Create Your Custom Candle Pattern - AlgoBuilderX

// This cBot was created with AlgoBuilderX
//
// AlgoBuilderX is a powerful tool for creating automated trading strategies on the cTrader platform.
// With an intuitive drag-and-drop interface, you can easily build and customize your own trading
// algorithms without any coding knowledge. Whether you're a beginner or an experienced trader,
// AlgoBuilderX offers a seamless experience for developing, testing, and deploying your very own cBot
//
// Visit https://algobuilderx.com to start building your own cBots today!

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

Strategy: This example illustrates the potential of AlgoBuilderX in creating custom candlestick patterns for trading automation. With the recent platform upgrade and the introduction of the new 'Candle pattern' block, users can now take advantage of a wide range of predefined candle patterns or create their own custom patterns.

Users can use well-known patterns such as engulfing, harami, marubozu, 'three with soldier,' 'three black crow,' 'shooting star,' and others. They also have the ability to create fully customized patterns by changing parameters such as the size of the candle body, the length of the upper and lower shadows, the total number of candles involved in the pattern, and so on.

The proposed example is intuitive and understandable: to trigger a buy signal, the cBot requires the presence of two customizable bullish candles in the pattern. Conversely, to trigger a sell signal, two bearish candles customizable in the pattern are required.

Candle ID1 represents the candle just closed, preceding the candle being formed.

Candle ID 2 is the candle prior to candle ID 1, thus the second closed candle.

Parameters:

AlgoBuilderX Project:

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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.