Range Breakout Day Trader MT4
Range Breakout Day Trader MT4
Introducing the Range Breakout Day Trader. This Expert Advisor only trades during the day (European time). This EA uses proven strategies and doesn’t use high risk Grid, Hedge or Martingale recovery strategies. This EA shows that safe and reliable automated trading systems don’t need to cost that much.
This carefully crafted Expert Advisor opens one position every day after a range has been set between 1:00 and 6:50 AM (GMT/UTC+2) on the USDJPY currency pair.
Because it only opens one position with a stop loss and closes automatically at the end of the day (so you also avoid swap costs), it’s a very safe EA. You can even set up an extra safeguard by setting up the maximum allowed equity drawdown.
After the breakout of the range (which will happen after 6:50 AM) a carefully optimized trailing stop will start after a certain amount of profit has been reached.
At 19:55 PM the position will be closed which will then also avoid any swap costs for open positions during the night.
An integrated trend filter will increase the probability of opening the position in the right direction of the range breakout.
There will be also situations that the profit can increase further. For those situations the EA has a build-in alert option (by notification or email) to send a warning if the price reaches a certain amount of profit early, so that you can temporarily switch of the take profit level and let the profits increase further. This can be done in situations when for example the profit already increases quickly after opening a position and trend indicators on a higher time frame show that the trend will probably continue.
But be aware that these situations where the price continues to move in one direction during the day don’t happen a lot. And switching off the default settings of the EA and combining manual trading can involve extra risks.
Prop Firm Ready
The LOW RISK and EXTRA LOW RISK settings of this EA are suitable for prop firm challenges. Make sure that the max. equity drawdown percentage is lower than the daily allowed drawdown for the challenge. And importantly avoid days with news events like interest rate decisions, because the volatility during these news events cause slippage which can result in bigger equity drawdowns than what is set as maximum in the EA. Also it’s recommended to start with the EXTRA LOW RISK settings and switch to the LOW RISK once the balance has grown enough.
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