRUE EA will cancel opposite pending order when first one is triggered
DrawAdditionalLines
if this variable is set to TRUE EA will draw additional lines: Take Profit, Stop Loss, Range High and Low lines. These lines helps to see those levels easily when pending orders are not used (UsePendingOrders=false).
if this variable is set to TRUE EA will draw additional lines: Take Profit, Stop Loss, Range High and Low lines. These lines helps to see those levels easily when pending orders are not used (UsePendingOrders=false).
Here is how Candle Range Trader works
In the image above you can see Candle Range created of 5 last closed candles. EA adds few pips to the top and bottom to make Candle Range wider. At the top of that range EA draws blue line and the red line at the bottom. When market price touch one of these lines EA will open BUY/SELL accordingly. The dark lines below red and above blue line shows where take profit level will be set after the trade is opened. Notice the vertical red line, it indicates where Candle Range box will expire. If by this time no trade is triggered EA will destroy current Candle Range and create new one.
In the image above the price touched bottom red line and EA opened SELL trade. Candle Range already expired and blue line was deleted. EA is set to wait and not draw new Candle Range boxes until trade is opened.
The previous trade hits take profit level and EA draws new Candle Range with the new BUY, SELL and other additional lines.
No trade were triggered and the previous Candle Range expired. EA destroyed it and created new Candle Range. Now we can see another SELL trade was opened as price cross the bottom of the range. Blue line still exists because expiry time is not reached yet. Candle Range Trader has many various settings including OCO (One-Cancel-Other). If we set OCO=true, in this example EA would delete blue BUY line when SELL trade opens.
Sell trade hits take profit again and EA continue to draw new Candle Range. You can set EA custom trading time and many other custom settings.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.