Hello traders,
I'm new to this amazing site and I hope to be here long enough to both learn and participate with my findings.
I've just recently started testing a new strategy based on pending buy-stop and sell-stop orders, but I keep getting false entries because the trade keeps getting triggered mid-candle since price reached a certain level.

Is it possible to place a pending order in MT4 based on closing price. I know I can do it based on a price, but would rather not be triggered mid-candle.

Is there an EA that allows me to select pending order based on closing price of a candle rather than just price?

Thanks you
PS: This is my first post I hope the format is fine.

lvlgraduation wrote: Sat Jun 22, 2019 9:13 pm Hello traders,
I'm new to this amazing site and I hope to be here long enough to both learn and participate with my findings.
I've just recently started testing a new strategy based on pending buy-stop and sell-stop orders, but I keep getting false entries because the trade keeps getting triggered mid-candle since price reached a certain level.

Is it possible to place a pending order in MT4 based on closing price. I know I can do it based on a price, but would rather not be triggered mid-candle.

Is there an EA that allows me to select pending order based on closing price of a candle rather than just price?

Thanks you
PS: This is my first post I hope the format is fine.

Welcome to the forum and thanks for joining us. I'm sure that would be possible as an EA. Has it been coded before? Not that I've seen. But I know of others who have requested this sort of thing before - only to be met with the usual responses like "just wait for the candle to close then manually enter".

Your idea would be useful for instance, if you want to set your entry based on the candle close above or below a "predetermined" point such as a major support or resistance line or a fib level etc. so I can understand what you're saying.

Perhaps one of our members or coders here knows of this tool or has coded one themselves. We'll see if the others can help when they are online

Thanks for your reply Jimmy,
You're absolutely right, I have a certain point that acts as a resistance/support for a long consolidation period (For me it's the period in time when markets are not active).
Once the market opens, let's say I'm trading GBP, I'm gonna wait until 10 AM GMT and set a pending sell or buy order depending on whether I'm expecting the price to go up or down.
It seems to me as a viable strategy but I keep getting false signals and the trade triggers if the price hits the support/resistance without colosing beyond it.