by 
This MetaTrader 5 expert advisor implements an open range breakout strategy specifically designed for gold trading on the hourly timeframe. It identifies the high and low of the initial trading hour and establishes a definitive range after a user-defined consolidation period. Trades are triggered when price breaks thro
Trading robot · MT5
Breakout Set and Forget
This Expert Advisor for MetaTrader 5 implements a breakout strategy centered on a user-defined time range.
GitHub stars7
Forks3
Last update3 years ago2 Jul 2023
LicenceGPL-3.0
Overview
Breakout Set and Forget calculates the high and low prices within a specific session to place multiple pending orders at a set distance from the range boundaries. The system utilizes three separate take-profit targets for each direction and a fixed stop loss for risk control. It includes percentage-based lot sizing and automatically manages order cancellation when opposite targets are triggered. The code is structured as an educational tool for session-based trading.
- Time-based high and low range detection
- Triple take-profit exit targets
- Percentage-based risk lot sizing
- Configurable entry gap offsets
- Automatic opposite order cancellation
Details
Author
OrchardForexTutorials on GitHub
Type
Trading robot
Platform
MetaTrader 5 (MQL5)
Strategy
Breakout
Markets
Forex
Timeframes
M15-H1
Risk profile
No grid, martingale or hedging logic was found in its code or README. That says nothing about how it performs: backtest it first.
EA files
- Experts/Orchard/Breakout Set and Forget/Part 5/Breakout Set and Forget 5.mq5
- Experts/Orchard/Breakout Set and Forget/Part 4/Breakout Set and Forget 4.mq5
- Experts/Orchard/Breakout Set and Forget/Part 3/Breakout Set and Forget 3.mq5
- Experts/Orchard/Breakout Set and Forget/Part 2/Breakout Set and Forget 2.mq5
- Experts/Orchard/Breakout Set and Forget/Part 1/Breakout Set and Forget 1.mq5
Input parameters
Read from Breakout Set and Forget 5.mq5. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
InpRangeStartHour | int | 1 | Range start hour |
InpRangeStartMinute | int | 0 | Range start minute |
InpRangeEndHour | int | 1 | Range end hour |
InpRangeEndMinute | int | 0 | Range end minute |
InpRangeGapPips | double | 7.0 | Entry gap from outer range pips |
InpStopLossPips | double | 25.0 | Stop loss pips |
InpTakeProfit1Pips | double | 15.0 | Take profit 1 pips |
InpTakeProfit2Pips | double | 35.0 | Take profit 2 pips |
InpTakeProfit3Pips | double | 50.0 | Take profit 3 pips |
InpMagic | long | 232323 | Magic number |
InpTradeComment | string | SnF Breakout | Trade comment |
InpRiskPercent | double | 1.0 | Risk Percent |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone OrchardForexTutorials/breakout_set_forget from GitHub, and unzip it.
- 2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL5/Experts.
- 3Copy the filesCopy the .mq5 file into Experts, and any .mqh files into the Include folder the code expects.
- 4Compile in MetaEditorOpen the file in MetaEditor and press Compile. Fix any missing includes the compiler reports.
- 5Test before you tradeRun it in the Strategy Tester, then attach it to a demo chart and allow algorithmic trading.
Third-party code. ForexR did not write, test or endorse this EA, and the summary above was generated automatically from its README and code. ForexR lists only repositories with readable source code and never hosts files. Read the code, backtest it and use a demo account first; automated trading can lose money quickly.
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