Daily Range Breakout MT5 EA

The Daily Range Breakout MT5 EA is a fully automated trading solution designed to identify and trade breakouts from the daily price range. It simplifies breakout trading with precise detection, customizable settings, and effective risk management options. Ideal for traders looking to capture market momentum, this EA helps identify high-probability breakout opportunities with minimal effort.

How It Works

Each day, the EA identifies the high and low price range based on a user-defined time window. Once a breakout occurs beyond these levels, the EA places trades automatically, managing exits through various strategies like stop-loss (SL), take-profit (TP), or range-based levels.

Input Parameters Explanation.

EA GENERAL SETTINGS

• inpLot (Lotsize): The lot size for trades. For example, 0.01 means the EA will trade with a 0.01 lot size.
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• r2r_ratio (Risk:Reward Ratio): Defines the risk-reward relationship for each trade. A value of 1 sets equal distance for SL and TP, while 2 targets twice the reward relative to risk.
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• hours_from_midnight (Scan Range in Hours): Determines the time frame (in hours) from midnight for calculating the daily range. For instance, setting 6 means the range is defined from 00:00 to 06:00 server time.
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• hours_from_range_validity (Validity Range After Identification): The time period (in hours) after the range is identified during which breakout trades are valid. For example, if set to 5, breakout trades can be executed up to 5 hours after the range is formed.
• exit_trade_option (Trade Exit Option): Selects the strategy for exiting trades. Options include:
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• USE_RANGE_SIZES_UPPER_LOWER_LEVELS: Exits based on range levels defined by the EA.
• sl_pts (SL Points): Stop-loss distance in points. For example, 300 points represent 30 pips on 5-digit brokers.
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• tp_pts (TP Points): Take-profit distance in points. Similar to SL, 300 points equal 30 pips.
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• inverse_trades (Inverse Trades?): Set to true to trade against the breakout direction (counter-trend), or false for trading in the breakout direction.

Visual and Label Settings:

• def_prefix (RANGE Prefix): A text prefix displayed on the chart for identified daily ranges. Example: "RANGE RECTANGLE " names each breakout zone rectangle.
• clr_rectangle (Range Color): Sets the color of the daily range rectangle. Default is clrBlue.
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• clr_up_line and clr_down_line (Breakout Line Colors): Define the colors for the upper and lower breakout levels. Defaults are clrBlack (upper) and clrRed (lower).
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• line_width (Line Width): Adjusts the thickness of breakout level lines. Example: 3 sets medium-thick lines.
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• break_up_arr_code and break_down_arr_code (Arrow Codes): Specify the symbols for breakout arrows. Defaults are 234 for upward breakouts and 233 for downward breakouts.
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• break_up_arr_clr and break_down_arr_clr (Arrow Colors): Set the colors for the breakout arrows. Defaults are clrBlack (up) and clrBlue (down).
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• prt (Print Statements): Enable or disable logging to track EA operations. Set to true for logging or false to turn it off.

Why Choose This EA?

• Automated Breakout Detection: Eliminates the need for manual range identification.
• Customizable Risk Management: Configure SL, TP, and risk-reward ratios to match your trading strategy.
• Multiple Exit Strategies: Choose between range-based exits or fixed SL/TP points.
• User-Friendly Interface: Easily set up and monitor trades with visual aids like rectangles and arrows.
• Reliable and Efficient: Ideal for traders seeking precision and speed in breakout trading.

Start trading smarter with the Daily Range Breakout MT5 EA! Optimize your breakout trading strategy today!