Breakout Bars Trend EA
This tool for MetaTrader 5 is specifically engineered to streamline your trading operations. 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 Breakout Bars Trend EA
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
For the Expert Advisor work you need the custom indicator (download in the MQL5/Indicators folder, and the given Expert Advisor is in the MQL5/Experts folder).
The meaning is in the following:
the position opens in the trend reversal. If the "Number of false signals" parameter is equal to zero, the position opens on each reversal. If this parameter is more than zero, the position will be opened only if the current reversal trend preceded the set number of false signals.
position closes either when trend changes its direction, or stop loss/take profit.
The signal is considered to be false if the distance in pips from close price of the first bar of the trend to the close price of the next trend is negative. The example of the false trend to sell (close[prev] - close[next] < 0, for the false trend to buy close[next] - close[prev] < 0):
Parameters:
Reversal - reversal mode (in pips or percents)
Delta - the minimum distance for trend change.
Number of false signals - the positions will be opened only if the current signal has the set number of false signals. If the parameter is equal to zero, the position opens on each reversal.
Besides the above parameters there are Stop-loss, Take-profit, Lot.
Note!
If the reversal mode is in percentage, the parameters of Delta, Stop-loss and Take-profit also must be set in percentage. If the reversal is in pips, then Delta, Stop-loss and Take-profit also must be set in pips!
The testing results at EURUSD H1, 2012. Reversal in percentage, Delta = 0.3%, stop-loss and take profit are equal to 1%.
a) The entry on each reversal (Number of false signals is equal to 0)
b) The same parameters, but the entry is after a series of false signals (Number of false signals is equal to 3)
