Range Breaout EA
- Experts
- Biswarup Banerjee
- Version: 1.0
- Activations: 20
Range Breakout Pro MT4 is a MetaTrader 4 Expert Advisor that automates trade management using the popular daily range breakout strategy. This utility is valued for its simplicity and effectiveness in capturing significant price movements at the start of each trading day by placing and managing pending orders based on predefined range boundaries.
You can download the MT5 version here: Range Breakout Pro MT5
For detailed documentation: Overall Settings/Input Guide
For backtests and set files: Backtests and Set File
Strategy Overview:
- Defining the Daily Range: The trading day is segmented by user-defined start and end times (e.g., 00:00 to 12:00 GMT for EUR/USD).
- Identifying the Range: The highest high and lowest low prices within the specified time frame are recorded, forming the upper and lower boundaries of the daily range.
- Placing Trade Orders: Pending buy and sell orders are placed just outside the range boundaries.
- Executing Trades: A buy trade is triggered if the price breaks above the range’s high, anticipating upward momentum. A sell trade is initiated if the price breaks below the range’s low, expecting downward continuation.
- Managing Trades: Stop-loss and take-profit levels are set based on user-defined parameters, with optional trailing stop functionality to secure profits as the trade progresses.
- Closing Trades: All open positions are closed at the end of the trading day, and the process resets for the next day.
Example with EUR/USD:
Daily Range: 00:00 to 12:00 GMT
Start Time: 00:00 GMT
End Time: 12:00 GMT
Range Calculation: The highest high and lowest low prices of EUR/USD between 00:00 and 12:00 GMT are identified, forming the range boundaries.
Trade Execution: A buy trade is triggered if the price breaks above the range’s high; a sell trade is executed if it breaks below the range’s low.
Stop-Loss and Take-Profit: Configurable settings, e.g., a stop-loss of 20 pips and a take-profit of 40 pips.
Trailing Stop: Optional trailing stop adjusts the stop-loss to lock in profits as the trade moves favorably.
End of Trading Day: At 12:00 GMT, open positions are closed, and the EA resets for the next trading day.
Note: The Range Breakout Pro MT4 is a trade management tool that automates the placement and monitoring of pending orders based on daily range breakouts. It requires careful configuration of time frames, stop-loss, take-profit, and trailing stop settings to align with market conditions and your risk tolerance. Ensure proper setup and testing in a demo environment before live use to optimize performance and avoid unintended losses.
Important Advice:
This is a professional trade management tool, not a guaranteed profit system. The range breakout strategy depends on market volatility and may involve risks during low-movement periods. To ensure effective use:
- Test thoroughly on a demo account before deploying on a live account.
- Regular updates and optimized configurations are released periodically. Check the MQL5 Blog links above for the latest recommendations and set files.
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