Range Breakout Pro EA MT5

Experts
Biswarup Banerjee
버전: 7.0
업데이트됨: 26 5월 2024
활성화: 20

Introduction

The Range Breakout Pro is an Expert Advisor automates trading based on the popular daily range breakout strategy. Traders appreciate this strategy for its simplicity and effectiveness in capturing potential large price movements at the beginning of each trading day.

For detailed documentation Overall Settings/Input Guide | | Backtest and Set files

Strategy Overview

The strategy involves the following steps:

Defining the Daily Range: The trading day is divided into a specific start and end time. For example, we may consider the range between 00:00 to 12:00 GMT for the EUR/USD pair.

Identifying the Range: Within this time frame, the highest high and lowest low prices are recorded. These represent the upper and lower bounds of the daily trading range.

Placing Trade Orders: Once the range is established, the Expert Advisor places pending buy and sell orders just outside the range boundaries.

Executing Trades: If the current price breaks above the range's high, a buy trade is triggered, anticipating further upward movement. Conversely, if the price breaks below the range's low, a sell trade is initiated, expecting downward continuation.

Managing Trades: Stop-loss and take-profit levels are set based on user-defined parameters. Additionally, trailing stop functionality can be employed to protect profits as the trade moves in the desired direction.

Closing Trades: At the end of each trading day, any open positions are closed, and the process restarts the following day.

Example with EUR/USD

Let's illustrate the strategy with an example using the EUR/USD currency pair:

Daily Range: 00:00 to 12:00 GMT
Start Time: 00:00 GMT
End Time: 12:00 GMT

Range Calculation: Between 00:00 to 12:00 GMT, the highest high and lowest low prices of EUR/USD are determined, forming the upper and lower boundaries of the daily range.

Trade Execution: If the current price breaks above the range's high (upper boundary), a buy trade is initiated. Conversely, if the price breaks below the range's low (lower boundary), a sell trade is executed.

Stop-Loss and Take-Profit: Stop-loss and take-profit levels are set based on user-defined parameters. For example, a stop-loss of 20 pips and a take-profit of 40 pips can be configured.

Trailing Stop: Optionally, a trailing stop can be activated to protect profits by adjusting the stop-loss level as the trade moves favorably.

End of Trading Day: At 12:00 GMT, any open positions are closed, and the Expert Advisor resets for the next trading day.

