Time Interval Range BreakOut

This strategy based on the theory that a range breakout may occur after a set period of time has expired. The range time can be set by the user, also the order set time is parameter. After the range has been built, by a set time a Buy and a Sell order will be placed respectively at range High and rang Low prices.

The user has control to set lot size, initial stop loss and take profit. 

This expert advisor does not use martingale algorithm.

In this expert advisor the average daily range (ADR) is utilised to set stoploss, take profit and trailing stoploss. 

Please do your own testing and find your own settings before running it on a live account.

The EA has been tested on XAUUSD from 2024.01.01 to 2024.05.15 on M30 timeframe. Please see the attached screenshots. 

Settings

Lot settings Group

Trading Volume Mode. 

The user can choose between fixed volume or volume correspond risking the set percentage of the free margin. 

• VOLUME_FIXED: fixed
• VOLUME_PERCENT:   Risk Percentage of Free Margin

Lots Size: fixed lot size

Risk Percentage of Free Margin: the percentage in % of the free margin.

MarginPercentage of the Margincall Level for open Position: Maximum allowed margin for trade

LookbackDays ADR calculation: define the lookback days for Average Daily Range calculation

FreezeLeveled Stoporders opened as MarketOrder: If ask – bid price is to close to the order entry price, the Expert advisor allowed to place market order instead of pending order

Range Time Settings Group

The following four parameter determines the range box start and end times:

Range Start Hour: range box start time – hour 

Range Start Minute: range box start time – minute

Range End Hour: range box end time – hour

Range End Minute: range box end time – minute

The following two parameter determines the time when the pending orders will be placed (at range box high and low prices)

Place Order Hour 0 = Inactive =>> Range End Time: order place time – hour ( if set to 0, pending orders will be placed right after the range box has been completed)

Place Order Minute: Range End Time: order place time – hour

Delete Orders Hour: Deletes pending orders - hour

Delete Orders Minute: Deletes pending orders – minute

Close Positions Mode: User can set how positions will be close (apart from stoploss), there are three options:

• Close Position at given time
• Close Position Disabled
• Close Position at time only if in Profit

Close Positions Hour: Close active positions – hour (if it selected in close position mode)

Close Positions Minute: Close active positions – minute

Initial StopLoss and TakeProfit Settings Group

Initial StopLoss Mode

• not Set: means no initial stoploss will be set
• Factor of Range:  initial stoploss set to a factor of the difference between rangebox High and low,  for example 0.1 => entry price - stoploss distance is 10% of (rangebox High - Low)
• Factor of Adr: initial Stoploss set to a factor of the ADR (average daily range), for example 0.1 => entry price - stoploss distance is 10% of the Average Daily  range

Maximum Allowed SL Points (0 = No Limit): Set the maximum allowed stoploss distance

Initial TakeProfit Mode

• not Set: means no initial takeprofit will be set
• Factor of Range:  initial takeprofit set to a factor of the difference between rangebox High and low,  for example 0.1 => entry price - takeprofit distance is 10% of (rangebox High - Low)
• Factor of Adr: initial takeprofit set to a factor of the ADR (average daily range), for example 0.1 => entry price - stoploss distance is 10% of the Average Daily  range

ADR Trailing StopLoss Settings (evaluated by every tick) Group

Adr Tsl Enable: ADR Trailing Stoploss mode enabled / disabled.   

Start trailing Adr factor: Start trailing after ADR factor in profit(for example 0.2 means 20% ADR starts trailing) 

Follow profit by Adr factor: follow profit by % ADR percent (for example 0.05 means it will follow Profit - 5% ADR) 

Minimum Adr factor step 0 = disabled: minimum step size in ADR percent (0.01 means %1 percent of ADR)

Break Even Settings (evaluated by every tick) Group

Break even can run only once in a lifetime of a position

BE Stop Trigger Points (0 = Inactive): Points distance from the open price.

BE Stop Puffer Point: points distance from BE Trigger.

Miscellaneous Settings Group

Position Magic: Position magic number

Position Comment: Comment for orders and positions

Opposite Direction Order when Market order Deal: if true selected, the expert advisor will close the opposite direction order once a position deal executed.