Daily Break Point
Info
The Daily Break Point is a Expert Advisor for MetaTrader 4 that this ea executes trades at the new bar if the previous bar breaks through a set point. The strategy is based on the following conditions:- Sell if the previous bar is bearish and breaks the breakpoint.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Daily Break Point
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
This EA executes trades at the new bar if the previous bar breaks through a set point.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: Quantora Break Even Manager MT4 - Professional Automatic Break Even Utility - another powerful expert for MetaTrader 4 traders.
This EA executes trades at the new bar if the previous bar breaks through a set point.Also recommended: breakdown trading advisor - similar expert with strong performance on MetaTrader 4.
The strategy is based on the following conditions:
- Sell if the previous bar is bearish and breaks the breakpoint.
- Buy if the previous bar is bullish and breaks the breakpoint.
The EA uses a unique calculation method to determine the breakpoint, which is indicated by the first bar of the open day position.
Parameters:
- Breakpoint: The distance in points to trigger a break.
- MinSizePrevBarForBreak: The minimum size of the previous bar (iOpen & iClose) for the EA to execute an order.
- MaxSizePrevBarForBreak: The maximum size of the previous bar (iOpen & iClose) for the order execution.
- MaxOrderAtOneTime: Limits the number of orders opened at each breakpoint. For example, setting this to 2 will open two positions for each break point.
Example:
Buy when the breakpoint is set to 20, and the open day position is 0.6924. The buy position will open if the last bar breaks through [Open Day Point + Breakpoint], which is 0.6944.
Recommendations:
- Test the EA on a demo account before live trading.
You may also like: break out15 expert advisor - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.1"
input bool lotauto=true;
input double lotmanual=0.01;
input double stoploss=0;
input double takeprofit=30;
input bool closebysignal=true;
input int slippage=3;
input int maxopenorder=0;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.