Daily range breakout pro
- Experts
- Version: 1.4
- Activations: 20
Product name
Daily Range Breakout Add-On
# Short description
MetaTrader 5 Expert Advisor that places a daily Buy Stop and Sell Stop at the High and Low of the previous D1 candle. It manages one breakout setup and one protected add-on entry.
# Full description
Daily Range Breakout Add-On is an Expert Advisor for MetaTrader 5. It uses the High and Low of the previous daily candle as breakout levels on the chart symbol.
At the start of a new broker-server day, the Expert Advisor places a Buy Stop at the previous D1 High and a Sell Stop at the previous D1 Low. An optional entry buffer can move both pending orders farther from the levels. Stop Loss and Take Profit are set when each pending order is placed.
When one pending order is activated, the Expert Advisor can delete the opposite pending order. If the base position reaches the configured favourable price movement, its Stop Loss is moved to the entry price. The Expert Advisor then opens one additional market position in the same direction. The additional position uses the base entry price as its Stop Loss and the base Take Profit level as its Take Profit.
Only one daily setup is created. A new setup is not created again until the next broker-server day.
The Expert Advisor can be used on hedging and netting accounts. On a hedging account, the base and additional entries are separate positions. On a netting account, they are combined into one position; the protective Stop Loss remains at the base entry price and the Take Profit remains at the base target.
## Trading sequence
1. Read the High and Low of the previous D1 candle.
2. Place a Buy Stop above the previous High and a Sell Stop below the previous Low.
3. Apply the configured Stop Loss and Take Profit to both pending orders.
4. After one breakout order is activated, optionally remove the opposite pending order.
5. After the configured favourable movement, move the base position Stop Loss to break-even.
6. Open one same-direction add-on position with Stop Loss at the base entry and Take Profit at the base target.
## Input parameters
### Order Volume
- Lot Size: Volume of each base and add-on order.
- Magic Number: Identifier used by the Expert Advisor to manage its own orders and positions.
### D1 Breakout Levels
- Stop Loss Points: Stop Loss distance from the pending order price.
- Take Profit Points: Take Profit distance from the pending order price.
- Entry Buffer Points: Additional distance beyond the previous D1 High or Low.
- Slippage Points: Maximum allowed price deviation for market execution.
### Add-On Trade
- Add At Profit Points: Favourable price movement required before break-even and the add-on entry.
- Delete Opposite Order: Deletes the pending order in the opposite direction after the base order is activated.
## Operation notes
Points use the terminal point size of the current symbol. Check the symbol specification before selecting Stop Loss, Take Profit and entry-buffer values. A broker's minimum stop distance, spread, execution conditions and available margin can affect order placement and execution.
The Expert Advisor must remain connected to the trading server to manage pending orders, break-even and the add-on entry. Use a virtual hosting service if uninterrupted operation is required.
## Risk notice
Trading involves risk. The Expert Advisor does not guarantee a trading result. Test settings on the intended symbol and broker conditions before use on a live account.
# Screenshot captions
1. Pending Buy Stop and Sell Stop at the previous D1 High and Low.
2. Activated base position with its Stop Loss and Take Profit.
3. Base position moved to break-even and the additional position opened.
4. Input parameters window.
