Summary: Gold Candle Stability EA is an MQL4 expert advisor for XAUUSD that trades pure candlestick patterns: inside bars for breakouts and pin bars for reversals. Suitable for H1.
Gold Candle Stability EA is built exclusively around candlestick price action without traditional indicators. It identifies two high-probability K-line patterns on gold: inside bars (consolidation followed by breakout) and pin bars (rejection/reversal signals). The EA filters trades using ATR-based volatility confirmation and includes a trend context filter using a simple moving average. Each trade has fixed stop loss based on the pattern's high/low and take profit at 2x risk. The EA includes equity protection, spread filter, and Friday close mechanism.
Recommended Timeframe: H1
Trading Logic:
1. Inside Bar Pattern: A candle completely inside previous candle's range. Entry when price breaks the mother bar's high/low by 1.5x ATR.
2. Pin Bar Pattern: A candle with long wick (>=2x body) and small body. Entry on close in opposite direction of the wick.
3. Trend Filter (optional): Use EMA(50) to only take long when price above EMA, short when below.
4. Risk Management: Stop loss at pattern extreme (mother bar high/low for inside, pin wick end for pin). Take profit at 2x stop distance.
```mql4
//+------------------------------------------------------------------+
//| GoldCandleStabilityEA.mq4 |
//+------------------------------------------------------------------+
#property copyright ""
#property link ""
#property version "1.00"
#property strict
//--- input parameters with comments
input double LotSize = 0.01; // Fixed lot size (0.01 lot for gold)
input bool UseTrendFilter = true; // Use EMA50 trend filter (true/false)
input int TrendMAPeriod = 50; // EMA period for trend filter
input double InsideBreakoutATR = 1.5; // ATR multiplier for inside bar breakout confirmation
input double PinBodyRatio = 2.0; // Min wick-to-body ratio for pin bar (wick/body >= this)
input double RiskReward = 2.0; // Risk reward ratio (TP = SL * this)
input int ATRPeriod = 14; // ATR period for volatility filter
input double MaxATRMultiplier = 1.8; // Max ATR multiplier (skip high volatility)
input int MagicNumber = 202418; // Unique EA identifier
input int MaxSpread = 35; // Maximum allowed spread in points
input double DailyLossLimit = 5.0; // Daily loss limit as percentage of balance
input bool UseFridayClose = true; // Close trades before Friday 20:00 GMT
//--- global variables
double dailyStartBalance = 0;
datetime lastBarTime = 0;
bool fridayCloseExecuted = false;
double avgATR = 0;
//+------------------------------------------------------------------+
//| Expert initialization function |
//+------------------------------------------------------------------+
int OnInit()
{
dailyStartBalance = AccountBalance();
lastBarTime = 0;
fridayCloseExecuted = false;
avgATR = iATR(Symbol(), PERIOD_H1, ATRPeriod, 1);
if(avgATR <= 0) avgATR = 250 * Point;
return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| Expert deinitialization function |
//+------------------------------------------------------------------+
void OnDeinit(const int reason)
{
Comment("");
}
//+------------------------------------------------------------------+
//| Check for Inside Bar pattern |
//+------------------------------------------------------------------+
bool IsInsideBar(int &direction, double &entryLevel, double &stopLevel)
{
double prevHigh = iHigh(Symbol(), PERIOD_H1, 2);
double prevLow = iLow(Symbol(), PERIOD_H1, 2);
double currHigh = iHigh(Symbol(), PERIOD_H1, 1);
double currLow = iLow(Symbol(), PERIOD_H1, 1);
double close1 = iClose(Symbol(), PERIOD_H1, 1);
// Inside bar condition: current bar completely inside previous bar
bool isInside = (currHigh <= prevHigh && currLow >= prevLow);
if(!isInside) return false;
double atr = iATR(Symbol(), PERIOD_H1, ATRPeriod, 1);
double breakoutDist = atr * InsideBreakoutATR;
// Bullish inside bar breakout (price closed near high)
if(close1 > (prevHigh - breakoutDist * 0.3))
{
direction = 1; // buy
entryLevel = prevHigh + breakoutDist;
stopLevel = prevLow - breakoutDist * 0.5;
return true;
}
// Bearish inside bar breakout (price closed near low)
else if(close1 < (prevLow + breakoutDist * 0.3))
{
direction = -1; // sell
entryLevel = prevLow - breakoutDist;
stopLevel = prevHigh + breakoutDist * 0.5;
return true;
}
return false;
}
//+------------------------------------------------------------------+
//| Check for Pin Bar pattern |
//+------------------------------------------------------------------+
bool IsPinBar(int &direction, double &entryLevel, double &stopLevel)
{
double open = iOpen(Symbol(), PERIOD_H1, 1);
double close = iClose(Symbol(), PERIOD_H1, 1);
double high = iHigh(Symbol(), PERIOD_H1, 1);
double low = iLow(Symbol(), PERIOD_H1, 1);
