About the Candle Trader Expert Advisor
The Candle Trader Metatrader 4 Forex Robot is an automated trading software that trades in line with the low/high price of the candle of the previous day.
Simply put, the Candle Trader expert advisor is a simple forex robot that trades candlesticks by comparing several nearest bars and their volumes and triggers positions in line with that data.
The Candle Trader forex robot is known to work best on the 4-Hour and 1-Day time frames on major currency pairs, along with stocks listed on NASDAQ.
It is key to always optimize the input parameter settings before trading and after some period of trading as well.
Free Download
Download the “Candles Trader.mq4” MT4 robot
Key Features
Candle-Pattern Detection
The EA scans for reliable candle formations such as pin bars, engulfing candles, and doji patterns that historically signal reversals or strong follow-through moves.
Trend Filter
Built-in trend filters help determine whether patterns should be taken in the direction of the prevailing trend or as reversal signals, reducing false trade entries.
Adaptive SL/TP
Stop-loss and take-profit levels are automatically adjusted based on recent high-low ranges or ATR values to align with current volatility.
Session Control
Restrict trading to specific hours or sessions to ensure trades occur during high-liquidity periods and avoid low-volume noise zones.
Flexible Risk Management
Define risk per trade based on the percentage of the account balance, and the EA calculates the position size accordingly.
Strategy Tester Report
Find below the Candles Trader forex robot strategy tester report for the EUR/USD forex pair on the 4-Hour chart.
Key Performance
Performance tests indicate the Candle Trader EA performs well in both trending and ranging markets when configured correctly.
It maintains steady win rates, especially when combined with disciplined risk control and proper broker selection.
The EA thrives on larger, cleaner candle patterns that occur during high-volume periods.
The EA made a total profit of $2776.14 from a total of 189 trades.
The largest winning trade generated $213.03 in profits, while the largest losing trade generated a loss of $136.64.
Statistics:
Bars in test: 10200 ticks modelled
Initial deposit: $50000.00
Total net profit: $2776.14
Total trades: 189
Largest profit trade: $213.03
Largest loss trade: -$136.64
Consecutive wins: 4
Consecutive losses: 1
How the EA Works
- Scans for recognized candle patterns (pin bar, engulfing, doji) in real time.
- Applies trend bias, ensuring trades align with direction when desired.
- Ensures the setup occurs within permitted trading sessions.
- Calculates trade size based on percentage risk input.
- Sets dynamic stop loss and take profit levels based on recent candle range or volatility.
- Follows price until target or stop loss is triggered, with optional trailing stop.
Download Now
Download the “Candles Trader.ex4” Metatrader 4 robot
Parameters & Settings
- RiskPerTrade – percentage of account balance risked per trade
- AllowedPatterns – choose which candle patterns to trade (e.g., pin bar, engulfing, doji)
- TrendFilter – accepts trades only in the direction of the moving average or disables it
- SessionStart / SessionEnd – set trading hours
- SLMultiplier – multiplier for stop loss based on candle range or ATR
- TPMultiplier – multiplier for take profit based on range or ATR
- UseTrailingStop – true or false for trailing stop activation
Recommended Trading Setup
- Currency Pairs: EURUSD, USDJPY, GBPUSD
- Timeframes: H1, H4 for clarity in candle patterns
- Broker: Reliable low-spread ECN or STP broker
- Risk Settings: Start with 0.5%–1% risk per trade
- Environment: Use VPS hosting for solid stability during live runs
FAQ
Q: Can beginners use this EA?
A: Yes — it’s beginner-friendly, especially if you start with the default setup on a demo account and observe its behavior before going live.
Q: Which candle patterns are supported?
A: The EA supports pin bars, engulfing bars, and doji patterns—selectable based on your preference in the settings.
Q: Can I limit trading to certain hours?
A: Absolutely — the session settings let you constrain trades to high liquidity periods, reducing noise-induced entries.
Q: How are SL and TP values determined?
A: They are dynamically scaled using either recent high-low ranges or ATR indicators, giving you volatility-adjusted exits.
Q: Does it guarantee profit?
A: No — while backtests may show good performance, market conditions vary. Always test thoroughly and use proper risk management.
Summary
The Candle Trader Metatrader 4 Forex Robot is a smart, candle-pattern-based EA suited for both trending reversals and continuation setups.
With dynamic risk controls, adaptive exits, and session filters, it gives traders a flexible and powerful automation tool.
It’s free to download—test it on demo first, fine-tune your settings, and only go live when you’re confident in performance.
