In this video above I demonstrate how you can re-enter the market in the direction of the trend after a pullback and also program your MT4 platform to do this for you with the help of Candle Range Trader.
Candle Range Trader is the 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 EA Dashboard
- Various custom settings can be configured to fit your needs
- VIP license owners can order additional MT4 EA features for extra 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
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.
Personal license works on an unlimited Real MT4 accounts and unlimited Demo MT4 accounts on a single computer/VPS. It means you may install the software on your desktop and notebook computers, but use it only on one computer at the same time. EA is not permanently locked to a computer or MT4 account. You can personally transfer the license to another computer/VPS or MT4 account at any time.
VIP license works on an unlimited number of any Real/Demo MT4 accounts on max 5 computers/VPS at the same time. It means you may install and simultaneously use the software on 5 computers/VPS as long as they belong to you.