High Level Overview of Features

Category	Setting	Description
GENERAL SETTINGS	Lot Size	Initial volume for the first trade; subsequent features don't alter it.
	Stoploss in Pips	Initial stop loss; adjustable by EA features.
	Take Profit in Pips	Initial take profit; modifiable by EA features.
	Trade Comment	Specifies trade comments for source identification.
	Capture Logs	Enables troubleshooting logs.
	Enable Magic Number	Controls EA behaviour based on a unique identifier.
	Magic Number	Unique EA identifier for conditional checks.
	Trade On New Bar	Places trades at the start of the candle.
	No New Entry If Trade Exists	Determines new entry conditions with or without an active trade.
	Number Of Orders	Controls executed trades upon entry signals.
	Trade Direction	Specifies buy, sell, or both signals.
	Risk Reward Ratio	Sets take profit based on stop loss and a specified ratio.
	Next Open Trade After X Seconds	Introduces a time gap between multiple entry signals.
	Check for Opposite Close	Closes previous trend signal before placing a new one.
	Delete Pending Order at Distance	Auto-removes pending orders at a specified distance.
	Delete Pending Order After X Seconds	Auto-deletes untriggered pending orders.
	Delete Pending Order After N Bars	Auto-removes untriggered pending orders after specified candles.
	Profit Amount	Closes trade at a set profit amount or set take profit.
	Loss Amount	Closes trade at a set loss amount or set stop loss.
	Profit Percent	Closes trade at a set percent profit of account equity or set take profit.
	Loss Percent	Closes trade at a set percent loss of account equity or set stop loss.
	Close After N Candle	Closes trade after a specified number of candles from opening.
BREAKEVEN SETTINGS	Enable Breakeven	Boolean input to enable (true) or disable (false) breakeven functionality.
	Breakeven Activation	Numeric input setting the distance in pips from entry for breakeven activation.
	Breakeven Extra Pips	Numeric input defining extra pips beyond activation for setting stop-loss, covering costs and slippage.
TRAILING STOP SETTINGS	Use Trailing Stop	Boolean input to enable (true) or disable (false) trailing stop functionality.
	Activate	Numeric input setting distance in pips from entry for triggering trailing stop activation.
	Trail Price By	Numeric input defining trailing stop distance behind the current market price.
	Increment By	Numeric input specifying the increment by which trailing stop distance increases with favourable market movement.
MARTINGALE SETTINGS	Enable/Disable Martingale	Boolean input to enable (true) or disable (false) Martingale strategy.
	Multiplier	Numeric input determining the size multiplier for subsequent trades if Martingale is enabled.
	Multiply After N Repeat	Integer input setting the number of consecutive losing trades before applying the Martingale multiplier.
	Max Step	Integer input defining the maximum number of Martingale steps to limit consecutive increasing trade sizes.
	Adjust Take Profit	Boolean input to adjust (true) or not adjust (false) take profit based on Martingale steps.
GRID SETTINGS	Enable/Disable Grid	Boolean input to enable (true) or disable (false) GRID strategy.
	Step Distance	Integer input for the distance in pips between each grid level.
	Lot Increase Mode	Enumeration input for lot size increase mode: GRID_MULTIPLY or GRID_INCREMENT.
	Execution Mode	Numeration input for execution mode: GRID_MARKET (market orders) or GRID_PENDING (pending orders).
	Increase Factor	Numeric input for the factor by which lot size is increased for each new grid level.
	Distance Multiplier	Numeric input for the multiplier applied to the grid distance for each new grid level.
	Increase After N Repeat	Integer input for the number of repeats before applying the grid increase factor.
	Max Grid Step	Integer input for the maximum number of grid steps before resetting to the initial lot size.
	Grid Activation Mode	Enumeration input for when the grid should be activated: GRID_ON_LOSS or GRID_ON_PROFIT.
	SL and TP Mode	Enumeration input for stop-loss and take-profit mode: FIXED AMOUNT, EQUITY PERCENT, or COST_AVERAGE.
	Grid Fixed Stoploss	Sets a fixed stop-loss for combined loss of all trades when SL and TP mode is FIXED AMOUNT.
	Grid Fixed Takeprofit	Sets a fixed take-profit for combined profit of all trades when SL and TP mode is FIXED AMOUNT.
	Grid Equity Pct Stoploss	Sets an equity percentage stop-loss for combined loss of all trades when SL and TP mode is EQUITY PERCENT.
	Grid Equity Pct Takeprofit	Sets an equity percentage take-profit for combined profit of all trades when SL and TP mode is EQUITY PERCENT.
	AVERAGE_MODE	Enumeration input for averaging orders mode: Sum (Price x Lot)/Sum(Lots) or Sum(Price)/ Sum(Orders).
	AVG STOPLOSS	Sets stop-loss based on the average price of all trades when SL and TP mode is COST_AVERAGE.
	AVG TAKEPROFIT	Sets take-profit based on the average price of all trades when SL and TP mode is COST_AVERAGE.
RISK SETTINGS	Enable Risk to Lot	Boolean input for enabling (true) or disabling (false) Risk to Lot functionality.
