Daily Breakout Trading Expert Advisor
Info
The Daily Breakout Trading Expert Advisor is a Expert Advisor for MetaTrader 5 that this expert advisor (ea) trades daily breakouts by placing pending buy stop and sell stop orders. Daily Breakout TradingEvery day at the specified time set (terminal time), pending orders are placed.
Usage
This tool is typically used for breakout trading when price moves beyond key support/resistance levels.
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 Breakout Trading Expert Advisor
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
This Expert Advisor (EA) trades daily breakouts by placing pending buy stop and sell stop orders.
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: Prop Guard Lite: Daily and Max Loss Protection for Prop Firm Accounts - another powerful expert for MetaTrader 5 traders.
This Expert Advisor (EA) trades daily breakouts by placing pending buy stop and sell stop orders.Also recommended: Fx Craft Example EA: Range Breakout with Pending Orders - similar expert with strong performance on MetaTrader 5.
Daily Breakout Trading
Every day at the specified time set (terminal time), pending orders are placed. After one of the pending orders is triggered, the second order is deleted.
The pending buy stop order is placed immediately with Stop Loss (SL) and Take Profit (TP) levels (sizes can be adjusted in settings). The buy stop order is positioned at the high of the trading day, above the price by delta points.
The pending sell stop order is also placed immediately with SL and TP. The sell stop order is positioned at the low of the trading day, below the price by delta points.
Variable Descriptions:
timeset: Specifies the time for placing stop orders. If timeset is set to "00:00", the EA will trade the breakout of the previous day.
delta: The number of points above or below the daily extremums for order placement.
sl: Stop Loss in points.
tp: Take Profit in points.
risk: If set to 0, a fixed lot size is used. Otherwise, the EA calculates the lot size based on risk.
noloss: If set to 0, breakeven functionality is disabled. Otherwise, it is enabled.
trailing: If set to 0, trailing stop functionality is disabled. Otherwise, it is enabled.
lot: Used only when risk is set to 0.
openstop: Allows placing stop orders even if an order is already open.
You may also like: Prop Firm Guard: Daily Loss and Max Drawdown Protection - 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.