Daily Breakout Auto-trading EA

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SERIOUS WARNING
  1. Most Forex traders lose all their money.
  2. Using the robot posted here in trading Forex does not guarantee success.
  3. Trading this robot could lead to serious financial loss.
  4. Trading this robot without understanding its underlying trading strategy guarantees traders will lose their money.
Daily Breakout Auto-trading EA 1

I received this in a pm from GoodBoy:
I have a simple idea, should be an easy on for you.Goal is to achieve 5-10 pips a day with 90% accuracy. Lot of ppl running after mass of pips and end up blowing their account. I believe if we have 90% accuracy of system, we'll defeat the wall st. single handedly

So i was thinking what system can be 90% accurate.. here is one

1) prevous day's DAILY CANDLE break out. EA to enter once 7 pips have been breached from daily breakout.
2) SL = 15 pips.. TP 10 pips.. trail stop 15 pips..

can you code such an EA if its not too tough of a task for you

Truth to tell, I find the idea faintly ridiculous and told GoodBoy so, but he really wants this so I have coded it.

The inputs are the usual suspects, with these additions:

  1. TriggerPips: the distance the market has to breakout before triggering a trade. You may need to add the spread to this figure.
  2. TradingTF: the trading time frame. Defaults to zero, which means the current chart. By setting this to a different figer - say 1440 for the D1 - you can trade a different tf to the one you are viewing.

The ea includes the usual mptm extracts.

There are inputs to allow you to control the direction in which the bot trades. I have also added basic trend detection - my fav D1 Rsi(20). D1 Rsi > 55 = up trend; D1 Rsi < 45 = down trend; in between is ranging. If UseTrendDetection is enabled, the bot will only trade in the direction of the trend. By using a much higher tp and the management facilities, I have managed one slightly profitable back test - not enough to be worth the effort, but profitable none the less.

Frankly, I think a starving pussy cat has more chance of loftily ignoring a passing mouse than this does of being profitable. If any of the great minds here at FF can suggest improvements, then go birdy and I will code the suggestions.

Attached Files
File Type: mq4 #MTF_RSI.mq4   4 KB | 824 downloads
File Type: doc GoodBoy_Trades_17gen11.doc   67 KB | 738 downloads

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Author: Forex Wiki Team
We are a team of highly experienced Forex Traders [2000-2023] who are dedicated to living life on our own terms. Our primary objective is to attain financial independence and freedom, and we have pursued self-education and gained extensive experience in the Forex market as our means to achieve a self-sustainable lifestyle.