Daily range
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 Daily range
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
Idea by:
mq5 code by:
The EA searches for a daily range. It uses objects OBJ_HLINE and OBJ_VLINE.
A daily range within
Sliding window size
days (current bar #0 is not involved in calculations) can be calculated as Highest - Lowest or as a mean value by module Close #i - Close #i+1. Calculation mode is set in
Daily range
.
The daily range is then used in the calculations of levels Stop Loss and Take Profit:
SL = daily_range *
Stop Loss Coefficient
TP = daily_range *
Take Profit Coefficient
The daily range is calculated once a day (time
Start hour
::
Start minute
) and at the first launch of the EA.
BUY signal:
Price Ask >= Highest of the daily range + daily_range *
Offset Coefficient
SELL signal:
Price Bid <= Lowest of the daily range - daily_range *
Offset Coefficient
Number of positions opened within the current day shall be limited by parameter
Max Positions
.
Search for a daily range is visualized using two vertical lines (the limit the search range) and two horizontal lines (that show the lines of position opening signals) :
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