Range Breakout EA in MQL5 according to spec

Specifiche

I am looking for an EA in MQL5 that trades both sides of a range breakout and places a hedge order. Fairly straightforward!

Here is a specification:

Trading Strategy Specification: Range Breakout

Platform: Metatrader 5, Forex brokers

Default Chart: EURUSD, 5m chart

Quick overview

The strategy looks for an established range in the morning session and then trades breakouts above or below that range, by opening either a long trade above the range or a short trade below the range. Take-profit and stop-loss targets are immediately set. If one order has been hit, the other order is immediately terminated. If a trade ends in stop-loss, a hedge trade is opened immediately afterwards

 

Description of Algorithm

Input Parameters

Name

data type

default value

starttime

time

7:00am UTC+1

endtime

time

9:00am UTC+1

minimumrange

number

10 pips

maximumrange

number

150 pips

entrybuffer

number

5%

exitbuffer

number

2%

riskrewardratio

number

2

tradevolume

number

0.05 lots

hedgerangedivider

number

3

hedgevolumemultiplier

number

4

endtime

time

8:00pm UTC+1

Step 1: Establish range in the morning session

Record the highest and the lowest encountered price in the time interval between start time and end time in two variables and calculate the resulting range. Also apply a minimum and maximum range.

High = highest price encountered in interal between starttime and endtime

Low = lowest price encountered in interval between starttime and endtime

Range = High - Low

if Range is higher than maximum range, then set Range = maximumrange

if Range is lower than minimum range, then set Range = minimumrange

Step 2: Trade Entries

Calculate the entry prices by using the range, and a buffer. Set the orders immediately after the time interval of step 1 is over. First, calculate price levels:

bufferrangeentry = range * (1+entrybuffer)

bufferrangeexit = range * (1+exitbuffer)

rangedivider = range / riskrewardratio

Place two pending stop orders with the following parameters:

1) Short Order

Direction: short

Entry Price: Low - bufferrangeentry

stop loss: High + bufferrangeexit

take profit: Entry - rangedivider

2) Long Order:

Direction: long

Entry: High + bufferrangeentry

Set stop loss: Low - bufferrangeexit

Set take profit: Entry + rangedivider


If one of the orders is hit, delete the other open order.

 

Step 3: Hedge Orders

If a stop loss has been hit, on the first opened position, we try to re-coup our losses with a hedge. Therefore a hedge order is placed at the stop-loss of the first opened order. Calculate the range of the hedge:

hedgerange = Range / hedgerangedivider

Place Long Hedge Order if 1st opened position was a short:

Direction: Long

Entry: 1st order stop loss price, immediately after

Stop loss: 1st order entry price

Take Profit: entry + hedgerange

OR

Place Short Hedge Order if 1st opened position was a long:

Direction: Short

Entry: 1st order stop loss price

Set Stop loss: 1st order entry price

set Take Profit: entry - hedgerange

 

Step 4: Close at market price at a time at the end of the day

Close all orders and positions at the given time in the endtime parameter


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