Hammer & Shooting Star Strategy (Made with AlgoBuilderX)

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//
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This cBot is an example, made for demonstration purposes using AlgoBuilderX and works only on demo accounts.

Strategy: The strategy, detects the "Hammer" and "Shooting Star" candlestick pattern based on the values that are parameterizable. The strategy uses a fixed Take Profit and Stop Loss level.

Buy trigger: When a Hammer is formed and the RSI is oversold.
Sell trigger: When a Shooting Star forms and the RSI is overbought

Parameters:

*Signal shadow multiplication: If Hammer = lower shadow / If Shooting Star = upper shadow -- must be at least “x” times the body size (i.e.: if hammer and the body size is 3 pips, the lower shadow must be at least 3 times bigger, so 9 pips)

*Max slippage shadow pips: If hammer = upper shadow / If Shooting Star = lower shadow

Backtest example:

AlgoBuilderX Project:

NEW CANDLE PATTERN BLOCK! Automatically identify preset patterns or create your own custom pattern!

Create your cBot now in an easy and intuitive way!
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You will be able to import it into the AlgoBuilderX workspace, view it, edit it, or export it.

Important Note:
This cBot is a demonstration example created with AlgoBuilderX and is not optimized for live use. It is designed to illustrate the functionality of AlgoBuilderX and serve as a starting point for creating custom strategies. It is recommended that you carefully test and optimize any strategy before implementing it on a real trading account.