Skip to content

Trading Resources & Education for Forex Traders

Pattern Trader Pro

September 28, 2024

Pattern Trader Pro

Description:

Pattern Trader Pro is an advanced MT5 trading robot designed to identify, confirm, and trade on specific price action patterns using key indicators such as the Money Flow Index (MFI) and Moving Averages (MA). The robot monitors real-time price movements and executes trades based on trend analysis, offering customizable parameters for stop loss, take profit, and trade management. It operates using strict confirmation signals and is designed to minimize risks with precise trade entries and exits. Ideal for traders seeking automated solutions for pattern-based trading.

User Manual:

1. Installation:

  • Download the Pattern Trader Pro EA file (.ex5).
  • Open your MT5 platform.
  • Go to File > Open Data Folder.
  • Navigate to MQL5 > Experts, and paste the EA file into this folder.
  • Restart your MT5 platform.
  • In the Navigator window, under Experts, you should see Pattern Trader Pro. Drag it onto your preferred chart.

2. Setting Up the EA:

  • After adding the EA to the chart, you will see the input settings where you can configure:
    • Inp SL (Stop Loss): Define the number of points for Stop Loss.
    • Inp TP (Take Profit): Define the number of points for Take Profit.
    • Inp Lot: Set the lot size for the trades.
    • Inp Slippage: Maximum allowed slippage for trades.
    • Inp Magic Number: Unique number to track trades opened by the EA.
    • Inp MA Period: Moving Average period for trend analysis.
    • Inp Aver Body Period: Period to calculate the average candle body.
    • Inp Period MFI: MFI indicator period.
    • Inp Volume: Volume to calculate the MFI.

3. Trade Execution:

Pattern Trader Pro analyzes the following before executing trades:

  • New Bar Detection: Trades are opened only on the emergence of a new bar.
  • Pattern Detection: Checks for specific price action patterns before signaling trades.
  • Signal Confirmation: Confirms trend direction using MFI and Moving Averages.

4. Exiting a Trade:

  • Positions are closed either based on confirmation signals or after holding for a specified number of bars.
  • Trade closure is also triggered by an expiry timer if the position has been held for too long without a reversal or signal.

Settings:

  • Inp SL (Stop Loss): Default: 100 points. Adjust according to risk tolerance.
  • Inp TP (Take Profit): Default: 150 points. Adjust to capture optimal profits.
  • Inp Lot: Default: 0.1 lots. Choose your trade size based on your account size.
  • Inp Slip page: Default: 5 points. Adjust slippage tolerance based on market conditions.
  • Inp Magic Number: Default: 12345. Modify this number to track multiple instances of the EA.
  • Inp MA Period: Default: 14. Adjust the moving average period to suit your trading style.
  • Inp Aver Body Period: Default: 10. Adjust the candle body period based on your strategy.
  • Inp Period MFI: Default: 14. Period of the MFI indicator.
  • Inp Volume: Default: 100. Volume setting for the MFI indicator.
  • Inp Duration: Default: 30 bars. Adjust the duration to control the maximum holding period for trades.

FAQ:

What is the purpose of Pattern Trader Pro? Pattern Trader Pro automates trading based on price action patterns confirmed by MFI and Moving Average indicators, reducing the need for manual analysis.

Can I change the trade parameters like Stop Loss and Take Profit? Yes, you can fully customize the Stop Loss (SL) and Take Profit (TP) settings from the input panel before the robot starts trading.

What is the best time frame for Pattern Trader Pro? The robot works well on M15, M30, and H1 time frames. However, the optimal time frame may depend on the market and trading conditions.

How does the robot detect patterns? The robot uses a custom function to detect patterns based on candle structures and trend movements and confirms them using the Moving Average and MFI indicators.

What happens if the trade does not close on time? If a trade exceeds the predefined duration (number of bars), the robot will close it automatically to avoid excessive exposure.

Can I use Pattern Trader Pro with any broker? Yes, Pattern Trader Pro can be used with most brokers that support the MT5 platform. For best results, use brokers with low spreads.

Recommendations:

  • Best Pairs: EUR/USD, GBP/USD, USD/JPY (major pairs).
  • Best Time frames: M15, M30, H1.
  • Recommended Brokers: Use brokers with low spreads and fast execution for optimal performance.
  • Risk Management: Always use appropriate risk management strategies. Start with a small lot size and adjust based on performance and market conditions.

This comprehensive guide covers all aspects of the MT5 trading robot, Pattern Trader Pro, helping you optimize its usage for pattern-based trading strategies.

Scroll To Top