daily break point
Info
The daily break point is a Expert Advisor for MetaTrader 5 that breakout of the daily bar at the distance of "daily break" points. input parameters lots manual- enable/disable manual setting of lot value;lots- position volume (manual input);risk- position volume as percent of free margin;stop loss take profit close by signal- reversing position opening direction;"daily break" break point- the size of the breakout;"daily break" last bar size min- the minimum bar size;"daily break" last bar size max- the maximum bar size;"daily break" trailing stop- trailing value;"daily break" trailing step- trailing step value.
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 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
breakout of the daily bar at the distance of "daily break" points.
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: Quantora Break Even Manager MT5 - Automated Stop Loss Protection - another powerful expert for MetaTrader 5 traders.
Also recommended: Gold London Breakout EA - similar expert with strong performance on MetaTrader 5.
breakout of the daily bar at the distance of "daily break" points.input parameters
lots manual
- enable/disable manual setting of lot value;
lots
- position volume (manual input);
risk
- position volume as percent of free margin;
stop loss
take profit
close by signal
- reversing position opening direction;
"daily break" break point
- the size of the breakout;
"daily break" last bar size min
- the minimum bar size;
"daily break" last bar size max
- the maximum bar size;
"daily break" trailing stop
- trailing value;
"daily break" trailing step
- trailing step value.
the strategy works well on the h1 timeframe:
You may also like: MA and Envelope Breakout Strategy - 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.