Previous-Day Candle Levels and Risk Controls in a Forex EA

Summary

The document describes a trading robot that uses the previous day’s candle high and low as part of its trading logic. It says the EA operates on the open candle and is intended for H4 and daily charts, particularly major forex pairs and NASDAQ stocks. Its adjustable settings include moving averages, candle and fractal parameters, stop loss and take profit levels, trailing stops, break-even moves, equity drawdown controls, and limits on the number of trades.

The document also exposes position-sizing choices, including increasing lot size after losses and an exponent for lot sizing. It recommends trying the EA in a demo account and allows loss-based size increases to be disabled. However, it provides no entry rules in enough detail to reconstruct the strategy, and gives no backtest, live performance, or risk results. The listed parameter ranges describe configuration options, not evidence that the approach is profitable or suitable for a particular market.

Key ideas

• The EA uses the prior day’s candle high and low in its trading logic.
• It is described for H4 and daily charts, with major forex pairs and NASDAQ stocks named as markets of interest.
• Settings cover stop losses, profit targets, trailing exits, break-even moves, and equity drawdown control.
• The lot size can be increased after losses, but that behavior can be disabled.
• The document offers no performance evidence or complete specification of entry rules.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.