Take a Break MT5
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 4 different filter criterias and continue trading afterwards. Of course, it also works the other way around: only trade during news time and pause trading afterwards.
- Works with any Expert Advisor or Indicator
- 4 built-in filters for protecting your trades:
- news filter
- spread filter
- time filter
- daily profit/loss limit
- Easy to set up
How to set up
- Add the URLs https://ec.forexprostools.com and https://time.is to the list of allowed WebRequest URLs (press CTRL+O, tab Expert Advisors)
- Download the FREE Take a Break Indicator and follow the setup instructions.
- Configure the EA parameters:
- --- External EA Settings --- section:
- External EA - Magic Number: the Magic Number of your external EA (for identifying trades), or "-1" to manage all EAs/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 (some EAs use Pending Orders as recovery trades).
Other Parameters (Excerpt)
--- News Settings ---
- Pause during High/Medium/Low Impact News: enable/disable news filters
- Pause before High/Medium/Low Impact News (minutes)
- Pause after High/Medium/Low Impact News (minutes)
- Pause during Non-Farm Payrolls: enable/disable NFP news filter
- Pause before Non-Farm Payrolls (minutes)
- Pause after Non-Farm Payrolls (minutes)
- Draw News Lines on Chart
- News for current symbol only: if set to "false", ALL available news will be taken into account - even those that may not directly affect the current symbol
--- Additional Filters ---
- Maximum Spread (0 = not used): spread filter, set to "0" to disable it
- Maximum Daily Profit/Loss Limit (0 = not used): enter a daily profit or loss limit in your account's base currency here
E.g. 100 means "stop trading/load another template when daily profit reaches 100 EUR/USD/..." whereas -100 means "stop trading/load another template when daily loss reaches 100 EUR/USD/...".
The limit is reset every day at 00:00 terminal time.
--- Time Settings ---
- Monday/Tuesday/Wednesday/Thursday/Friday/Saturday/Sunday Trading: specify trading times as ranges for each weekday and separate them with a comma
E.g. 04:00 - 06:00,20:00 - 22:00 will trade from 04:00 to 06:00 and from 20:00 to 22:00 (terminal time).
Feedback, improvements or enhancements are appreciated.
If you need any assistance, please contact me.
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- Maximum Daily Profit/Loss Limit = -100
- Daily Profit = 100
- Floating Loss = -200 -> All trades are closed.
If set to "Balance", TaB will close all trades and stop trading for the day if Daily Profit/Loss exceeds the "Maximum Daily Profit/Loss Limit" (= this option does not take the Floating Profit/Loss into account).
- Terminal crashes / freezes on news time (when multiple instances of Take a Break are used).
- Improved internal news filter logic which should result in lower CPU usage. Feedback is welcome ;)
- No need to enter the "News Symbols" manually anymore. Take a Break will get all relevant news for each Chart Group automatically.
- Only those symbols are paused that are actually affected by the news. E.g. if you manage EURUSD and EURGBP in one Chart Group and there are news for GBP, only your EURGBP chart(s) will be paused.
- Likewise, if any "Close trades X minutes before ..." option is set, only those trades are closed that are actually affected by the news. E.g. if you manage EURUSD and EURGBP in one Chart Group and there are news for GBP, only your EURGBP will be closed.
- Revised Control Panel for a better overview of all filters and symbols managed in the current Chart Group.
- Optimized code structure.
- Fixed the "Close trades X minutes before ..." option. If there were many news within a short period of time, trades may not have been closed.
- Fixed the Spread filter which was not working properly after introducing the Chart Groups in version 2.0.
- Fixed an issue in the MT5 version where Take a Break was still active even after disabling Algo trading in the terminal or the EA settings.
- Added parameter "Filter News Events" with the ability to filter for custom news events (e.g. PMI,Rate Statement,CPI).
- Added parameter "Filter News Symbols" with the ability to filter for custom news symbols (e.g. EUR,USD,GBP).
- "News for current symbol only"
- Multi-chart handling is finally here! Please read the updated description for more information.
- "Timezone to reset Daily Profit/Loss Limit"
- "Chart Group"
- "Chart ID"
- Various minor code improvements
- "External EA - Close all open trades if trading is not allowed"
- "Close trades X minutes before Non-Farm Payrolls/High/Medium/Low Impact News": You can now specify the trade closing time in minutes before a news release.
- "Time to reset Daily Profit/Loss Limit": Usually, the daily profit/loss limit is reset every day at midnight (00:00 terminal time). If you want to specify another reset time, you can now do so.
- "Close ALL trades on/at": You can now specify a specific weekday and time for closing ALL your trades (useful if you don't want to keep positions open over the weekend).
- "External EA - Delete Pending Orders": If this is set to "true", Pending Orders will also be deleted X minutes before Non-Farm Payrolls/High/Medium/Low Impact News or if a weekday and time for "Close ALL trades on/at" is selected.