This MetaTrader 4 expert advisor is designed for XAUUSD scalping on the M1 timeframe. It switches logic based on market regimes: in trending markets, it follows the higher timeframe direction using EMA reversals and breakout entries, while in ranging markets, it executes trades based on liquidity sweeps at price extrem
Trading robot · MT4
BU ATR Breakeven Engulfing
The BU ATR Breakeven Engulfing is a MetaTrader 4 robot that executes trades based on candlestick price action and volatility indicators.
GitHub stars1
Forks0
Last update1 year ago29 Sep 2024
LicenceMIT
Latest release1.001 year ago
Overview
BU ATR Breakeven Engulfing identifies entry points using bullish and bearish engulfing patterns, which are then filtered through the Relative Strength Index to confirm momentum. The system incorporates dynamic risk management through an Average True Range trailing stop and a breakeven function that protects positions once they reach a user-defined profit level. Users can configure stop loss, take profit, and maximum concurrent layers. It is specifically designed for the five-minute timeframe on ranging forex pairs.
- Engulfing candlestick pattern detection
- RSI-based momentum filtering
- ATR-calculated dynamic trailing stop
- Automated breakeven protective logic
- Configurable maximum order layers
Details
Author
syarief02 on GitHub
Type
Trading robot
Platform
MetaTrader 4 (MQL4)
Strategy
SMC / ICT / price action, Mean reversion, Scalping
Markets
Forex
Timeframes
M1-M5, 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
Input parameters
Read from BU_ATR_Breakeven_Engulfing.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
EA_Name | string | ExpertName | Declare an external string variable for the EA name |
MaxLayer | int | 10 | Maximum number of layers (orders) allowed |
LotSize | double | 0.01 | Lot size for each order (keep this declaration) |
StopLoss | double | 50 | Stop loss in pips (adjusted) |
TakeProfit | double | 10 | Take profit in pips (adjusted) |
RSIPeriod | int | 14 | Period for the RSI (Relative Strength Index) |
RSIBuy | double | 30 | RSI value threshold for buy signals (adjusted) |
RSISell | double | 70 | RSI value threshold for sell signals (adjusted) |
BreakevenPips | int | 20 | Number of pips to move to breakeven |
TrailingPips | int | 100 | Number of pips for trailing stop |
MagicNumber | int | 12345 | Unique identifier for the EA's orders |
ATRPeriod | int | 14 | Period for the ATR (Average True Range) |
Show all 14 inputs
| Name | Type | Default | Description |
|---|---|---|---|
ATRMultiplier | double | 1.5 | Multiplier for the ATR value |
TradeAnalysisMode | AnalysisMode | OnNewBar | Dropdown input for analysis mode |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone syarief02/BU_ATR_Breakeven_Engulfing from GitHub, and unzip it.
- 2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL4/Experts.
- 3Copy the filesCopy the .mq4 file into Experts.
- 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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