	Risk Percent	Numeric input defining the risk percentage per trade based on the account balance.
	Risk Pips Per MicroLot / Stoploss	Numeric input determining the risk in pips per micro lot or stop-loss. It aligns with the STOPLOSS pips input for virtual stop-loss calculation.
POSITION SIZING SETTINGS	Enable Position Sizing	Boolean input for enabling (true) or disabling (false) Position Sizing functionality.
	Increase Lot	Numeric input defining the additional lot size for each trade when Position Sizing is enabled.
	Increase Lot on Account Balance	Numeric input specifying the account balance value triggering lot size adjustment. When the balance reaches or exceeds this value, the lot size is adjusted accordingly.
ALERT SETTINGS	Allow Alert	Boolean input allowing (true) or disallowing (false) the EA to trigger alerts on new entry.
	Allow Notification	Boolean input enabling (true) or disabling (false) the EA to send notifications (e.g., push notifications on mobile devices) on new entry.
	Allow Email	Boolean input permitting (true) or restricting (false) the EA to send email notifications on new entry.
TRADE TIME SETTINGS	Use Trading Times	Boolean input for determining if the EA should follow specified trading times (true) or trade 24/7 (false).
	Enable Asian Session	Boolean input to enable (true) or disable (false) trading during the Asian session.
	Start Time Asian and End Time Asian	String inputs specifying the start and end times of the Asian session in broker time.
	Enable European Session	Boolean input to enable (true) or disable (false) trading during the European session.
	Start Time European and End Time European	String inputs specifying the start and end times of the European session in broker time.
	Enable American Session	Boolean input to enable (true) or disable (false) trading during the American session.
	Start Time American and End Time American	String inputs specifying the start and end times of the American session in broker time.
	Enable Other Session	Boolean input to enable (true) or disable (false) trading during another specified session.
	Start Time and End Time	String inputs specifying the start and end times of the specified session in broker time.
TRADING DAY SETTINGS	Monday Trade, Tuesday Trade, Wednesday Trade, Thursday Trade, Friday Trade	Boolean inputs allowing (true) or disallowing (false) trading on each respective day of the week (Monday through Friday).
	Saturday Trade and Sunday Trade	Boolean inputs allowing (true) or disallowing (false) trading on Saturday and Sunday, respectively.
SAFEGUARD SETTINGS	Slippage	Maximum allowed slippage in pips for trade execution.
	Maximum Open Trades	Maximum number of open trades allowed; set to 0 to disable.
	Maximum Long Trades and Maximum Short Trades	Maximum number of long and short trades allowed; set to 0 to disable.
	Maximum Pending Orders	Maximum number of pending orders allowed; set to 0 to disable.
	Maximum Long Pending Orders and Maximum Short Pending Orders	Maximum number of long and short pending orders allowed; set to 0 to disable.
	Max Drawdown Percent	Maximum acceptable drawdown as a percentage of the account balance; set to 0 to disable.
	Max Drawdown Amount	Maximum acceptable drawdown as an absolute amount; set to 0 to disable.
	Maximum Trades Per Day	Maximum number of trades allowed per day; set to 0 to disable.
	Maximum Losing Per Trade	Maximum number of losing trades allowed per day; set to 0 to disable.
	Daily Stop	Maximum acceptable drawdown for a single trading day; closes all positions and halts trading if exceeded.
	Daily Target	Target profit to achieve within a single trading day; closes all positions and stops trading if reached.
	Weekly Stop	Maximum acceptable drawdown for a trading week; closes all positions and ceases trading if exceeded.
	Weekly Target	Target profit to achieve within a trading week; closes all positions and stops trading if reached.
	Monthly Stop	Maximum acceptable drawdown for a trading month; closes all positions and ceases trading if exceeded.
	Monthly Target	Target profit to achieve within a trading month; closes all positions and stops trading if reached.
DISPLAY SETTINGS	Panel Width Pct	Width of the panel as a percentage of the dashboard window.
	Panel Height Pct	Height of the panel as a percentage of the dashboard window.
	Text Size Pct	Size of text within the panel as a percentage; influences readability and presentation.
	Title Colour	Colour of the title text within the panel for visual distinction.
	Label Colour	Colour of labels or descriptive text within the panel for differentiation.
	Value Colour	Colour of numerical values or data within the panel for clarity and emphasis.

Usage Recommendations:

Before deploying in live markets, thoroughly test these EAs in a demo account. This ensures a comprehensive evaluation of their performance, alignment with your trading strategy, and assessment of risk tolerance levels.

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