OPENING RANGE BREAKOUT TRADING SYSTEM

MQL4 Experts

Specification

indicators used

-----------------


1. supertrend indicator


(settings 10-3)


2. Auto Sessions v 1.8

-----------------------------------------



Buy rule :

-----------


Wait for 8 AM -12 NOON(BROKER TIME)


(5 CANDLES each 1 HR TIME FRAME)


Mark Candle high of 5 bars

Mark Candle low  of 5 bars


If candle high breaks check

supertrend, it must be positive

to enter a buy position


or


wait for supertrend to change as

positive and enter a buy position




keep positions till stoploss

hit 


or


target hit


or


supertrend reversal


or


broker time 21:00


which one comes earlier, will be exit

point for the buy positions


========================================


Sell Rule :

===========


Wait for 8 AM -12 NOON(BROKER TIME)


(5 CANDLES each 1 HR TIME FRAME)



If candle low breaks check

supertrend, it must be negative

to enter sell


or


wait for supertrend to change

negative 


keep positions till stoploss

hit 


or


target hit


or


supertrend reversal


or


broker time 21:00


which one comes earlier, will be exit

point for the sell positions

=========================================




input values in expert advisor as follows :

-------------------------------------------


enter input qty :0.10 lot


enter sl pip     : 50 pip (it is by default ) stoploss concept explained already in notepad text file


enter target pip : 30 pip ( by default ) target method also explained in notepad text file


enter magic number :  ( for placing same or difference currencies in various time frames)


enter comment line :


enable money management  : true/false (if it is true, based on equity orders to be placed, if it is false take same input qty)




calculation start time   : 08: 00 (broker time )


calculation end time     : 12:00 (broker time )


trade start time         : 13:00 (broker time )


trade end time           : 21:00 (broker time ) ...*********** all open positions, whether hit profit/stoploss/pending orders if any, everything to be closed at 21:00


===============================================================================================


every new day , new trades will be available, no carry, all open positions started for trading

must be closed on same day


================================================================================================


every day maximum one buy and maximum one sell allowed.


if buy stoploss hit, then no re entry for buy 


similarly 


if sell stoploss hit, then no re entry in sell


maximum trades per day : 2







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