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 ยท MT5
Time Range Breakout EA
This Expert Advisor for MetaTrader 5 implements a breakout strategy based on price action within a user-defined time window.
GitHub stars1
Forks1
Last update2 years ago28 Aug 2024
LicenceNone stated
Overview
The robot identifies the high and low price levels established during a specific daily period and executes buy or sell orders when the price breaches these boundaries. It includes risk management features such as a fixed stop loss, three take profit levels, and a break-even function triggered at the first target. The EA also supports automatic end-of-day position closure and flexible lot sizing based on equity percentage.
- Configurable daily time window
- Three-stage take profit targets
- Automated break-even after first target
- End-of-day position closure
- Equity-based risk management
Details
Author
Justin-yzp on GitHub
Type
Trading robot
Platform
MetaTrader 5 (MQL5)
Strategy
Breakout
Markets
Any symbol
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
Input parameters
Read from TimeRangeBreakoutv8.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 | 5 | Range End Hour |
InpRangeEndminute | int | 0 | Range End Minute |
InpRangeGapPips | double | 7.0 | Entry Gap Pip |
InpStopLossPips | double | 25.0 | Stop Loss in Pips |
InpTakeProfit1Pips | double | 15 | Take Profit 1 in Pips |
InpTakeProfit2Pips | double | 35 | Take Profit 2 in Pips |
InpTakeProfit3Pips | double | 50 | Take Profit 3 in Pips |
InpBreakEven | bool | false | Break Even After TP1 |
InpCloseEOD | bool | true | Close All Trade EOD |
InpMagic | long | 3253 | Magic Number |
Show all 15 inputs
| Name | Type | Default | Description |
|---|---|---|---|
InpTradeComment | string | TIME RANGE BREAKOUT | Trade Comment |
InpRisk | double | 0.01 | Risk |
InpRiskType | ENUM_RISK_TYPE | RISK_TYPE_FIXED_LOTS | Risk Type |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone Justin-yzp/TimeRangeBreakoutEA 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.
- 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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