double body = MathAbs(close - open);
double upperWick = high - MathMax(open, close);
double lowerWick = MathMin(open, close) - low;
if(body <= 0) return false;
// Bullish pin bar (hammer): long lower wick, small upper wick, close in upper half
if(lowerWick >= body * PinBodyRatio && upperWick < body)
{
direction = 1; // buy
entryLevel = close;
stopLevel = low - (high - low) * 0.3;
return true;
}
// Bearish pin bar (shooting star): long upper wick, small lower wick, close in lower half
else if(upperWick >= body * PinBodyRatio && lowerWick < body)
{
direction = -1; // sell
entryLevel = close;
stopLevel = high + (high - low) * 0.3;
return true;
}
return false;
}
//+------------------------------------------------------------------+
//| Expert tick function |
//+------------------------------------------------------------------+
void OnTick()
{
// Daily equity protection
double currentEquity = AccountEquity();
double lossPercent = (dailyStartBalance - currentEquity) / dailyStartBalance * 100;
if(lossPercent >= DailyLossLimit)
{
Comment("Daily loss limit reached. No new trades.");
return;
}
// Friday close before weekend
if(UseFridayClose && !fridayCloseExecuted)
{
datetime currentTime = TimeCurrent();
if(TimeDayOfWeek(currentTime) == 5 && TimeHour(currentTime) >= 20)
{
CloseAllOrders();
fridayCloseExecuted = true;
return;
}
if(TimeDayOfWeek(currentTime) != 5)
fridayCloseExecuted = false;
}
// Spread filter
if(MarketInfo(Symbol(), MODE_SPREAD) > MaxSpread)
{
Comment("Spread too high: ", MarketInfo(Symbol(), MODE_SPREAD));
return;
}
// New bar logic (H1)
if(Time[0] == lastBarTime)
return;
lastBarTime = Time[0];
// Check existing position
if(CountPositions() > 0)
return;
// Volatility filter
double atr = iATR(Symbol(), PERIOD_H1, ATRPeriod, 1);
if(atr <= 0) atr = avgATR;
avgATR = (avgATR * 0.95) + (atr * 0.05);
if(atr > avgATR * MaxATRMultiplier)
{
Comment("Volatility too high. ATR: ", atr);
return;
}
// Trend filter (optional)
double ema = iMA(Symbol(), PERIOD_H1, TrendMAPeriod, 0, MODE_EMA, PRICE_CLOSE, 1);
double close1 = iClose(Symbol(), PERIOD_H1, 1);
bool trendUp = (close1 > ema);
bool trendDown = (close1 < ema);
int direction = 0;
double entryLevel = 0;
double stopLevel = 0;
int patternType = 0; // 1=inside, 2=pin
// Check patterns
int insideDir = 0, pinDir = 0;
double insideEntry = 0, insideStop = 0, pinEntry = 0, pinStop = 0;
if(IsInsideBar(insideDir, insideEntry, insideStop))
{
direction = insideDir;
entryLevel = insideEntry;
stopLevel = insideStop;
patternType = 1;
}
else if(IsPinBar(pinDir, pinEntry, pinStop))
{
direction = pinDir;
entryLevel = pinEntry;
stopLevel = pinStop;
patternType = 2;
}
// Apply trend filter if enabled
if(UseTrendFilter)
{
if(direction == 1 && !trendUp) direction = 0;
if(direction == -1 && !trendDown) direction = 0;
}
if(direction != 0)
{
double sl = 0, tp = 0;
double ask = Ask;
double bid = Bid;
double stopDist = 0;
if(direction == 1) // Buy
{
stopDist = MathAbs(entryLevel - stopLevel);
sl = stopLevel;
tp = entryLevel + (stopDist * RiskReward);
}
else // Sell
{
stopDist = MathAbs(stopLevel - entryLevel);
sl = stopLevel;
tp = entryLevel - (stopDist * RiskReward);
}
int ticket = OrderSend(Symbol(), (direction==1?OP_BUY:OP_SELL), LotSize, (direction==1?ask:bid), 3, sl, tp, "Gold Candle EA", MagicNumber, 0, clrNONE);
if(ticket < 0)
{
Print("OrderSend failed: ", GetLastError());
}
else
{
Print("Trade opened. Pattern: ", (patternType==1?"Inside Bar":"Pin Bar"));
}
}
}
//+------------------------------------------------------------------+
//| Count open positions with this MagicNumber |
//+------------------------------------------------------------------+
int CountPositions()
{
int count = 0;
for(int i = OrdersTotal()-1; i >= 0; i--)
{
if(OrderSelect(i, SELECT_BY_POS, MODE_TRADES))
{
if(OrderSymbol() == Symbol() && OrderMagicNumber() == MagicNumber)
count++;
}
}
return count;
}
//+------------------------------------------------------------------+
//| Close all orders for this symbol and magic |
//+------------------------------------------------------------------+
void CloseAllOrders()
{
for(int i = OrdersTotal()-1; i >= 0; i--)
{
if(OrderSelect(i, SELECT_BY_POS, MODE_TRADES))
{
if(OrderSymbol() == Symbol() && OrderMagicNumber() == MagicNumber)
{
if(OrderType() == OP_BUY)
OrderClose(OrderTicket(), OrderLots(), Bid, 3, clrNONE);
else if(OrderType() == OP_SELL)
OrderClose(OrderTicket(), OrderLots(), Ask, 3, clrNONE);
}
}
}
}
//+------------------------------------------------------------------+
```
Reference: Original MQL4 code for educational purposes.
Disclaimer: Trading Gold (XAUUSD) carries significant risk due to high volatility. This EA is provided as-is without any guarantee of profit. Test thoroughly on a demo account before live trading. Past performance does not guarantee future results.