Daily Break Point
This is a powerful addition to your MetaTrader 4 toolkit designed to optimize market analysis and performance. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup 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.
Description & Settings
This good an H1 timeframe. This EA will execute at the new bar if the last bar has broken through the point that we set.
Breaking calculation is indicated by first bar of open day position with
BreakPoint
value that set in parameters.
Strategy conditions are:
SELL
if previous bar look bearish and break the number of BreakPoint parameter.
BUY
if previous bar look bullish and break the number of BreakPoint parameter.
Averaging.
Trailing.
Parameters
Parameters description:
BreakPoint — distance in points to break.
MinSizePrevBarForBreak — order will be executed if size (iOpen & iClose) of previous bar has minimum size 5.
MaxSizePrevBarForBreak — order will be executed if size (iOpen & iClose) of previous bar is not greater than this parameter.
MaxOrderAtOnceTime — if we set the value by "2", then two order positions will open on every break point.
Example of
BUY
when break point.
When we set BreakPoint to 20 and open day position is 0.6924, the BUY position should open if the last bar breaks through
[Open Day Point + BreakPoint]
which equals
0.6944
. Check the screenshot below.
Recommendations:
Please try first on a demo account.
