ORB Risk Managed: Opening Range Breakout with Account Protection
Info
The ORB Risk Managed: Opening Range Breakout with Account Protection is a Expert Advisor for MetaTrader 5 that ideathis expert advisor (ea) identifies the high and low of the initial minutes following the session's opening (the "opening range"). It then places a Buy Stop order above and a Sell Stop order below this range.
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 ORB Risk Managed: Opening Range Breakout with Account Protection
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
IdeaThis Expert Advisor (EA) identifies the high and low of the initial minutes following the session's opening (the "opening 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: Portfolio Weight Calculation: Risk Parity, HRP, Minimum Variance, and Maximum Diversification - another powerful expert for MetaTrader 5 traders.
IdeaAlso recommended: GM Matrix Monitor: Read-Only EA Risk Dashboard - similar expert with strong performance on MetaTrader 5.
This Expert Advisor (EA) identifies the high and low of the initial minutes following the session's opening (the "opening range"). It then places a Buy Stop order above and a Sell Stop order below this range. When one order is executed, the other is automatically canceled (OCO - One-Cancels-the-Other). The EA trades only once per day, and all open positions are closed before the session concludes.
Recommended Symbol and Timeframe
The EA is designed and tested using the US100 / Nasdaq 100 index CFD. It is compatible with any chart timeframe, as the opening range is consistently calculated from M1 data. The default trading times are set for a GMT+3 server time, corresponding to the US session opening at 16:30 server time. Please adjust the time input parameters to match your broker's specific server time.
Main Inputs
Opening Range Start Time
Opening Range Length
Last Entry Time
Close All Trades Time (Server Time)
Trade Direction (Both, Long Only, Short Only)
Risk Per Trade (Percentage of Account Balance)
Take Profit (as a multiple of Risk, R)
Stop Loss Distance (as a fraction of the opening range)
ATR Filter (to skip days with unusually small or large ranges)
Daily Loss Limit (Percentage)
Maximum Drawdown Limit (Percentage)
Initial Balance
Account Protection Features
Position sizing is determined by the specified risk and stop loss distance. If the minimum allowable trade lot size still exceeds the maximum permitted risk, the trade will be skipped.
Daily Loss Limit: If this limit is reached, the EA will close all open positions and cease trading for the remainder of the day.
Maximum Drawdown Limit: If the account drawdown reaches this threshold, the EA will close all open positions and stop its operation.
All positions are automatically closed before the end of the trading session; trades are never carried over to the next day.
Important Information
This tool serves as an educational template demonstrating breakout trading logic and robust risk management strategies. It is not a system that guarantees profits. Thorough testing in the Strategy Tester and on a demo account is essential before deploying any capital on a live trading account.
You may also like: Margin Risk Simulator - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "RobotFX"
#property version "1.10"
#property description "This code is educational. Feel free to use, modify and upgrade as you wish. Visit ROBOTFX.ORG for professional trading tools"
#include <Trade\Trade.mqh>
enum ENUM_TRADE_DIR
{
DIR_BOTH = 0,
DIR_LONG = 1,
DIR_SHORT = 2
};.......
⚠ 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.