Market / MetaTrader 5 / Indicators /

Take a Break Indicator MT5

FREE

Published: 6 July 2020

Current version: 2.12

Take a Break Indicator MT5

Indicators
Eric Emmrich
Version: 2.12
Updated: 19 June 2023

Please check the "What's new" tab regularly for a complete and up-to-date list of all improvements + parameters.

FREE indicator for my trading utility Take a Break.

This indicator allows you to manage multiple other EAs with just one Take a Break EA instance.

Simply specify the corresponding Chart Group in the indicator(s) and Take a Break EA settings and you are good to go.

Setup example (Indicator + EA)

You want Take a Break to manage 3 other EAs: EA1 on EURUSD, EA2 on EURGBP, EA3 on GBPUSD.

Download the indicator and the EA to your MetaTrader.
Add the URL https://trading.custom-solutions.it to the list of allowed WebRequest URLs (press CTRL+O, tab "Expert Advisors")
Attach the indicator to the EURUSD chart with EA1. Specify "EA1" as the Chart Group.
Attach the indicator to the EURGBP chart with EA2. Specify "EA2" as the Chart Group.
Attach the indicator to the GBPUSD chart with EA3. Specify "EA3" as the Chart Group.
Open a blank, new chart (timeframe: M1) and attach the Take a Break EA to it.

Enter "EA1,EA2,EA3" when asked for "Which Chart Groups should be managed?" in the "REQUIRED SETTINGS" section.
[This section is unavailable in the demo version of the EA as Chart Groups are limited to "Default".]
OPTIONAL: Specify the "Magic Numbers" of EA1, EA2 and EA3.
By default, Take a Break will manage all trades (entire account). So in our example, Take a Break will manage all EURUSD, EURGBP and GBPUSD trades independent of their magic numbers.
If you want only specific trades to be managed by Take a Break, enter their magic numbers like e.g. "1,2,3" ("0" for manual trades).

That's it! Take a Break will now take care of all your other EAs by applying the filter settings you defined.

Parameters (excerpt)

Recreate default templates?: Only applicable to "Template type to create" = "Trade IS allowed". If you use the default, auto-created templates for "Trading is NOT allowed" and "Profit/Loss Limit reached" and want them to use the latest settings of the "Trade IS allowed" template (e.g. after you changed the "Label Color"), you can recreate these template types by enabling this option. Note that this will overwrite the existing ones for this Chart Group. Thus, this option should not be enabled if you use custom templates for "Trading is NOT allowed" and "Profit/Loss Limit reached".

General information

EA version 4.0 has been a major performance upgrade with an almost entirely rewritten code base. This upgrade allows Take a Break to handle even large-scale chart setups while consuming a minimum amount of CPU power. From this version onward, the frequency of the news + time filter checks is controlled by the chart timeframe. Due to this, Take a Break EA must be run on a chart with timeframe M1 so that these checks get executed every minute. Conveniently, the EA will change its timeframe automatically if it was not attached to an M1 chart right away.
From indicator version 1.30 onward, the chart templates for "Trading is NOT allowed" and "Profit/Loss Limit reached" are auto-created if they do not exist already. That should facilitate the setup process for most use cases of Take a Break. If you want to create custom chart templates (e.g. you want another EA to trade during news) or want to overwrite existing ones, do the following:

Setup a chart with all required EAs/indicators.
Attach the Take a Break indicator to this chart.
Specify the corresponding "Chart Group".
Select the "Template Type" you want to create/overwrite ("Trading IS allowed" / "Trading is NOT allowed" / "Profit/Loss Limit reached").

Feedback, improvements or enhancements are appreciated.

If you need any assistance, please contact me.

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Gusbo75 2024.01.05 18:30 #

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Aleksandr Tamonin 2021.01.24 12:05 #

Очень полезный инструмент, огромное спасибо автору.

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The most advanced news filter and drawdown limiter on MQL market NEW: Take a Break can be backtested against your account history! Check the " What's new " tab for details. Take a Break has evolved from a once simple news filter to a full-fledged account protection tool. It pauses any other EA during potentially unfavorable market conditions and will continue trading when the noise is over. Typical use cases: Stop trading during news/high volatility (+ close my trades before). Stop trading when

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Tax Buddy creates a simple, sortable trading report which you can send to your local tax authorities alongside your annual declaration. I've been using this kind of report for the German Finanzamt in order to declare my capital gains ("Kapitalerträge") in a readily comprehensible manner. For testing purposes, the Demo version places random trades in the Strategy Tester on the symbol of your choice and creates a demo report for them. Conveniently, all reports are stored in the common path for a

30 USD

Please check the " What's new " tab regularly for a complete and up-to-date list of all improvements + parameters. FREE indicator for my trading utility Take a Break . This indicator allows you to manage multiple other EAs with just one Take a Break EA instance. Simply specify the corresponding Chart Group in the indicator(s) and Take a Break EA settings and you are good to go. Setup example (Indicator + EA) You want Take a Break to manage 3 other EAs: EA1 on EURUSD, EA2 on EURGBP, EA3 on G

FREE

The most advanced news filter on MQL market NEW: Take a Break can be backtested against your account history! Check the " What's new " tab for details. This is the demo version of my Expert Advisor " Take a Break ". All EA operations are limited to 1 symbol and Chart Group "Default". Please check the " What's new " tab regularly for a complete and up-to-date list of all improvements + parameters. Take a Break has evolved from a once simple news filter to a full-fledged account protection tool. I

FREE

Filter:

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Gusbo75 2024.01.05 18:30 #

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Reply from developer Eric Emmrich 2024.01.05 18:39 #

Many thanks for taking the time for a review! Delighted to read about your positive experience with TaB :)

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Aleksandr Tamonin 2021.01.24 12:05 #

Очень полезный инструмент, огромное спасибо автору.

