daily range
Info
The daily range is a Expert Advisor for MetaTrader 5 that idea by:mq5 code by:the ea searches for a daily range. it uses objects obj_hline and obj_vline.
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 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.
What this tool does
idea by:mq5 code by:the ea searches for a daily range.
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: Equity Guard - Daily Loss Limit Guardian with Panic Panel - another powerful expert for MetaTrader 5 traders.
idea by:
Also recommended: V1N1 LONNY MT5: Asian Range Breakout Day Trader - similar expert with strong performance on MetaTrader 5.
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) :
-
You may also like: easy range breakout ea - mt5 - 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.