Range Breakout Bot MT5 Tutorial – Trading System – February 23, 2024
First of all, this EA will warn you when a symbol enters the range phase (if you choose the option). It then waits until it goes out of range (using additional filters if necessary) to send an alert or open an order. The biggest advantage of this EA is that you can customize the specifications of the product line.
For this purpose, we define the following three parameters:
- ‘bar calculation period‘: The minimum range length is calculated in this period.
- ‘Minimum span length in bars‘: The price must not go out of range for this minimum bar.
- ‘Maximum range size (pips)‘: The price should move within this price range.
You can also define the departure distance by specifying a value for ‘.Minimum breakaway distance (pips)‘ Parameters: A breakout occurs when the price crosses the minimum distance in the range.
The four parameters mentioned above are shown in blue in the graph below.
Then the other advantages of this EA are:
- When an order is opened, you can automatically place a stop loss on the other side of the range.
- This includes additional filters (moving averages, pivot points, and other filters can be implemented upon request).
- It has complete order management features (break-even point, trailing stop, close before weekend, max loss/day…).
- All market clock symbols can be used simultaneously.
-====General Settings====-
sign: Warning and trading symbols (all or symbols on the chart)
There are several ways to choose which symbols to scan.
– ‘Only symbols on charts’: You should use this option if you want to use it for backtesting or apply bots to chart symbols.
– ‘All major forex pairs’: The bot scans all 28 major forex pairs (EUR/USD/GBP/CHF/AUD/NZD/JPY).
– ‘Market Clock’: The bot scans all market clock symbols.
– ‘Only symbols listed below’: Only symbols listed in the field below are checked.
Symbols to check or exclude: Here you write which symbols you want to scan (‘Only symbols listed below’ mode) or which you want to exclude (‘All major forex pairs’ and ‘Watch the market’ modes).
Broker prefix (if required): Applies only to brokers using the prefix. For example, for mEURUSD, enter m.
Broker suffix (if required): Applies only to brokers using the prefix. For example, for EURUSDm, enter m.
If you need to enter multiple symbols in this field, they must be separated by commas.
Use timer: Define the trading day and time.
monday: Monday Reminder and Deals
tuesday:Tuesday Reminder & Deals
wednesday: Wednesday Notifications and Deals
thursday: Thursday Notifications and Deals
friday: Friday Reminder & Deals
Saturday (Cryptocurrency): Saturday notifications and transactions (usually for cryptocurrency trading)
Sunday (Cryptocurrency): Sunday notifications and trading (usually for cryptocurrency trading)
start time: Start session
end time: End session
Indicator Alert: Terminal and/or smartphone notifications
Send an alert when a range is detected.
Transaction Notifications: Terminal and/or smartphone notifications
Sends an alert when an out-of-range is detected.
-====Range Settings====-
bar calculation period: All MT5 periods
Used for ‘minimum range length in bars’. The number of bars is calculated over this period.
Minimum span length in bars: Minimum number of bars to verify range
If the price remains within the range size (pips, points…) of more than x bars, the range is validated.
Maximum range size in pips, points…: (max price – min price) must be <= max range (for minimum range length).
Minimum deviation distance in pips, points…: A breakout is verified when the price breaks out of the range and reaches the minimum distance.
-====Filter Settings====-
-=Moving average settings=-
Use MA: Check whether the price is above (buy signal) or below (sell signal) this MA.
mom period: All MT5 periods
mom period: MA period
Ma method: SMA / EMA / SMMA / LWMA
Ma applied price: Closed / Open / High / Low / Median / Normal / Weighted
-=RSI Settings=-
Use RSI: Check the RSI value before placing an order.
RSI Period: All MT5 periods
RSI Period: Cycle of RSI filter
RSI applied price: Closed / Open / High / Low / Median / Normal / Weighted
RSI changes: Movement of RSI filter
Minimum RSI value for purchase order: RSI > If this value, a buy order is opened.
Maximum RSI value for sell order: sell If RSI < this value, the order will be opened.
-=Pivot point settings=-
Daily PP: Check whether the price is above (buy signal) or below (sell signal) the daily PP.
Weekly PP: Check whether the price is above (buy signal) or below (sell signal) the weekly PP.
Monthly PP: Check whether the price is above (buy signal) or below (sell signal) the monthly PP.
Note: The more filters you implement, the fewer orders will be opened. If you don’t have enough open orders, try disabling some filters.
-====Transaction Settings====-
-=General Settings=-
Allow transactions: If false, only warnings work.
