FCR Bot v1.2 is an automated trading bot for the cTrader platform that implements the First Candle Rule (FCR) strategy, specifically optimized for trading XAUUSD (Gold) with 1:500 leverage. It incorporates precise market parameters for Gold, including correct tick size (0.01), pip calculations, margin requirements, and lot size normalization to suit high-leverage trading.
The bot follows a structured six-step FCR strategy: calculating the FCR level at a configurable start time (default 9:30 AM London open), detecting breakouts without immediate entries, identifying Fair Value Gaps (FVG), confirming retests, entering trades on engulfing candle signals, and applying risk management with a fixed 3:1 reward-to-risk ratio. Position sizing is based on 1% risk per trade, with stop loss set one tick beyond the retest candle and take profit fixed accordingly.
Visual aids include blue lines for FCR levels, green/red rectangles marking FVG zones, clearly marked trade entry, stop loss, and take profit lines, plus yellow diamond retest markers. While optimized for XAUUSD, the bot has been tested on other forex pairs such as EUR/USD and GBP/USD. It is designed for conservative, disciplined swing trading with medium trade frequency, focusing on quality setups during trending gold markets. Recommended parameters and thorough backtesting are provided to support effective deployment.