SmartCandles Pro User Guide
SmartCandles Pro User Guide
MAN
NO
UAL
.1 FOR NEW USERS
SMART
CANDLES
PRO
USER GUIDE
WORKFLOW
GUIDE
Smart Candles Pro is a system designed to give you the necessary
tools to design an entire trading strategy whether intended for fully
automated use or semi-automated use. This short guide will teach
you about the suggested work-flow when building a trading
strategy, as well as the tips and tricks to quickly discard or further
research a trade idea.
This guide is intended for users that have already studied the user
guide, triggers and filters cheat sheet, and some of the material in
the video archive. There are important concepts that are better
explained in those materials and they will make it very easy for you
to catch up with the concepts explained in this guide.
Grid trading
The first one is the most common method of trading within manual
operations, so we will have our entry price and a predefined stop
loss and profit target right away. On the other hand, grid systems
will look to add more trades in case the market goes against the
initial position. Generally speaking, as the trade group builds up,
the system will hold the floating drawdown looking to get a reversal
eventually that’s large enough to exit the trade sequence.
After doing this process, we can add more features and re-optimize
existing ones until we find a result that we like to move into a
testing phase. Once we find a good set of parameters, we can start
a demo test, to evaluate the live trading results from our strategy.
This will be the last phase we need to take on, as the demo results
will give us more insights about our strategy being solid enough to
transition to a live account or we need to go back to the drawing
board to find better settings.
Text size: To control the font size used in the information panel. It
defaults to 13.
Text color: To control the color of the text on the information panel.
It defaults to White.
11 .
ON
Title color: To control the color of the titles on the information
panel. It defaults to Gold.
Indicators
---Indicators---: Informative parameter.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
21 .
§ Weighted Price.
ON
RSI trigger: to activate or deactivate the RSI indicator trigger.
It defaults false.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
§ Simple.
51 .
ON
§ Exponential.
§ Smoothed.
§ Linear Weighted.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
Trade Management
ATR period: ATR indicator period to calculate various trade
management features. It defaults to 14.
o ATR: The ATR indicator will be used to calculate the stop loss
level.
o Pips: A regular pip-count based calculation will be used to
define the stop loss level.
Start hour: To define the time on which the system will start
searching for entries. It has no effect if the trading hours input
is deactivated. 0-to-23-time format. It defaults to 0.
Stop hour: To define the time on which the system will stop
searching for entries. It has no effect if the trading hours input
is deactivated. 0-to-23-time format. It defaults to 23.
Stop hour mode: To define the behavior when the stop hour is
reached. It has no effect if the trading hours input is
deactivated. It defaults to Close trades and it has the following
options:
91 .
ON
o Close trades: The system will close all the orders opened by
the Expert Advisor on the selected pair once the stop hour is
reached.
o Keep trades: The system will maintain all the orders opened
by the Expert Advisor on the selected pair once the stop hour
is reached.
o Activated (1): The system will not trade on the defined hour in
the Hour 1 input (described below).
o Activated (1 and 2): The system will not trade on the defined
hours on the Hour 1 and Hour 2 inputs (described below).
o Activated (1, 2 and 3): The system will not trade on the
defined hours on the Hour 1, Hour 2, and Hour 3 inputs
(described below).
Hour 1: To define the first hour to skip when using the skip
hours feature. It has no effect when the skip hours input is
deactivated. 0-to-23-time format. It defaults to 0.
Hour 2: To define the second hour to skip when using the skip
hours feature. It has no effect when the skip hours input is
deactivated. It has effect only when the Skip hours input is set
to Activated (1 and 2) or Activated (1, 2 and 3). 0-to-23-time
format. It defaults to 1.
Open day: To define the day of the week to start the trading
operations, the expert advisor will start looking for trades on
the selected pair once the open hour (defined by the input
described below) is reached. It has no effect when the Weekly
close input is deactivated. 0 = Sunday, 1 = Monday… format. It
defaults to 1.
Open hour: To define the hour where the expert advisor will
start looking for trades on the selected pair once the open hour
is reached. It has no effect when the weekly close input is
deactivated. 0-to-23-time format. It defaults to 0.
Close day: To define the day of the week to close all the orders
that were opened by the expert advisor on the selected pair
once the close hour (defined by the input described below) is
reached. Once the close hour is reached within the selected day,
the expert advisor will stop looking for new potential trading
opportunities. It has no effect when the Weekly close input is
deactivated. 0 = Sunday, 1 = Monday… format. It defaults to 5.
12 .
ON
Close hour: To define the hour to close all orders opened by the
expert advisor on the selected pair once the close hour is
reached. It has no effect when the weekly close input is
deactivated. 0-to-23-time format. It defaults to 23.
Trailing step: To define the trailing step value. This means the
amount of pips by which the stop loss will be moved when using
the trailing stop loss feature. For example, if set to 1, it will
move 1 pip at the time. It has no effect when the trailing stop
loss input is deactivated. It defaults to 1.
Loss limit mode: To define the calculation method for the loss
limit feature. It has no effect when the loss limit input is
deactivated. It defaults to equity and it has the following
options:
Loss limit (%): To define the loss limit % threshold for the loss
limit feature. For example, if the input is set at 20, the system
will stop the expert advisor instance and close all open orders
opened by the expert advisor on the selected pair in the case
the account gets a 20% drawdown hit. It has no effect when the
loss limit input is deactivated. It defaults to 25.
