Welcome, fellow traders! Today, I want to dive into the Daily Break Point Expert Advisor (EA) designed specifically for MetaTrader 4. If you're looking for a reliable tool to enhance your trading strategy, you’re in the right place!
This EA operates effectively on an H1 timeframe. It executes trades at the start of a new bar if the previous bar has broken through a predetermined point that we set.
The breaking calculation is based on the first bar of the opening day, utilizing the BreakPoint value specified in the parameters.
Strategy Conditions:
- SELL if the previous bar appears bearish and breaks the specified BreakPoint value.
- BUY if the previous bar looks bullish and breaks the specified BreakPoint value.
- Averaging.
- Trailing.
Parameters
Parameters Description:
- BreakPoint — distance in points to break.
- MinSizePrevBarForBreak — order will execute if the size (iOpen & iClose) of the previous bar is at least 5 points.
- MaxSizePrevBarForBreak — order will execute if the size (iOpen & iClose) of the previous bar does not exceed this parameter.
- MaxOrderAtOnceTime — if you set this value to "2", then two order positions will open at every break point.
Here’s an example of a BUY when the break point is reached:
Let’s say we set the BreakPoint to 20, and the opening day position is 0.6924. A BUY position should open if the last bar breaks through [Open Day Point + BreakPoint], which equals 0.6944. Check out the screenshot below for a visual reference.
Recommendations:
- Always test on a demo account first to get the hang of the system.
Happy trading, and may your pips be plentiful!
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