Hello, I wondering if anyone would like to help me develop a very simple Range Breakout EA, but with a slight twist. I’ve been trying to use the sample range breakout but I’m struggling.
My idea is to have the EA determine the high and low of a given number of candlesticks (e.g. 5am, 6am and 7am) or even one candlestick (e.g. 6am candlestick) and then once the price breaks the highest/lowest of that range, it would set a pending order in the OPPOSITE side of the range.
E.g. once the price goes past the lowest range, then it would set a pending order at 1 pip ABOVE the HIGHEST range. Does that make sense? And vice versa: if the price goes ABOVE the highest range, then it would set a pending order to 1 pip BELOW the LOWEST range.
I’ve uploaded 2 image examples: in image 2, you can see that once the price hits the blue line 1, you would enter once the price hits the red line 2.
I’ve noticed I get a lot more successful trades with this as it counteracts a lot of stop-hunting professional traders do first thing in the morning.
Is anyone willing to discuss/help create one?
I might be interested in helping you, since I've not used pending orders in my little framework, so it would be a nice extension.
If I understand your strategy correctly, the pending order has to follow the price upwards, so it gets hit close to the highest point? Quite similar to a strategy, we are already trading, but we enter the trend with a market order and then let the stop loss follow the price, so we exit the market at the top.
With your idea, it might be possibe to trade the trend in both directions.
So I have a first version running, but without the trailing price yet. Makes some loss, but also some profit from time to time, which surprises me, to be honest....
Need more info on the details to move on.
This is my current version. Very experimental, but makes some profit in the tester here.