Lots (When not using Auto MM): To define the manual lot size
when the automatic money management is disabled. It has no
effect when the Auto MM input (see below) is deactivated. It
defaults to 0.01.
Text size: To control the font size used in the information panel. It
defaults to 13.
Text color: To control the color of the text on the information panel.
It defaults to White.
33 .
ON
Title color: To control the color of the titles on the information
panel. It defaults to Gold.
Indicators
---Indicators---: Informative parameter.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
43 .
§ Weighted Price.
ON
RSI trigger: to activate or deactivate the RSI indicator trigger.
It defaults false.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
§ Simple.
73 .
ON
§ Exponential.
§ Smoothed.
§ Linear Weighted.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
§ Close Price.
§ Open Price.
§ High Price.
§ Low Price.
§ Median Price.
§ Typical Price.
§ Weighted Price.
Trade Management
ATR period: ATR indicator period to calculate various trade
management features. It defaults to 14.
o ATR: The ATR indicator will be used to calculate the stop loss
level.
o Pips: A regular pip-count based calculation will be used to
define the stop loss level.
04 .
ON
Stop loss in ATR: Multiplier to calculate stop loss. It will be
based on a predefined number of pips or an ATR multiplier
depending on the Stop loss mode input. For example, a
multiplier of 2 will place the stop loss 2 times the current ATR
away from the entry price. It defaults to 3.
Early exit: The value for the early exit profit target. If the Early
exit input is set to deactivated, the value specified in this input
will be used. Keep in mind that if the value is 10, it means the
system will look to take a loss of 10 pips (or ATR multiplier) or
less if the Oh poop protocol is triggered. It will be based on a
predefined number of pips or an ATR multiplier depending on
the Oh Poop mode input. It defaults to 10.0.
Start hour: To define the time on which the system will start
searching for entries. It has no effect if the trading hours input
is deactivated. 0-to-23-time format. It defaults to 0.
Stop hour: To define the time on which the system will stop
searching for entries. It has no effect if the trading hours input
is deactivated. 0-to-23-time format. It defaults to 23.
Stop hour mode: To define the behavior when the stop hour is
reached. It has no effect if the trading hours input is
deactivated. It defaults to Close trades and it has the following
options:
o Close trades: The system will close all the orders opened by
the Expert Advisor on the selected pair once the stop hour is
reached.
o Keep trades: The system will maintain all the orders opened
by the Expert Advisor on the selected pair once the stop hour
is reached.
o Activated (1): The system will not trade on the defined hour in
the Hour 1 input (described below).
o Activated (1 and 2): The system will not trade on the defined
hours on the Hour 1 and Hour 2 inputs (described below).
54 .
ON
o Activated (1, 2 and 3): The system will not trade on the
defined hours on the Hour 1, Hour 2, and Hour 3 inputs
(described below).
Hour 1: To define the first hour to skip when using the skip
hours feature. It has no effect when the skip hours input is
deactivated. 0-to-23-time format. It defaults to 0.
Hour 2: To define the second hour to skip when using the skip
hours feature. It has no effect when the skip hours input is
deactivated. It has effect only when the Skip hours input is set
to Activated (1 and 2) or Activated (1, 2 and 3). 0-to-23-time
format. It defaults to 1.
Hour 3: To define the third hour to skip when using the skip
hours feature. It has no effect when the skip hours input is
deactivated. It has effect only when the Skip hours input is set
to Activated (1, 2 and 3). 0-to-23-time format. It defaults to 2.
o Close Trades
64 .
ON
o Keep Trades
Open day: To define the day of the week to start the trading
operations, the expert advisor will start looking for trades on
the selected pair once the open hour (defined by the input
described below) is reached. It has no effect when the Weekly
close input is deactivated. 0 = Sunday, 1 = Monday… format. It
defaults to 1.
Open hour: To define the hour where the expert advisor will
start looking for trades on the selected pair once the open hour
is reached. It has no effect when the weekly close input is
deactivated. 0-to-23-time format. It defaults to 0.
Close day: To define the day of the week to close all the orders
that were opened by the expert advisor on the selected pair
once the close hour (defined by the input described below) is
reached. Once the close hour is reached within the selected day,
the expert advisor will stop looking for new potential trading
opportunities. It has no effect when the Weekly close input is
deactivated. 0 = Sunday, 1 = Monday… format. It defaults to 5.
Close hour: To define the hour to close all orders opened by the
expert advisor on the selected pair once the close hour is
reached. It has no effect when the weekly close input is
deactivated. 0-to-23-time format. It defaults to 23.
Money Management
---Loss limit---: Informative parameter.
Loss limit mode: To define the calculation method for the loss
limit feature. It has no effect when the loss limit input is
deactivated. It defaults to equity and it has the following
options:
Loss limit (%): To define the loss limit % threshold for the loss
limit feature. For example, if the input is set at 20, the system
will stop the expert advisor instance and close all open orders
opened by the expert advisor on the selected pair in the case
the account gets a 20% drawdown hit. It has no effect when the
loss limit input is deactivated. It defaults to 25.
Reference: The reference capital that will be used for the lot
size calculations. If the value is 500, it will be 500 units of the
base currency in the account and will trade the amount of lots
specified in the Initial Sizing input. For example, if it is set to
500, the Initial Sizing input is set to 0.01, and the account has
1000, the lot size will be 0.02 since the account has double the
money specified in the input and the initial sizing is 0.01. It
defaults to 1000.
Scaling factor: The scaling factor for the lot size. It defaults to
2.0.