Range Breakout EA New Day

Overview:TheRange Breakout EAis a powerful automated trading system designed to capitalize on breakout opportunities during the early hours of market activity. By leveraging a well-defined strategy, this EA identifies the first-hour range of price movement and places pending orders to capture subsequent breakout momentum. Additionally, it features an optional Martingale mechanism for enhanced recovery and profit maximization after a loss.

Key Features:

1. First Hour Range Breakout Strategy

• Identifies the high and low of the first hour of the trading day.
• Draws a visual rectangle on the chart to highlight the first-hour range for easy reference.
• Places Buy Stop and Sell Stop orders at the breakout levels to capture price momentum.

2. Configurable Parameters

• LotSize:Adjustable lot size to match your risk management profile.
• TP_Multiplier & SL_Multiplier:Customizable multipliers for setting Take Profit and Stop Loss levels relative to the first-hour range.
• CancelHours:Automatically cancels pending orders after a specified number of hours if not triggered.
• MaxDailyAttempts:Limits the number of trading attempts per day to prevent over-trading.
• RangeColor:Selectable color for visually marking the first-hour range on the chart.

3. Advanced Order Management

• Ensures pending orders adhere to broker-defined stop-level requirements.
• Automatically deletes old pending orders that exceed the specified active time frame.
• Logs detailed messages for every action taken, including order placement, adjustments, and deletions.

4. Optional Martingale Recovery

• Enables a recovery mechanism for Stop Loss trades by placing a new pending order with the same lot size but on the opposite breakout side.
• Provides the flexibility to toggle Martingale logic on or off.
• Prevents over-exposure by capping the maximum lot size allowed by the broker.

5. Risk Management

• Caps the first-hour range to prevent orders based on unrealistically large ranges.
• Respects broker-imposed volume and price movement limits.
• Designed to minimize drawdowns and manage trading risks efficiently.

6. Fully Automated Execution

• Runs seamlessly without requiring user intervention.
• Automatically resets daily parameters to ensure accurate calculations and strategy execution.

How It Works:

1. Initialization:

   • The EA starts by detecting the beginning of a new trading day and resets all parameters.
   • It waits for the first hour of the day to complete before calculating the range.

2. Range Calculation:

   • Captures the high and low prices of the first hour (from 00:00 to 01:00 server time).
   • Visually marks the range on the chart for user clarity.

3. Order Placement:

   • Places Buy Stop and Sell Stop orders at the breakout levels beyond the first-hour range.
   • Sets Take Profit and Stop Loss levels based on user-defined multipliers.

4. Order Monitoring:

   • Continuously monitors active trades and pending orders.
   • Cancels untriggered orders after the specified CancelHours duration.

5. Martingale Recovery (Optional):

   • If a Stop Loss is triggered, the EA places a recovery order on the opposite breakout side to recover losses.

6. End of Day Reset:

• At the end of the day, the EA resets all parameters and prepares for the next trading session.

User Inputs:

Ideal for Traders Who:

• Prefer structured breakout strategies with visual clarity.
• Want a fully automated solution to manage trades without manual intervention.
• Need a recovery mechanism to mitigate losses.
• Require flexibility in risk and reward settings for various trading styles.

Compatibility:

• Supported Platforms: MetaTrader 5.
• Instruments: Suitable for Forex, commodities, indices, and other high-liquidity instruments.
• Timeframes: Designed specifically for the daily timeframe, utilizing M1 data for range calculations.