Three Bar Break EA
3 Bar Break is based on one of Linda Bradford Raschke's trading methods that I have noticed is good at spotting potential future price volatility. It looks for when the previous bar's High is less than the 3rd bar's High as well as the previous bar's Low to be higher than the 3rd bar's Low. It then predicts the market might breakout to new levels within 2-3 of the next coming bars.
This EA should work on any market and any timeframe though is optimised for EURUSD 5m timeframe.
- A purely mechanical system. Simply set and leave.
- Risks are small per trade.
- An optional automatic lot adjustment feature that adjusts lot size to the account balance. Or to use a fixed lot size.
- Features a panel showing, bid, ask, spread, lot size balance, equity, profit/loss, stop level and broker execution speed.
- To find broker execution speed we press button Execution Reading.
- Magic Number - A unique value to this EA so that if used alongside other EA's within MT4 it can differentiate between all orders placed and only adjust orders placed by this EA.
- Slippage - If trade is opened and its past the expected price of trade by x points as specified here then the trade will not be opened.
- Lot Size - Adjusts the size of trade exposure we have. EG 0.01 on the EURUSD will mean every micro incremental point move will equal 1 pence.
- Maximum Spread - Allows only trades when market is less than or equal to the spread as input by user.
- Stop Loss - Sets the size of stop loss from opening order price in points.
- Take Profit - Sets the size of take profit from opening order price in points.
- Trailing Stop - Sets the size of our trailing stop in points.
- Minimum Profit To Trailing Stop - Sets the size of profit in points that is required before we activate out trailing stop.
- Close Opposite Order - Closes opposite pending order. EG If our sellstop is opened it closes the buystop
- Pending Buy - Sets the distance in points we place our buystop order from the nearest part of triangle.
- Pending Sell - Sets the distance in points we place our sellstop order from the nearest part of triangle.
- Bar Count - Sets the amount of bars we count before deleting our pending order.
- Money Management - True means we will adjust lot size as a percentage of our trade capital. As set in Percentage Risked Per Trade. False means we will use fixed lot specified under Lot Size above.
- Risk Percentage - Percentage we risk per trade. EG 2 = 2% of our total trade capital will be risked per trade. This we be calculated using both stop loss and account size.
- Start Hour - On and after this hour the EA will start trading.
- End Hour - On and after this hour the EA will stop trading.
- Lines On or Off - Sets if we want lines to appear on chart outlining the triangle pattern.
- Line Color - Sets which color we want the lines.
- Line Size - Sets the thickness of lines.