Unlocking Lazy Bot MT5: Your Daily Breakout Trading Companion

Introduction to Lazy Bot MT5

If you’re a trader looking to automate your daily breakout strategy, you’re in the right place! Lazy Bot MT5 is a powerful System Trading tool designed for MetaTrader 5, making trading both efficient and user-friendly. Let’s dive into the details of this Expert Advisor (EA) and explore how it can enhance your trading experience.

1. Input Parameters

To get started, let’s outline the essential input parameters you’ll need to configure:

EASettings: This is where you’ll put your EA settings.
InpMagicNumber: Assign a magic number to your EA (e.g., 123456).
InpBotName: Name your bot (e.g., LazyBot_V1).
Inpuser_lot: Set your lot size (e.g., 0.01).
Inpuser_SL: Define your stop loss in pips (e.g., 5.0).
InpAddPrice_pip: Distance from the high/low to the opening price in pips.
Inpuser_SLippage: Maximum allowable slippage in pips (e.g., 3).
InpMax_spread: Maximum allowed spread in pips; set to 0 for floating.
isTradingTime: Enable or disable trading time.
InpStartHour: Set your trading start hour (e.g., 7).
InpEndHour: Set your trading end hour (e.g., 22).
isVolume_Percent: Allow volume percentage settings.
InpRisk: Set your risk percentage of balance (e.g., 1).

2. Initialization of Local Variables

Next, you’ll want to initialize your local variables for better readability and manageability:

// Local parameters
datetime last;
int totalBars;
int Pips2Points; // slippage 3 pips
// Add other necessary local variables here

3. Core Functionality

Now, let’s delve into the main code and how Lazy Bot operates. The bot automates the trading process by deleting old orders and identifying the highest and lowest values from the previous daily bar, subsequently sending two pending orders: BUY_STOP and SELL_STOP.

3.1 Expert Initialization Function

int OnInit() {
    // Detecting digit precision
    if (_Digits % 2 == 1) {
        // Code for 3 or 5 digits
    }
    // Set up trading parameters
    return(INIT_SUCCEEDED);
}

3.2 Expert Tick Function

void OnTick() {
    // Check if trading is allowed
    if (!TerminalInfoInteger(TERMINAL_TRADE_ALLOWED)) {
        Comment("LazyBot\nTrade not allowed.");
        return;
    }
    // Perform trading operations
}

4. Key Features

Lazy Bot MT5 comes with several standout features:

Trailing Stop Loss: Automatically adjusts your stop loss to lock in profits as the price moves.
Order Management: Deletes old orders each day to ensure only the most relevant trades are active.
Signal Calculation: Efficiently calculates trading signals for optimal entry points.

5. Conclusion

Lazy Bot MT5 is an excellent choice for traders who want to incorporate a daily breakout strategy into their trading routine. By automating the trading process, this EA not only saves time but also ensures that you’re always in the market at the right moments. Happy trading!

6. Video Resources

Check out these videos for more insights:

MQL4 Tutorial:

MQL5 Tutorial: