breakdown level day
Info
The breakdown level day is a Expert Advisor for MetaTrader 5 that the expert advisor trades daily breakouts. it places pending buystop and sellstop orders.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use breakdown level day
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
the expert advisor trades daily breakouts.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: breakout trading strategy: vr breakdown level - another powerful expert for MetaTrader 5 traders.
the expert advisor trades daily breakouts. it places pending buystop and sellstop orders.
Also recommended: Stop Level Counter Expert Advisor - similar expert with strong performance on MetaTrader 5.
trading daily breakouts. every day at the specified timeset time ("terminal time") pending orders are placed.after one of the pending orders triggers the second order is deleted.the pending buy stop orders is immediately placed with sl and tp (sl and tp sizes can be changed in the settings), the buy stop order is placed at the high of the trading day, above the price by delta points. the pending sell stop order is placed immediately with sl and tp. the sell stop order is placed at the high of the trading day, below the price by delta points.description of variables
:
timeset = "07:32" — time for placing the stop orders. if timeset = "00:00", the ea trades the breakout of the previous day.
delta — above or below the daily extremums.
sl — stop loss in points.
tp — take profit in points.
risk — if 0, uses fixed lot.
noloss — if 0, breakeven is disabled.
trailing — if 0, trailing is disabled.
lot — used only if risk = 0.
openstop — place stop orders if there is an open order present.
You may also like: dv d level - excellent alternative for expert users on MetaTrader 5.
Source Code
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⚠ 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.