Version 2.12 2023.06.19

This release aims at resolving 2 bugs and improving the overall user experience.

Bug fixes:
- "Indicator is too slow" warning on some (low-spec) systems should finally be fixed. Please report if not.
- Infinite "Retrieving symbols to manage, please wait ..." loop should be fixed, too. If this message still appears for too long, please restart your MetaTrader terminal.

Improvements:
- Renamed parameter "Template type to create" to "Chart Mode" to better reflect its purpose.
- Added notes explaining the purpose of the "Recreate default templates" parameter.
- Added an info panel in the lower right chart corner with a comprehensive description of each chart mode.

Version 2.11 2023.02.21

Another small update following user feedback that improves the overall indicator performance.

Version 2.10 2023.02.21

Important update: stabilizes TaB's operation and addresses another issue with template creation that might lead to messed up templates.

Everyone who has had problems with TaB in the past should please update to this version.
Also be sure to update the EA to version 5.53 as soon as it's available.

Version 2.0 2023.02.20

Due to changes in MetaTrader's codebase, it has become possible that multiple TaB indicators can be added to the same chart. This then lead to messed up templates.

The indicator now makes sure that there is only one TaB indicator per chart. Some minor issues affecting initial template creation were fixed as well.

Version 1.90 2022.12.03

Reliability was improved so that messed up template overwrites should no longer happen.
Be sure to update!

Version 1.80 2021.10.11

I'm delighted to present you the most stable Take a Break version to date!

Following user feedback, I tweaked the EA and Indicator and tested the improvements for the past weeks 24/7 on a VPS with MT4 and MT5. Since then, I never got any errors like "Could not identify any symbols to manage." or broken template files anymore.

In order to make use of the stability improvements, please update the EA to version >= 5.20 and the Indicator to version >= 1.80.

I'd like to thank all users who contributed to this release and helped making Take a Break an even more stable trading utility.

Version 1.73 2021.09.18

Minor improvement: add a note about a short & simple Chart Group name to avoid problems.

Version 1.72 2021.01.25

Added parameters:
- "Draw News Lines on Chart": if set to "true" (default), displays the relevant news on each symbol's chart as well. Note that this option requires EA version >= 4.93.
- "Show Label": should you decide to "Draw News Lines on Chart", you may want to hide the label "Take a Break EA Settings" for a better overview.

Version 1.71 2021.01.18

Important bug fix release for all users that already updated to EA version 4.90 / Indicator version 1.70: templates created with these versions might not get loaded properly which caused Take a Break to stop its work entirely. This issue has now been fixed so I urge all users to update.

The good news is that no template data was lost. The bad news is that depending on your filter settings, not all of your charts might still be managed by Take a Break EA. So after the update, please check your chart setup(s) and make sure that all relevant charts still contain the Take a Break indicator. If it is missing, please add the indicator to the chart again - either manually or by applying the corresponding template: right-click on the chart, select "Templates -> Load Template", navigate to "MQL4\Files" (MT4) / "MQL5\Files" (MT5) and select the template to apply.

I apologize for any inconvenience caused!

Version 1.70 2021.01.16

New Year, New Updates - Happy New Year to all of you!

This version introduces a new template management mode for Take a Break which facilitates working with the created template files. Please restart your MetaTrader terminal after this update to take full advantage of it. On startup, your current template files will be migrated conveniently.

Also, you may want to clean up the old template files afterwards (as this cannot be done automatically due to file security restrictions in MetaTrader):

- right-click on a chart, select "Templates -> Remove Template" and remove all TaB* prefixed templates OR
- delete all TaB* prefixed files in "[TERMINAL_DATA_FOLDER]\Profiles\Templates\" (MT5) / "[TERMINAL_DATA_FOLDER]\templates\" (MT4) and restart your terminal again

Other improvements:
- Fixed a bug which caused the chart template type not to be recognized correctly. That mainly happened if another order management EA was used that interfered with Take a Break's work.
- Removed parameter "Save template file?". Template files are always saved now.

Version 1.60 2020.12.19

Added parameters:
- "Recreate default templates": if set to "true", the default chart templates for "Trading is NOT allowed" and "Profit/Loss Limit reached" are recreated/overwritten forcibly even if they exist already.

Version 1.50 2020.11.24

Improved handling of Global Variables.

Version 1.40 2020.10.02

Preparation for upcoming new major version 4.0 of the Take a Break EA. Make sure to update!

Version 1.30 2020.09.28

Setup made easy: Template Types for "Trading is NOT allowed" and "Profit/Loss Limit reached" are now auto-created if they do not exist already.

This should facilitate the setup process for most use cases of Take a Break. Of course, you can still overwrite these templates if you wish to create custom ones.

Next up is an update of the EA which fixes its high CPU usage on setups with many charts. This update will be released within the next few days.

Version 1.20 2020.08.26

- Improved indicator performance.
- Fixed a bug which caused freezing/unresponsive terminals after applying the indicator to a chart. This issue affected EAs with Graphical interfaces.

Version 1.10 2020.08.23

Added new parameter "Save template file": if set to "true" (default), the template file for the desired Chart Group will be saved and (re)created automatically every time the indicator is added to a chart. Thus, any changed EA settings will automatically be updated in the corresponding template as well.

If set to "false", no template file will be saved or created. In this case, you need to keep your template updated manually. The indicator will only act as an identifier for the EA then.