Smart Day Break EA

Overview

SmartDayBreakEA is an advanced Expert Advisor (EA) designed for the MetaTrader 4 (MT4) platform, specifically tailored for forex trading. This EA implements a daily breakout strategy, leveraging the previous day's high and low prices to place pending buy stop and sell stop orders. It aims to capture significant market movements at the start of a new trading day while incorporating robust risk management features to protect your capital.

The EA is built with flexibility in mind, allowing traders to customize trade parameters, enable recovery modes for handling losses, and activate smart drawdown controls to prevent excessive account drawdowns. It supports up to three levels of trades with independent settings for take profit (TP), stop loss (SL), and trailing stops, making it suitable for both conservative and aggressive trading styles.

Key Strategy Concept: At the beginning of each new daily bar (D1 timeframe), the EA deletes any existing pending orders and places new buy stop orders above the previous day's high and sell stop orders below the previous day's low. These orders are offset at different levels (Trade 1, 2, and 3) to capture varying breakout strengths. Once triggered, trades are managed with predefined TP/SL and optional trailing stops. The EA does not place orders if the maximum trade limit is reached or if drawdown thresholds are breached.

This strategy is ideal for GOLD.

Features

SmartDayBreakEA offers a comprehensive set of features to enhance trading performance and risk control. All parameters are configurable via the EA's input settings in MT4.

Core Trading Parameters

• Lot Size (Lots): Default fixed lot size for trades (e.g., 0.01). This is used unless Auto Lot is enabled.
• EnableTrade1/2/3: Toggle to activate/deactivate each trade level. Each level places one buy stop and one sell stop order.
• TP1/2/3_pips and SL1/2/3_pips: Take profit and stop loss in pips for each trade level. Defaults: Trade 1 (2000 TP / 1000 SL), Trade 2 (1500 TP / 800 SL), Trade 3 (2500 TP / 1200 SL).
• TSL1/2/3_Start_pips and TSL1/2/3_Step_pips: Trailing stop settings. The trailing stop activates after the trade moves in profit by the start pips and trails by the step pips. This locks in profits as the market moves favorably.
• MaxTrades: Maximum open trades allowed (default 6: 3 buys + 3 sells). Prevents overexposure.
• Magic: Unique magic number (default 12345) to identify EA's trades.
• Slippage_pips: Maximum slippage allowed when placing orders (default 5 pips).
• MaxSpread_pips: Maximum allowed spread (default 30 pips). Note: This is checked only for imminent order triggers, not for placement.
• SpreadCheckProximity_pips: Pips distance to check spread before a pending order triggers (default 3 pips). If spread is too high near trigger, the order is deleted to avoid poor fills.

Recovery System

• EnableRecovery: Activates a martingale-style recovery mode after losses (default false).

• MaxRecoveryLevel: Maximum recovery attempts (1-3, default 3).

• RecoveryMultiplier: Lot multiplier for recovery trades (default 2.0). After a loss, the next trade in the same direction (buy/sell) uses increased lots to recover the loss. Separate tracking for buy and sell directions.

  How it Works: Upon detecting a losing trade, the EA starts recovery by multiplying the base lot for subsequent trades. If a recovery trade wins, the system resets; if it loses (up to max level), it resets to normal. This helps recover from drawdowns but increases risk—use cautiously.

Auto Lot System

• EnableAutoLot: Enables automatic lot sizing based on account risk (default false).

• RiskPercent: Percentage of account balance to risk per trade (default 10.0%).

  How it Works: Lot size is calculated dynamically using the trade's SL pips, ensuring the potential loss doesn't exceed the risk percentage. Supports broker-specific lot steps, min/max lots. Overrides fixed Lots when enabled.

Smart Drawdown Management

• EnableSmartDD: Activates intelligent drawdown protection (default true).

• MaxDD_percent: Maximum allowable drawdown percentage (default 20.0%). Trading pauses if breached.

• DDCoolDownHours: Hours to pause trading after drawdown breach (default 1).

• DDRecoveryThreshold: Percentage recovery required to resume trading (default 50.0%).

  How it Works: Continuously tracks equity peaks and valleys. If drawdown exceeds MaxDD_percent, new trades are halted. Resumption occurs via:

  • Time-based: After cooldown hours.
  • Level-based: When equity recovers by the threshold percentage.
  • New peak: When equity surpasses the previous high.

  Existing trades continue to be managed (e.g., trailing stops), but no new orders are placed. This prevents account blowouts during adverse conditions.

Additional Protections

• Point Multiplier Detection: Automatically adjusts for 4/5-digit brokers (e.g., pips to points conversion).
• Pending Order Management: Deletes old pendings at new day start; checks for high spreads near triggers.
• No Internet/External Dependencies: Fully self-contained; no additional libraries required.
• Time Filter: Setting and filtering trading hours.

Advantages

SmartDayBreakEA stands out with its blend of simplicity and sophistication, offering several key benefits for traders:

1. Automated Breakout Trading: Eliminates manual monitoring by automatically placing orders based on daily ranges. Captures high-probability breakouts without emotional bias.
2. Multi-Level Trade Customization: Three independent trade levels allow diversification—e.g., closer offsets for quick scalps (Trade 1) and wider for trend captures (Trade 3). Each with unique TP/SL/trailing settings for optimized risk-reward.
3. Advanced Risk Management:
   • Auto Lot ensures consistent risk per trade, scaling with account size.
   • Smart Drawdown halts trading during losses, resuming only after recovery, protecting capital in volatile markets.
   • Spread proximity checks prevent bad fills, especially during news events.
4. Recovery Mechanism: Helps bounce back from losses with controlled martingale, limited to max levels to avoid unlimited risk. Separate buy/sell tracking prevents compounding across directions.
5. Performance Optimization: Trailing stops secure profits, while max trades limit exposure. Logs detailed events (e.g., recovery activations, drawdown breaches) for easy backtesting/analysis.
6. User-Friendly and Flexible: Easy setup with intuitive inputs. Works on any MT4 broker/symbol (best on ECN/low-spread accounts). Backtestable for strategy validation.
7. Robust and Safe: Built with error handling (e.g., order modify/delete retries). No aggressive hedging/grid—focuses on quality over quantity. Suitable for live accounts with proper risk settings.

Installation and Usage

1. Download and Compile: Copy the .mq4 file to your MT4's Experts folder. Compile in MetaEditor.
2. Attach to Chart: Open a chart (e.g., XAUUSD D1), attach the EA, and configure inputs.
3. Backtesting: Use MT4 Strategy Tester with historical data. Optimize parameters like TP/SL for your pair.
4. Live Trading: Start with a demo account. Monitor logs for issues. Recommended: VPS for 24/5 operation.

Warnings:

• Trading involves risk; past performance isn't indicative of future results.
• Use low risk (e.g., 1-2% per trade) initially.
• Test on your broker's conditions, as spreads/slippage vary.
• Recovery mode can amplify losses—enable only if experienced.

For SET FILES, support or customizations, refer to the code comments or contact the developer. Built by I TRADE FC – Empowering your trading journey.

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