Magic number: Must be unique if other EA’s are running.
‘Max Open Orders’, ‘Max Loss Percentage/Day’ and ‘Max Wins/Day %’ are calculated as magic numbers. For example, if there are 3 EA’s with the same magic number, the total number of orders opened will be the sum of the orders opened by those 3 EA’s.
max open order: Maximum number of orders opened simultaneously (if 0, no maximum)
Maximum loss/day (capital ratio): Once the maximum value is reached, the EA opening order will be closed and no other orders will be opened until the next day. (no maximum if 0)
Calculations are based on equity, not balance. To speed up backtesting, calculations are performed every hour during backtesting, rather than every minute during a live trading session.
Maximum daily win (capitalization percentage): Once the maximum value is reached, the EA opening order will be closed and no other orders will be opened until the next day. (no maximum if 0)
Same description as ‘Maximum loss/day (capital ratio)’.
Maximum loss rate (capital ratio): When the maximum is reached, the EA opening order is terminated and the EA is terminated (if 0, there is no maximum).
Same as ‘Max Loss/Day (% of Capital)’, but calculations are performed every 5 minutes (for backtests and live trading sessions).
Order deadline before the weekend: All EA orders close on Friday.
Deadline before the weekend: When ‘order deadline before weekend’ is ‘true’
Take advantage of money management: Lot size (% balance) if ‘true’
Fixed lot size: Lot size per order (if ‘Enable Money Management’ is ‘false’)
Lot size (%): Balance % per order (if ‘Enable Money Management’ is ‘true’)
maximum spread: Maximum spread allowed for order opening (if 0, no maximum spread)
WARNING: If the spread value is too low, your order will not be opened! To avoid problems, we recommend setting the backtest value to ‘0’.
maximum slip: Maximum slippage allowed to open an order
-=SL and TP settings=-
Place SL above/below range: In case of ‘buy order’, SL is located below the range. In case of ‘sell order’, SL is above the range.
Multiple of SL for profit taking: Stop loss distance multiplied by x multiplied by take profit distance (if ‘Place SL above/below range’ is ‘true’)
SL(pips, points)…: Stop loss in pips, points… (if ‘Place SL above/below range’ is ‘false’)
TP(pips, points)…: Profit from pips, points… (if ‘Place SL above/below range’ is ‘false’)
-=BE/TS/Grid Settings=-
Break-even point: If ‘true’, the break-even point is activated.
Break-even point in pips, points…: Triggers a break even at certain profits in pips and points…
trailing stop: If ‘true’, trailing stops are enabled.
Trail profit in pips, points…: Executes a trailing stop at a specific profit in pips, points…
Trail distance in pips, points…: Distance in pips, points… between trailing stop and price
Trail steps in pips, points…: pip units, points… for trailing stops
Additional orders open: Whenever profit reaches one level, additional orders are opened.
Maximum additional orders (per symbol) : ‘Open additional orders’ must be ‘true’.
It is better to have a smaller lot than your main order.
It is better to have a smaller lot than your main order.
Profit levels in pips and points for opening additional orders: Whenever profit reaches this stage, a new order is opened.
Pips for additional orders, SL in points: Pips of additional orders, SL in points
TP (pips, points) for additional orders: TP (pips, points) of additional orders
- Before using the ‘All Major Forex Pairs’ mode, make sure you have 28 major currency pairs in the “Market Watch” tab in MT5.
- We recommend that you use multi-symbol mode only for warnings. If you find a profitable way to use symbols, it is recommended to apply them in ‘only_symbol_on_the_chart’ mode.
- EA works for all types of symbols, but in some cases (depending on the broker) adjustments to SL and TP must be made for certain types of symbols (except forex and indices). In this case, you will need to multiply your pip or point settings by 10 to match the correct value. Example: For a stop loss of $10 on the crude oil symbol, the ‘SL(pips, points…)’ parameter should take the value 100, not 10(x10). You can do some testing using backtesting to find the right values.
Major Forex Pairs :
EURUSD / GBPUSD / USDCHF / AUDUSD / USDCAD / USDJPY / NZDUSD
EURGBP / EURCHF / EURAUD / EURCAD / EURJPY / EURNZD
GBPCHF / GBPAUD / GBPCAD / GBPJPY / GBPNZD
AUDCHF / CADCHF / CHFJPY / NZDCHF
AUDCAD / AUDJPY / AUDNZD
CADJPY/NZDCAD
NZDJPY
