Take a Break
The basic idea behind Take a Break is being able to use any EA or indicator you like, pause their operation during news releases, times of increased spreads or time-based and resume their normal operation afterwards.
To prevent unprotected trades, Take a Break will pause your external EAs only when they are not in the market during such times (= no open trades of the external EA).
If the external EAs are in the market already, the utility will pause them after all their open trades were closed - either manually or by their own algorithm.
Example: Let's assume you have a Scalper EA that uses Pending Orders for trading. Usually, this systems works well but you don't feel comfortable about trading during a particular news event, e.g. the NFPs (Non-Farm Payrolls). However, your Scalper EA does not come with a built-in news filter so that you need to stop its operation manually every time. This is where Take a Break comes into play as it will pause your EA's operation automatically by 3 different filter criterias and continue trading afterwards.
- Works with any Expert Advisor or Indicator
- 3 built-in filters for protecting your trades:
- news filter
- spread filter
- time filter
- Easy to set up
How to set up
- Add the URL http://ec.forexprostools.com to the list of allowed WebRequest URLs (press CTRL+O, tab Expert Advisors)
- Set up your favourite EAs and Indicators for any symbol
- Right-click on the chart, select Template >> Save Template (use the default /templates/ directory)
- Apply the Take a Break EA on the chart and set the EA parameter Show current Chart ID = true
- Copy the displayed Chart ID and re-apply your template (right-click, select Template >> Load Template)
- Open another chart for your chosen symbol and apply the Take a Break EA on it
- Configure the EA parameters as you like and remember to set the following parameters:
- --- Chart Settings --- section:
- Chart ID (for templates): the Chart ID copied in step 4
- Apply this template if trading is NOT allowed: any template that should be applied when trading is NOT allowed (preset: default.tpl)
- Apply this template if trading IS allowed: the name of the template you saved in step 2 (example: My_Favourite_EA.tpl)
- --- External EA Settings --- section:
- External EA - Magic Number: the Magic Number of your external EA (for identifying trades)
- External EA - Delete Pending Orders: whether Pending Orders of your external EA should be deleted or not
- Pending Orders are deleted only when there are no open Market Orders of this EA (as some EAs use Pending Orders as recovery trades).
--- News Settings ---
- Pause during Low Impact News: enable/disable filtering by Low Impact News
- Pause before Low Impact News (minutes)
- Pause after Low Impact News (minutes)
- Pause during Medium Impact News: enable/disable filtering by Medium Impact News
- Pause before Medium Impact News (minutes)
- Pause after Medium Impact News (minutes)
- Pause during High Impact News: enable/disable filtering by High Impact News
- Pause before High Impact News (minutes)
- Pause after High Impact News (minutes)
- Pause during Non-Farm Payrolls: enable/disable filtering by the Non-Farm Payrolls
- Pause before Non-Farm Payrolls(minutes)
- Pause after Non-Farm Payrolls (minutes)
- Maximum Spread (0 = not used): spread filter, set to "0" for disabling it
- Draw News Lines on Chart
- Line Color - Low Impact News
- Line Color - Medium Impact News
- Line Color - High Impact News
- Line Width
- Line Style
- News for current symbol only: if set to "false", ALL news will be taken into account - even those that may not directly affect the current symbol
--- Time Settings ---
- Use Time Filter (broker time): enable/disable filtering by time
- Monday trading - start hour
- Monday trading - start minute
- Friday trading - stop hour
- Friday trading - stop minute
Feedback, improvements or enhancements are appreciated.
If you need any assistance, please contact me.
- Improved time filter: you can now add unlimited time ranges for every weekday (including weekends for Bitcoin/Crypto trading). To do so, specify them as ranges and separate them with a comma like this:
10:00 - 18:00,20:00 - 22:00,04:00 - 06:00
Please note that the specified time ranges must be terminal/broker time in order to work properly.
- Changed default value for parameter "GMT offset of your broker" to "2" for upcoming winter time
- Added parameter "External EA - Close all open trades if trading is not allowed" (disabled by default - use with caution)
- Some changes to input parameters needed a complete reinitialization of the EA before they were reflected properly
- Changed the EA operation to use a millisecond timer instead of ticks