CandlePRO v5 BETA – Announcement and FAQ
CandlePRO v5 BETA
with Trade Automation
We are pleased, proud, and excited to announce CandlePRO v5 - our first major release to CandlePRO in over a year. CandlePRO v5 (codename "Oreo") is a complete re-imagination and re-design of how you use CandlePRO. CandlePRO - the powerful candlestick detection and backtesting engine you already know - was missing something crucial: how to easily apply those candlestick signals into your day-to-day trading.
Sure, in version 4 you could setup email alerts, but those email alerts were generic and they were easy to forget. If you didn't check your email for a few hours you would just see a bunch of email alerts for various candlesticks. Left unanswered were how those signals were doing now? Especially how were they doing with the TP/SL values you backtested them with? Not only the signals, but the strategies you are basing those alerts off of - if you setup a strategy for daily signals you'd have no idea how that strategy had been performing unless you manually tested every signal since you setup the strategy.
In short - CandlePRO of the past was missing automation. It was a great research tool but fell short when it came to managing those strategies and we were the first to admit it.
Here are the key features and upgrades that you need to know about:
- New Trade Dashboard - consolidated performance reports for all of your trading strategies, one-off trades and more.
- Automated Strategies - create "strategies" from your backtesting, with your own TP/SL and other requirements, and watch as those strategies are automatically traded within your CandlePRO dashboard
- Strategy Library - view strategies being used by other users and add them to your own Dashboard
- New Strategy Criteria / Backtesting Features:
- Trade Charts - view a chart for every trade that goes into backtesting for more confidence in the results
- Move SL to break even - lock in profit and reduce risk by moving your SL to breakeven after X number of pips are achieved
- Close Trade on False Break - reduce risk by closing out a trade if the first candle closes in the negative
- Close Trades Before Weekend - automatically close your trades before the weekend (going forward and in backtesting) to more closely simulate real life trading. Also compare the results on a strategy if you choose to leave your trades open over the weekend.
- False Signal - some strategies performed so poorly in backtesting they seem more like continuation signals rather than reversal signals. Now you can trade it as such! For example lets say you test a long on a bullish doji with a TP of 50 and a SL of 50 and it netted a pitiful -600 pips over the past several months. Trade it as a false signal, or getting short on a bullish doji, and suddenly you have a very successful strategy!
- Doubles and Triples only - this is not a new feature, but worth mentioning just because of the power of it. If a bullish/bearish signal occurs on more than USD denominated pair (EU, GU, AU) it is a sign that the pairs are all moving to the same strong underlying influence and are powerful signals. Setups automated strategies based solely off off doubles/triples.
- Candle Influence (+/-) - this new stat tells you how strong a candlestick's default forecast (e.g. bullish for a bullish doji) is by looking at how much price has increased or decreased over the 10 candles following a signal. A reading of 1.0 means a candle has had a neutral 10-candle influence - price has increased as much as it has decreased in the following 10 candles. A reading of 2.0 means price has gone in the forecast direction by a factor of 2. This is a good overall reading of a candle's influence before you ever try to fit it into a strategy.
- Detailed Alert Emails - the new alerts give you specific, tradeable information when a candlestick signal appears that matches one of your strategies. You will get your TP/SL/Entry levels, plus any other pertinent strategy information you need to know.
- Strategy Frequency - want to receive 10 signals per day? 10 per month? 1 per month? With our new "signal frequency" stat you can easily estimate how many signals you will receive per month.
- Shareable Backtesting Reports - share your backtested signals and strategies with other users simply by copying and pasting the URL.
The Backtesting "Beta Challenge"
Whenever you discover a *new* backtesting strategy with a profit factor of at least 2.0 or that netted at least 400 pips over the past you'll see a message at the bottom of the backtesting screen. Your total number of "winning" strategies found will be shown in your "settings" tab:
At the end of the week we will put up a scoreboard to see which user discovered the most profitable strategies, and a prize will be rewarded - we haven't determined the prize yet, but we are open to ideas!
What else can I do during the Beta?
We need your feedback! Go through the backtesting, trade charts, etc., and if you notice anything that doesn't look right or doesn't give the right result please let us know ASAP!
How Do I Get Started?
Here are the links you need to get started right away:
- New PRO Dashboard - gives access to new CandlePRO Detector, where you can browse past and present candlestick signals and access the new backtesting.
- CandlePRO Dashboard - view the performance of all your CandlePRO strategies, as well as find the Strategy Library. You will start off with a sample closed trade and a sample open trade (both real, recent signals).
- Sample Backtesting Report - here is a sample report for a recent 30m AU shooting star. Feel free to modify the backtesting criteria, or even add the strategy to your dashboard!
Frequent Asked Questions
These questions aren't frequently asked yet, as we are just launching, but here are the questions we anticipate right out of the gates. If you have more questions please send us an email or post your question in the comments below!
Why do I get different backtesting results between the new and old CandlePRO?
The old CandlePRO broke signals into four separate formation strength categories (0-24,25-49,50-74,75-100%). CandlePRO v5 only breaks signals into two categories (0-49%, 50-100%). In our research we found that lowering the number of categories increased the number of signals analyzed and ultimately provided more accurate backtesting.
When will the new email alerts be launched?
We anticipate within 10 days. Our plan is to successfully launch this beta and then roll out the new email alerts.