Pullback and Candle-Pattern Entries with Moving Average and RSI Filters

Summary

This MQL5 Wizard signal design combines pullback conditions with candle-pattern direction. A long entry requires price above a moving average, RSI below a configurable level, and bearish-side candle action; a short entry reverses those conditions. A spread filter can also block entries according to a set threshold. Positions close when RSI crosses a specified level in the corresponding direction. The candle-pattern component relies on a MetaQuotes include file, and the signal can be used to generate an expert advisor through the MQL5 Wizard.

The document lists a test interval and two yen currency pairs on a 15-minute timeframe, but it provides no performance figures, benchmark, or detailed test settings. It therefore explains an implementable rule set without showing that it is profitable or robust. The entry logic’s moving-average, RSI, candle, and spread thresholds are configurable, and the note does not establish suitable values. It also does not describe position sizing, stop losses, transaction costs beyond the spread condition, or out-of-sample validation, all of which matter when assessing an automated strategy.

Key ideas

• Long entries combine price above a moving average, low RSI, and bearish-side candle action.
• Short entries use price below the moving average, high RSI, and bullish-side candle action.
• The signal includes an optional spread filter and exits triggered by RSI thresholds.
• The entry rules can be packaged as an expert advisor using the MQL5 Wizard.
• The document lists test markets and dates but reports no backtest results or robustness evidence.

Tags

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