Opening Range Breakout
- LEE SAMSON
- Version: 2.7
- Updated: 14 February 2023
- Activations: 10
Profit from the explosive moves that occur at the open of stock indices and give yourself an actionable edge every day. The opening range breakout EA can be tweaked to your liking to capture the trends that form just after the open every day on the main stock indices like the DAX, DOW, NASDAQ and S&P500. These opens happen at the same time every day so you know when volatility will occur and often just after the open strong trends form which you can capture with this EA.
The opening range is typically the first 5-15 minutes of a stock market open & after the initial orders are placed by the large market participants the speculative trading commences. After the open one of two things tends to happen.
1. You get a range or rotation day where the index pushes up, reverses and the reverses again. These days the strategy and EA will often breakeven or make small losses.
2. You get a trend day where the market pushes in one direction often for hours on end. These are the days the strategy really banks and can generate easily a 3-10% return as it rides the trends.
MT5 Versions is here: https://www.mql5.com/en/market/product/91232
A strategy guide to how the EA trades can be found here: https://www.mql5.com/en/blogs/post/751229
Manual with all the settings can be found here: https://www.mql5.com/en/blogs/post/751352
Set files to use for stock indices can be downloaded here: https://www.mql5.com/en/blogs/post/751385
DO NOT USE THE DEFUALT SETTINGS - USE ONE OF THESE SET FILES OR CREATE YOUR OWN!
The EA can be customised to trade on any timeframe but M5 is recommended and can be set to take trades at any time of day so can also be used to trade other ranges that form like the Asian sesssion in Forex or you can use it to trade just before news events where it will place pending orders at strategic highs and lows before a news breakout happens.
The EA will automatically trail a stop loss for you behind the breakouts and also can move your stops to breakeven fast to protect your capital should a false breakout occur. You can set the amount of risk and many other settings which are detailed more below.
The EA is great for passing and gradually growing prop firm accounts. You can set it to be aggressive when taking prop firm evaluations so it passes quickly on fast trending days and it will protect capital with the stops to avoid blowing evaluations when ranging. You can set it to auto close positions at a set percentage gain on your account to help you not over trade and target just a daily gain which will typically be in the region of 1-2% per day.
Passed two prop challenges with this EA, running it on the funded accounts as well. Lee is very supportive on MQL5 and Telegram and he uses the same tools on his daily YouTube livestream. Loving the EA, simple straight forward strategy has great results if one is not greedy and impatient. I highly recommend all of Lee's EAs. Excellent work Lee, thank you ⭐⭐⭐⭐⭐