Range Breakout Day Trader MT4 V2.2

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.

Recommendations:

• Currency pair: USDJPY
• Timeframe: M5
• Minimum deposit : $100
• Account type: ECN, Raw or Razor with very low spreads
• It is important to use low spread accounts for best results
• Use VPS to keep EA running 24/7
• Leverage 1:500 (if using high risk settings)

Time settings:

• Set start hour and minutes of the range
• Set end hour and minutes of the range
• Close position at predefined time  (on/off)
• Set hour and minutes at which the position will be closed
• Set time offset in hours to correct time from GMT/UTC+2
• Allowed trading days: turn on/off the days where trading is allowed by the EA

Trade settings:

• Magic number: EA identification number
• Maximum spread size: If the current spread is higher than the predefined spread size the position or order will not be opened
• Lot mode: choose to set lot size according to the risk percentage or a fixed lot size
• Risk percentage: The risk percentage at which the lot size will be calculated
• Fixed lot size: The value of the lot size if a fixed lot size is set in the lot mode
• Stop loss: Set the stop loss in points or if you fill in 0, it uses the range distance as your stop loss distance
• Amount of points above/below the range to place pending orders
• *Maximum equity drawdown (on/off)
• Loss percentage (equity drawdown) at which the position will automatically be closed
• Close at predefined take profit percentage: predefined profit percentage at which the position will automatically be closed (on/off)
• Profit percentage at which a notification/email is send: predefined percentage at which the EA sends a notification or email
• Set hour or minutes after which the notification/email will not be send
• Send notification when predefined profit percentage is reached (on/off)
• Send email when predefined profit percentage is reached (on/off)

• Turn on trailing stop (on/off)
• Profit percentage at which the trailing stop starts
• ATR multiplier: Value which will be multiplied with the ATR value (to set the trailing stop distance)
• ATR period: The period used for calculating the ATR (average true range)

• Turn on trend filter (on/off) If turned on the trend filter will only place buy stop or sell stop orders in the direction of the trend
• Turn on OCO (One-Cancels-the-Other) pending orders if trend filter is turned off
• Time frame used for trend filter
• Signal period used for trend filter

*Note: if you use the maximum equity drawdown, it needs to be checked with the stop loss setting. If the percentage max. equity drawdown is too low, your positions might get closed before it reaches the stop loss order and might increase your losses.

**Note: Back testing of the news filter can only be done with the MT5 version. The news filter for the MT4 version only works during live trading. Here you can find the MT5 version.

***Note: Add this URL: “nfs.faireconomy.media/ff_calendar_thisweek.xml” in the ‘Allow webrequest’ in menu: ‘Tools/Options/Expert Advisors’ to be able to use the Forex Factory calendar.