Daily Range Breakout MT5 EA

Input Parameters Explanation.

EA GENERAL SETTINGS

• inpLot (Lotsize): The lot size for trades. For example, 0.01 means the EA will trade with a 0.01 lot size.
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• r2r_ratio (Risk:Reward Ratio): Defines the risk-reward relationship for each trade. A value of 1 sets equal distance for SL and TP, while 2 targets twice the reward relative to risk.
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• hours_from_midnight (Scan Range in Hours): Determines the time frame (in hours) from midnight for calculating the daily range. For instance, setting 6 means the range is defined from 00:00 to 06:00 server time.
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• hours_from_range_validity (Validity Range After Identification): The time period (in hours) after the range is identified during which breakout trades are valid. For example, if set to 5, breakout trades can be executed up to 5 hours after the range is formed.
• exit_trade_option (Trade Exit Option): Selects the strategy for exiting trades. Options include:
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• USE_RANGE_SIZES_UPPER_LOWER_LEVELS: Exits based on range levels defined by the EA.
• sl_pts (SL Points): Stop-loss distance in points. For example, 300 points represent 30 pips on 5-digit brokers.
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• tp_pts (TP Points): Take-profit distance in points. Similar to SL, 300 points equal 30 pips.
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• inverse_trades (Inverse Trades?): Set to true to trade against the breakout direction (counter-trend), or false for trading in the breakout direction.

Visual and Label Settings:

• def_prefix (RANGE Prefix): A text prefix displayed on the chart for identified daily ranges. Example: "RANGE RECTANGLE " names each breakout zone rectangle.
• clr_rectangle (Range Color): Sets the color of the daily range rectangle. Default is clrBlue.
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• clr_up_line and clr_down_line (Breakout Line Colors): Define the colors for the upper and lower breakout levels. Defaults are clrBlack (upper) and clrRed (lower).
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• line_width (Line Width): Adjusts the thickness of breakout level lines. Example: 3 sets medium-thick lines.
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• break_up_arr_code and break_down_arr_code (Arrow Codes): Specify the symbols for breakout arrows. Defaults are 234 for upward breakouts and 233 for downward breakouts.
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• break_up_arr_clr and break_down_arr_clr (Arrow Colors): Set the colors for the breakout arrows. Defaults are clrBlack (up) and clrBlue (down).
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• prt (Print Statements): Enable or disable logging to track EA operations. Set to true for logging or false to turn it off.

Why Choose This EA?

• Automated Breakout Detection: Eliminates the need for manual range identification.
• Customizable Risk Management: Configure SL, TP, and risk-reward ratios to match your trading strategy.
• Multiple Exit Strategies: Choose between range-based exits or fixed SL/TP points.
• User-Friendly Interface: Easily set up and monitor trades with visual aids like rectangles and arrows.
• Reliable and Efficient: Ideal for traders seeking precision and speed in breakout trading.

Start trading smarter with the Daily Range Breakout MT5 EA! Optimize your breakout trading strategy today!