Popular (1 M views) 4 Hour Range Strategy coded and tested
This software component for MetaTrader 4 is built to enhance the capabilities of your trading environment. 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 Popular (1 M views) 4 Hour Range Strategy coded and tested
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
Provided for educational purposes; not trading advice. Backtests on EURUSD under my conditions were unprofitable.
The strategy follows the following logic:
First the strategy marks the high and the low of the first 4H candle, using the New york time zone.
After the first 4H candle is formed the strategy waits for a 5 Minute candle to close outside the Range.
If a 5 Minute candle closes above the High and then a 5 Minute candle closes back in the Range, there is a sell signal.
If a 5 Minute candle closes below the Low and then a 5 Minute candle closes back in the Range, there is a buy signal.
There was one vague rule the strategy did not follow regarding the orderblock. To avoid trades after the price has overextended beyound the range, a time filter was introduced and if the price stayed above the high or below the low for more than 75 Minutes the trade is marked as invalid.
It is of utmost importance to specify your own broker's GMT offset times and the dates when the switching from Summer time to Winter time (and vica versa). Since this strategy is based on the New York local time, a single error in this can offset the whole strategy.
Here are the input parameters for the strategy:
ServerGMTOffsetWinter
: The GMT offset of the broker's server in winter time.
ServerGMTOffsetSummer
: The GMT offset of the broker's server in summer time. (Can be the same as Winter offset for brokers with fixed GMT offset)
ServerSwitchToSummerMonth
: The month when the broker switches to summer time zone.
ServerSwitchToSummerDay
: The day of month when the broker switches to summer time zone.
ServerSwitchToWinterMonth
: The month when the broker switches to winter time zone.
ServerSwitchToWinterDay
: The day of month when the broker switches to winter time zone.
Lots
: Lotsize
Here are the backtest results of the backtest for EURUSD:
