Ultimate Daily Breakout
Ultimate Daily Breakout Expert Advisor
Many trading stratergies look to trade daily trend swings by defining levels based on the previous day's high and low on the daily chart.
When these levels are broken, price tends to trend in that direction sometimes for 100s of pips.
This EA is a tool to both look for these patterns though backtesting and then after being found to trade them live.
The Ultimate Daily Breakout EA can be optimised for and used on any currency pair, commodity, stocks or shares that MT4 can display on a chart!
The 200 EMA may be used as a filter too to make sure we are always the correct side of the major trend.
Default settings are for GBPUSD at broker GMT+3 time.
It is essential that you backtest/optimise to your broker's timezone for each pair!
See the screenshots for suggestions on how to optimise!
Best on Trendy Pairs like EURUSD, GBPUSD, GPBJPY, USDJPY, USDZAR, GOLD(XAUUSD) etc.
magic - Magic number used by the EA.
stoploss/takeprofit - Default SL and TP in pips if ATR based slfactor/tpfactor is set = 0.
maxspread - maximum spread EA is allowed to trade in pips.
MinCandleBodySizePips - Minimum previous day candle body size to allow a trade today in pips. This value is replaced by a calculated value if atrMinCandleBodySizeFactor is not 0.
MaxExtraCandleBodySizePips - Pips more than MinCandleBodySizePips for maximum candle body size to allow a trade (helps to filter out news events from previous day making false signals). This value is replaced by a calculated value if atrMaxExtraCandleBodySizeFactor is not 0.
MinPipsInCorrectDirectionToOpen - Pips above the body high from yesterday price must reach before BUY is opened. Pips below yesterday's body low price must reach before SELL is opened (this helps to filter support/resitance bounces).
starthour - The beginning of time allowed for trades to be opened (e.g. open of NY Market time).
endhour - The end of time allowed for trades to be opened (e.g. end of NY Market time).
buy/sellAbove/BelowMA - Allow trades to be opened above/below the 200 EMA line (so that you dont trade against the major trend).
atrMinCandleBodySizeFactor - Use the ATR on D1 chart to set MinCandleBodySizePips. If it is set to 0, use the number of pips set as MinCandleBodySizePips.
atrMaxExtraCandleBodySizeFactor - Use the ATR on D1 chart to set MaxExtraCandleBodySizePips. If it is set to 0, use the number of pips set as MaxExtraCandleBodySizePips.
slfactor - SL used for each trade multiplied by ATR. If set = 0, use stoploss as the stop loss in pips.
tpfactor - TP used for each trade multiplied by ATR. If set = 0, use takeprofit as the take profit in pips.
stoplevel - Minimum SL and TP allowed if slfactor or tpfactor is not 0.
trailingstop - Pips used in trailing stop. 0 means no trailing stop.
trailingstart - Pips in profit before trailing stop is started.
mm - Use money management for lot size calculation based on size of SL.
risk - Percent of account risk to use per trade if mm is true.
lotdigits - How many digits lot sizes are allowed to be if using a penny account on Forex, or when trading indicies/CFDs. Default is 2. Set to 1 if trading shares/indicies/CFDs.
ecn - Set true if you use an ECN / NDD account.
hidesl/hidetp - Hide the SL or TP inside of the EA if you dont trust your broker and think they are stop-hunting you.
slippage - Maximum pips of slippage between when order sent and order opened by broker. 0 is no limit on slippage.