BO FEATURES
Latest update: v1.10
User Manual & Set file is attached to this blog
Buy or rent from the MQL5 Market
- BO is based on the symbol’s price actions after a defined period of time and making a BreakOut.
- It trades ANY Forex symbol, ANY metal symbol. We recommend major ones: combinations of USD,GBP,JPY,EUR,AUD,CAD,XAU.
- User may run any number of symbols in parallel by running an instance of this robot on each symbol.
- It does not use grid, martingale, or hedging strategies.
- Account type: Netting or Hedging. It always use Netting rules.
- User level required: from beginner to expert traders. It requires user to know the MetaTrader 5 Optimization tools as we recommend to optimize parameters before running live.
- All time frames are available.
- All trades are opened with a Stop Loss automatically. Never lose more of what you risk in a given trade.
- User may select which days of the week to trade.
- User may select a time window for trades (start/end hours).
- Multiple methods for opening Take Profit (TP) calculation.
- Multiple methods for the opening and trailing Stop Loss (SL) calculation.
- Multiple methods to handle large changes in price (positive or negative).
BO STRATEGY PARAMETERS
HrRangeStart [0,1,23]
MinuteRangeStart [0,10,50]
HrRangeDelta [1,1,6]
MinuteRangeDelta [0,10,50]
BO_p1 [0.5,0.1,1]
BO_p2 [1,0.25,3]
BO_p3 |0|[0,0.5,5]
These parameters control the BO entry strategy.
The range starts at HrRangeStart:MinuteRangeStart and lasts until
(HrRangeStart+HrRangeDelta):(MinuteRangeStart+MinuteRangeDelta)
Within the range, the highest and lowest prices define the top and bottom prices. After the range, the first time a candle closing price goes above the top price, a BUY order is sent. If the candle closing price goes below the bottom price first, a SELL order is sent.
The three BO_px parameters control other aspects of the strategy to improve the performance.
RISK MANAGEMENT
- Multiple ways to calculate your money at risk, and lot sizes.
- Proprietary Firm friendly: at every tick, it checks max daily loss and max account loss limits.
- It closes positions and suspends trading until next day if daily loss limit is approaching.
- It closes positions and stops trading if account loss limit is approaching.
- It stops trading when Prop. Firm target is achieved (optional).
HANDLING NEWS and WEEKENDS
- It handles high importance news (it ignores low and medium priority news).
- It handles open positions and pending orders before and after the news.
- It handles open positions and pending orders before weekend starts.
OPTIMIZATION
- We recommend to run the MT5 optimization tool every one or two weeks on the symbol of your interest.
- We recommend to optimize with the Generic Optimization Formulation (GOF) explained in this article: https://www.mql5.com/en/articles/14365
THE TRADER’S ENVIRONMENT: A CRITICAL FACTOR IN BACKTESTING
Every trader operates within a unique environment, defined by three key components:
1. Broker : Prices, spreads, leverage, fees, and commissions vary across brokers, impacting trading outcomes.
2. Network : Local internet connection speeds influence execution speeds, affecting entry and exit prices.
3. Computer : Processing power and internet connection speed combine to determine delays and slippage.
These environmental differences mean that two traders using the same:
- Expert Advisor (EA)
- Input set file
- Symbol
- Time frame
- Dates
will never achieve identical backtest results. While results may be similar, variations in environment ensure that outcomes will always differ. Therefore, running optimization of the input parameters before you start trading in your environment is critical. This step helps ensure that your trading strategy is tailored to your unique environment, maximizing its potential for success.
