range follower
Info
The range follower is a Expert Advisor for MetaTrader 5 that this expert opens trade in the direction of the trend (buy for uptrend, sell for downtrend) if a specific rate of average daily range has been exceeded. average daily range is calculated by atr indicator with period of 20 bars.
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 range follower
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 opens trade in the direction of the trend (buy for uptrend, sell for downtrend) if a specific rate of average daily range has been exceeded.
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: V1N1 LONNY MT5: Asian Range Breakout Day Trader - another powerful expert for MetaTrader 5 traders.
this expert opens trade in the direction of the trend (buy for uptrend, sell for downtrend) if a specific rate of average daily range has been exceeded.
Also recommended: easy range breakout ea - mt5 - similar expert with strong performance on MetaTrader 5.
average daily range is calculated by atr indicator with period of 20 bars.
default rate is 80 percent. if 80% of average daily range is exceeded it opens trade.
default stop-loss is daily high for sell order, daily low for buy order.
default take-profit is remaining part of the average range in pips.
this expert is only for intraday trading, so opened positions will be automatically closed at midnight.
expert is successful on long body candles, unsuccessful on long tail candles.
comments are self-explanatory.
trend:
intraday trend.
average:
daily atr for 20 bars.
trigger:
level of which trade will open if it is reached.
rest:
remaining part of average range after trigger range is subtracted. also take-profit in pips.
daily:
range between daily high and low.
to high:
distance to daily high in pips.
to low:
distance to daily low in pips.
trade opened:
true if trade is opened.
range reached:
true if trigger level has been passed.
seconds left:
seconds left until midnight. 24:00. after reached opened order is closed automatically if sl or tp is not reached.
end time:
time when the opened position will get closed and start new setup at.
You may also like: easy range breakout ea for mt5 - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version "1.0"
#property script_show_inputs true
input int pertrigger = 60; //trigger percent (10%-90%)
input double ilots = 0.1; //lots
enum_timeframes atr_timeframe = period_d1;
int atr_handle = 0;
int atr_period = 20;.......
⚠ 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.