RangeMasterEA
- Experts
- Haruki Teranaka
- Version: 2.5
- Updated: 14 June 2024
RangeMasterFX combines trend analysis and technical indicators based on multiple time frames to generate reliable trading signals and automate effective trading.
Main features:
Multi-time frame analysis:
Analyze trends on three time frames: daily (D1), 4-hourly (H4), and 1-hourly (H1) to find the exact entry point.
RSI filter:
Use RSI (Relative Strength Index) to identify overbought and oversold market conditions and filter entries.
Trailing stop:
To maximize profits, apply a trailing stop if the position moves in your favor.
Dynamic stop loss and take profit:
Dynamically set stop loss and take profit according to market volatility based on ATR (Average True Range) indicator.
Automatic profit taking:
Set a target profit margin and automatically close all positions when it is achieved.
Filter function:
See trend direction on multiple time frames and use filters based on trend direction to improve the quality of your entries. This is achieved by placing only buy orders in the case of an uptrend and only sell orders in the case of a downtrend.
ATR function:
Use ATR (Average True Range) to set dynamic stop losses and take profits based on market volatility for better risk management.
Parameter flexibility:
MAGICMA:
Description: magic number
Default: 3937
startTrade:
Description: Trading start time (hours)
Default: 0
endTrade:
Description: Trade end time (hours)
Default: 24
closeAllAtEndTrade:
Description: Whether to close all orders at the end of the trade
Default: true
maxOpenOrders:
Description: Maximum number of orders that can be opened at the same time
Default: 5
numberOfOrders:
Description: Number of limit orders to open
Default: 10
lotSize:
Description: Lot size for each order
Default: 0.01
resetOrdersDaily:
Description: Whether to reset open orders every day
Default: true
stopLossPoints:
Description: Minimum stop loss value (points)
Default: 60
takeProfitPoints:
Description: Minimum take profit value (points)
Default: 60
stopLossMultiplier:
Description: Stop loss multiplier
Default: 3.0
takeProfitMultiplier:
Description: Take profit multiplier
Default: 1.0
targetPercentage:
Description: Target percentage for profit taking
Default: 8.0
trailingStopPoints:
Description: Trailing stop distance (points)
Default: 50
LONG_TERM_TIMEFRAME1:
Description: Time frame 1 for long-term analysis (default daily)
Default: PERIOD_D1
LONG_TERM_TIMEFRAME2:
Description: Time frame 2 for long-term analysis (default is 4 hours)
Default: PERIOD_H4
LONG_TERM_TIMEFRAME3:
Description: Time frame 3 for long-term analysis (default is 1 hour)
Default: PERIOD_H1
RSI_PERIOD:
Description: RSI period
Default: 14
RSI_OVERBOUGHT:
Description: RSI overbought level
Default: 70
RSI_OVERSOLD:
Description: RSI oversold level
Default: 30
ATR_PERIOD:
Description: ATR period
Default: 14
Buying and selling logic:
TrendRangeMasterFX places buy and sell limit orders based on the following conditions:
Identifying trends:
The EA analyzes trends in three time frames: daily, 4-hour, and 1-hour.
Trends are identified using the crossover of a short-term moving average (10 periods) and a long-term moving average (50 periods).
If the short-term moving average is above the long-term moving average, it is considered an uptrend. Conversely, if the short-term moving average is below the long-term moving average, it is considered a downtrend.
Applying RSI filter:
If the RSI is below 30, we consider it oversold and place a buy limit order.
If the RSI is above 70, we consider it overbought and place a sell limit order.
Calculating the trading range:
Calculate the highest and lowest prices based on weekly data, and set that range as a trading range.
Place limit orders at evenly spaced prices within a trading range.
Limit order placement:
If a trading range is enabled, it will calculate the price based on the set limit order quantity and place a buy or sell limit order.
If an uptrend is determined, the current price is lower than the limit price, and the RSI is oversold, place a buy limit order.
If a downtrend is determined, the current price is higher than the limit price, and the RSI is overbought, place a sell limit order.
Check executed orders and apply trailing stop:
If your limit order is executed, apply a trailing stop to lock in your profit.
Close all positions when the target profit margin is reached.
Processing outside trading hours:
If it is outside trading hours, all orders and positions will be closed and a daily reset will be performed.
Optimal trading situations and safety features:
Scenes where it shows its power:
Trending market:
TrendRangeMasterFX works effectively in markets with a clear uptrend or downtrend. Trend analysis on multiple time frames allows you to find the exact entry point.
Range market:
By calculating your weekly trading range and placing limit orders within that range, you can make profits by taking advantage of small price movements within the range.
Cases in which safety functions cannot be performed:
Rapid market fluctuations:
During times of rapid market fluctuations due to sudden news or economic events, the performance of the EA may decline as prediction becomes difficult.
Safety Features: Trailing Stop and Dynamic Stop Loss designed to minimize losses. Also, by limiting your trading hours, you can avoid periods of high volatility.
Low liquidity market:
When market liquidity is low, slippage and order execution delays may occur.
Safety features: Manage risk by closing all orders and positions outside of trading hours and performing daily resets.
Excess number of positions:
Opening too many positions at the same time increases risk.
Safety feature: Set a maximum number of open orders and limit new orders if this is exceeded.
Recommended currency pairs and time frames:
Recommended currency pairs:
EUR/USD:
With high liquidity and low spreads, you can expect stable performance while keeping trading costs down.
GBP/USD (pound pound/US dollar):
It is a currency pair that has high volatility and is prone to clear trends. With proper risk management, you can expect great profits.
USD/JPY (US dollar/yen):
It has high liquidity and technical analysis works relatively effectively, allowing stable trading.
AUD/USD (Australian dollar/US dollar):
It is a commodity currency and is suitable for trend-following strategies.
Recommended time frame:
Daily (D1):
Ideal for understanding long-term trends. Reduce market noise and get reliable signals.
4-hour chart (H4):
Suitable for capturing medium-term trends. It provides relatively stable signals while offering frequent trading opportunities.
1 hour (H1):
Suitable for capturing short-term trends. Although the trading frequency is high and quick reactions are required, you can aim for high returns.
Safety and reliability:
TrendRangeMasterFX is equipped with advanced error handling capabilities and responds flexibly to market fluctuations and changes in the trading environment. It also has the ability to limit the number of orders that can be opened at the same time to accommodate broker order limits.
