SwingOneshot EA
- Experts
- Manuel Lenares
- Version: 1.4
- Updated: 3 June 2024
TF M5
PAIRS: EURUSD;GBPUSD;USDCAD;
Overview
Introducing the SwingOneShot EA, a sophisticated Expert Advisor designed to capitalize on breakout strategies with precision and efficiency. This EA is meticulously crafted to help traders identify and trade breakouts while minimizing the risk of false signals. Leveraging a blend of advanced technical analysis, dynamic risk management, and time-tested trading principles, the SwingOneShot EA is a robust tool for both novice and experienced traders.
Key Features
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Dynamic Breakout Detection:
- Utilizes a sophisticated algorithm to identify potential breakout points.
- Customizable parameters to adjust sensitivity based on market conditions.
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Advanced Confirmation Mechanisms:
- Filters out false breakouts to enhance trade accuracy.
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Flexible Trading Parameters:
- Adjustable lot size, stop loss, and take profit levels to suit individual risk tolerance.
- Time filters to avoid trading during low volatility periods or around major news events.
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Range Calculation and Trading Logic:
- Automatically calculates the optimal trading range based on historical data.
- Sets flags for high and low breakout points and monitors them in real-time.
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Risk Management:
- Implements a dynamic stop loss and take profit system based on percentage of the range.
- Includes a breakeven function to lock in profits once a certain price movement is achieved.
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User-Friendly Interface:
- Easy-to-navigate settings and parameters for quick setup and adjustments.
- Clear visual indicators on the chart to represent range, breakout points, and trade actions.
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Compatibility and Performance:
- Designed to work seamlessly with MetaTrader 5 on any instrument.
- Optimized for minimal latency and efficient execution to ensure timely trade entries and exits.
How It Works
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Initialization and Setup:
- Upon loading the EA, it checks all user inputs and initializes with the specified parameters.
- Validates the license key to ensure authorized use.
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Range Calculation:
- At the start of the trading session, the EA calculates the high and low range based on historical price data.
- Continuously updates this range as new price data comes in during the range period.
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Breakout Monitoring:
- Monitors the market in real-time for breakouts beyond the defined range.
- Uses confirmation indicators to validate potential breakout points.
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Trade Execution:
- Once a confirmed breakout is detected, the EA places trades with predefined stop loss and take profit levels.
- Adjusts trade parameters dynamically based on market conditions and user settings.
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Risk Management and Trade Closure:
- Implements breakeven and trailing stop mechanisms to protect profits.
- Closes trades based on time filters or when specific conditions are met.
Inputs and Customization
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General Inputs:
- Magic Number: Unique identifier for trades placed by the EA.
- Lot Size: The size of each trade.
- Stop Loss and Take Profit: Set as a percentage of the range.
- Risk Management: Percentage of balance to risk per trade.
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Trading Inputs:
- Entry Time: Specify the time window for entering trades.
- Range Parameters: Define the start time, duration, and minimum/maximum pips for the range.
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Day of Week Filter:
- Enable or disable trading on specific days to avoid less favorable market conditions.
Conclusion
The SwingOneShot EA is a powerful tool for traders looking to harness the potential of breakout strategies while mitigating the risks of false signals. With its advanced features, flexible customization options, and robust risk management, this EA provides a comprehensive solution for enhancing your trading performance on the MetaTrader 5 platform. Whether you are a novice trader seeking automation or an experienced trader looking for a reliable breakout strategy, the SwingOneShot EA is designed to meet your needs and help you achieve your trading goals.
