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MT5 bot EA Specification: Pre-London Range Breakout (Pepperstone Compatible)

MQL5 Experts Forex Trading robot/indicator debugging Strategy optimization

Specification

Purpose

  • Develop an Expert Advisor (EA) for MetaTrader 5.

  • Strategy: Breakout from the pre-London session range with strict risk management and no grid/martingale.

  • Goal: Scalp intraday momentum after London open using pending orders.

  • Broker: Pepperstone (ECN / RAW spreads).

  • Instruments: default EURUSD and XAUUSD (configurable).

Trading Logic

1. Pre-Range Session

  • Time based on server time (TimeTradeServer).

  • Define range between PreRangeStart and PreRangeEnd .

    • Default: 05:00 – 07:15 server time.

  • Record PreHigh (highest price) and PreLow (lowest price) of this window.

  • Range filters:

    • If (PreHigh – PreLow) < MinRangeATR * ATR(14, M5) → skip trading.

    • If (PreHigh – PreLow) > MaxRangePips → skip trading.

2. Entry Window

  • Default: 07:15 – 11:30 (London) and optionally 13:30 – 16:30 (New York).

  • Place pending orders at breakout levels:

    • BUY STOP = PreHigh + BufferPips .

    • SELL STOP = PreLow – BufferPips .

  • Only if all filters are met:

    • Spread ≤ MaxSpreadPoints.

    • ATR(14, M5) within MinATR–MaxATR.

    • Optional: Trend filter → Only Buy if price > EMA200 (M15), only Sell if price < EMA200.

3. Pending Order Management

  • Place both orders (or only one if EMA trend filter applies).

  • Cancel the opposite order once one is triggered.

  • Cancel all untriggered orders when:

    • EntryWindow ends, or

    • Filters fail (spread too wide, volatility too low).

4. Stop Loss / Take Profit

  • SL options:

    • Default: kATR * ATR(14, M5) .

    • Or: opposite side of the pre-range ± buffer (choose the smaller distance).

  • TP = RR * SL (default RR = 1.5 for FX, RR = 2.0 for XAUUSD).

  • Break-even:

    • Move SL to entry after price moves in profit by BE_Trigger * SL (default 1.0).

    • Add offset ( BE_Offset ) if configured.

  • Trailing:

    • Start after TrailTrigger * SL .

    • Trail distance = TrailATR * ATR(14, M5) .

5. Risk Management

  • RiskPerTrade% (default 1%). Lot size calculated dynamically based on SL distance.

  • Use symbol properties ( SYMBOL_TRADE_TICK_VALUE , etc.) to compute correct lot size.

  • Daily loss limit: If equity drops by MaxDailyLoss% (default 3%), no new trades until next day.

  • Max trades per day: e.g., 2.

Inputs (parameters)

  • Session times:

    • PreRangeStart="05:00" , PreRangeEnd="07:15" .

    • EntryWindowStart="07:15" , EntryWindowEnd="11:30" .

    • UseNYWindow=true , NYWindowStart="13:30" , NYWindowEnd="16:30" .

  • Filters:

    • BufferPips=5 (EURUSD), BufferGoldPoints=50 (XAUUSD).

    • MinATR=0.0008 , MaxATR=0.0040 (for EURUSD).

    • MinRangeATR=0.6 , MaxRangePips=25 .

    • MaxSpreadPoints=12 .

    • UseEMATrend=true , EMAPeriod=200 , EMATF=PERIOD_M15 .

  • Stops & Targets:

    • UseATRStop=true , kATR=1.0 .

    • RR=1.5 (EURUSD), RR_XAU=2.0 .

    • UseBreakEven=true , BE_Trigger=1.0 , BE_Offset=2 .

    • UseTrailing=true , TrailTrigger=1.2 , TrailATR=1.0 .

  • Risk settings:

    • RiskPerTrade=1.0 .

    • MaxDailyLoss=3.0 .

    • MaxTradesPerDay=2 .

  • Execution:

    • MaxSlippagePoints=10 .

    • DeleteOppositePendingOnFill=true .

  • Symbols & Magic:

    • Symbols="EURUSD,XAUUSD" .

    • Magic=17092025 .

    • Comment="PreLondonBreakout_Pepperstone" .

EA Architecture

  • OnInit() → load symbols, initialize states.

  • OnTick():

    • Track PreRange highs/lows.

    • Place pending orders only in EntryWindow.

    • Cancel pending orders at window end or after opposite is triggered.

    • Manage active positions (BE, trailing, SL/TP).

  • OnTradeTransaction() → handle fills, update daily P&L, enforce limits.

  • OnDeinit() → clean pending orders.

Additional Requirements

  • Work with multiple symbols (EURUSD, XAUUSD by default).

  • One active trade per symbol.

  • Proper logging: reasons for order placement or cancellation.

  • Draw lines on chart: PreHigh/PreLow, pending orders, SL/TP.

  • Optimizable inputs for backtesting (range times, buffer, ATR multiplier, RR).


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