R747 BreakOut EA
Link to product MT4: https://www.mql5.com/en/market/product/29415
Link to product MT5: https://www.mql5.com/en/market/product/30121
R747 BreakOut EA is a fully automated Expert Advisor that analyzes the market trend and moves orders to breakeven. It contains a smart algorithm to determine the support and resistance levels based on the latest market trend and breakouts of these levels. This trend is calculated for a period that can be easily modified by user.
This EA is fully customizable by user. For safer trading, it includes slippage protection as well as protection during high spreads on the market.
It does not use martingale, hedging or any other dangerous strategies.
This EA is designed for multicurrency trading, best performing on the H1 timeframe.
Initial settings are used for EURUSD H1.
- Use True ECN broker with a low spread and a low-latency VPS server
- Use EURUSD H1 for trading with this EA
- Avoid brokers with low market liquidity to avoid high slippage
- Use minimal deposit of 100 USD
- Adapt risk settings according to account equity and always verify with backtest
- Please avoid high volatile pairs with insufficient market liquidity like XAUUSD, BTCUSD etc.
- Move EA to the chart (simply drag and drop)
- When pop up window appears select desired settings (for EURUSD H1 you can use default settings).
- If using more trading pairs and more charts, make sure that each chart has unique Magic number !!!
- In settings window always adjust Risk parameter, or disable UseAutolot and select desired FixedLotSize
- Confirm settings and let the EA trade
- Make sure that each chart has unique Magic number!
- If using standard VPS server or personal PC - Make sure that AutoTrading is enabled in your Metatrader terminal (smiley face on the top right corner of the chart)
- If you are using Metatrader MQL VPS server - Make sure that AutoTrading is disabled in your Metatrader terminal (sad face on the top right corner of the chart)
- Make sure you are using charts with timeframes that you want to trade
- Make sure that you are using right Money management and every time verify with backtest
News Filter Settings
News filter never works in back-test !!
Note: For the news filter function in the terminal go to: "Tools -> Options -> Expert Advisors" and add the "http://ec.forexprostools.com/" to the Allowed URLs
This EA is fully customizable by user. I provided some set files hat are used on live account signal but you can optimize your own settings. Having different settings has the advantage of decreasing probability of having slippage and increasing the performance of the EA.
NOTE: I never force anyone to use the settings I provided from the live signal. So use it only if you want to.
- If you want to use Automatic Lot size calculation, then select "UseAutoLot = true" and modify "Risk" (Risk means how much of your account equity are you willing to loose if there will be loosing trade). Lot size is calculated based on account equity and stop-loss level
- If you don't want to use automatic Lot size calculation, then simply select UseAutoLot = "false" and modify FixedLotSize parameter.
Main parameters to focus during optimization:
- PastBars (recommended range from 7 to 25) - have impact on the strength of price levels
- TotalPastBars (recommended range from 200 to 1000) - have impact on the strength of price levels
- BiasPipsBuy, BiasPipsSell (recommended range from -20 to 20) - shift of the pending order price from the default entry point, can decrease slippage and other things
- StopLoss (recommended range from 30 to 500)
- BreakEven (recommended range from 10 to 50) - impact on trade when gets to the profitable direction
- LockInPips (recommended range from 0 to 40) - impact on trade when gets to the profitable direction
- TrailingStop (recommended range from 10 to 50) - impact on trade when gets to the profitable direction
- TrailingStep (recommended range from 1 to 20) - impact on trade when gets to the profitable direction
- For live trading you can also modify the MaxSpread - when this spread is exceeded EA automatically deletes pending orders and reopens pending orders once spread is lower again (no impact during already activated trade)
- For live trading you can also modify the Slippage - when the trade is activated and the activated price differs more then Slippage from pending entry point EA will move stoploss accordingly to slippage to not to loose more money if the market retraces back
- There is a chance that you used higher Risk with AutoLot size then is your available margin to open new position (In the Journal you can see message: "Your account has not enough margin to make new position xxxx").
- Try to decrease Risk, or select UseAutoLot = disable and select desired FixedLotSize
- Verify that AutoTrading is enabled in you PC/VPS Metatrader Terminal (If using MQL VPS AutoTrading must be disabled in your Metatrader Terminal)
2) There was placed the same pending order twice
- Verify that each chart in your Metatrader terminal has unique Magic number (Never use same magic number in more charts)
- If you are using Metatrader MQL VPS verify that you have disabled AutoTrading in you PC Metatrader terminal (sad face on the top right corner of the chart)
3) What is maximal Drawdown of the EA?
- Nobody knows - Nobody can predict the future. You can get some idea from the backtest but just keep in mind that backtest is based on data from past and not from the future.
4) Will EA work with other brokers?
- EA is not limited for any broker. The best performance can have with True ECN brokers. Always verify with backtest with proper tick data.
5) Will the EA work with X:X leverage?
- EA has no leverage limitation. It was optimized for 1:500 leverage but can work with other leverage as well. Just keep in mind that leverage can have influence for Auto Lot size calculation so then you can have problem solved in FAQ question #1. Always verify with backtest with proper tick data.
6) I want to trade 100 lots but EA allows me to open only 50 lots
- Trading 50 lots with Break out scalping strategy is a money management suicide. Remember that in the real market there can be a slippage and with the increased lot sizes there is higher chance to have the slippage. These "50" lots is not hardcoded in the EA but the max lot parameter is enabled as a half of maximum lot that your broker allows to trade.
This section contains set files used on live signal account (200 USD initial equity) for MT4 and MT5 version. If you want you can use these settings as well. You can modify "FixedLotSize" parameter that you feel comfortable to trade with or switch "UseAutolot" to "true" and adjust "Risk" parameter.