BreakoutTrend

Breakout Trend Forex expert advisor trades in the direction of a breakout from a previous eight-hours' range. It uses the Low of the previous eight-hours as the stop-loss for its buy orders, and it uses High of the previous eight-hours as the stop-loss level for its sell orders. If the new hours starts within the previous eight-hours' trading range, the EA uses two pending stop orders to implement its strategy. They will expire at the end of the hours if not triggered. If the hours starts outside the previous week's range (there was a weekend gap in price), the expert advisor will buy or sell the currency pair immediately and will also set up a pending order for the opposite trade. Weekly Breakout does not use take-profit level. If stop-loss is not triggered during the week, the position is closed when the next week starts.

The expert advisor is available for MT5. It was backtested only in MT5.

Backtest

The backtest of the  Breakout Trend MetaTrader expert advisor on the 13-year period has shown the following results with H8 chart of the GBP/USD currency pair and 0.1 standard lot volume per position: $5,256 net profit on $10,000 starting account with a maximum relative drawdown at 19.91%. A little more than a half of its trades were winning, while the average profit was somewhat greater than the average loss. Unfortunately, the balance curve was not rising consistently.

Examples

As you can see, there are weeks with a closing deal only (inside bar), with no trades at all (inside bar after an inside bar), with one entry trade (common breakout week), and with two entry trades (double breakout week).