Break Out of Range 5
Range Breakout Expert Advisor (EA) for MetaTrader 4
Key Features:
Lot Size Management:
Fixed Lot Size: The EA enables you to set a constant lot size for each trade.
Martingale Option: Optionally, you can activate the Martingale strategy, which escalates the lot size following a loss to recoup the deficit.
Scheduled Trading:
The EA initiates trades exclusively within a predetermined time frame (e.g., from 08:00 to 18:00), avoiding low-liquidity trading hours.
Trading Days:
Specify days of the week for trading activities.
Profit and Loss Management:
Take Profit (TP) and Stop Loss (SL) levels are calculated as a multiple of the range width (the gap between support and resistance levels).
For instance, if the range is 50 pips and the multiplier is set to 2, the TP and SL will be set at 100 pips.
Trend Detection with EMA:
The EA utilizes an Exponential Moving Average (EMA) to ensure trades align with the prevailing trend.
Trades are executed only in the direction indicated by the EMA (e.g., buy signals when the price is above the EMA).
Trailing Stop Loss:
The EA includes a trailing stop loss feature to secure gains.
As the price moves favorably, the stop loss is adjusted to lock in profits.
How the EA Operates:
Identify the Range:
The EA tracks the market to pinpoint a stable price range with distinct support and resistance levels.
Wait for Breakout:
The EA awaits a price breakout above the resistance or below the support level.
Verify Trend Direction (if EMA is enabled):
The EA ensures that the breakout occurs in line with the overall trend as determined by the EMA.
Execute Trades:
Once a valid breakout is confirmed, the EA initiates the trade.
The lot size is either static or dynamically adjusted via the Martingale strategy.
Set TP and SL Levels:
The EA configures the take profit and stop loss points based on the range multiplier.
Implement Trailing Stop Loss:
As the trade advances in the desired direction, the trailing stop loss is progressively tightened to secure gains.
Example Configuration:
Fixed Lot Size: 0.1 lots
Martingale Multiplier: 2 (if enabled)
Trading Time: 08:00 to 18:00
Range Multiplier for TP/SL: 2
EMA Period: 50
Trailing Stop Loss Distance: 20 pips
This Expert Advisor automates the range breakout trading strategy, enabling traders to delegate trade management tasks such as entry, exit, and risk control to the software, freeing up time for other activities.
