Time Based Range Breakout EA

The Time Based Range Breakout Expert Advisor (EA) is a straightforward yet powerful tool designed to automate trading strategy based on intraday price range breakouts. It is suitable for traders who prioritize a disciplined and rule-based approach to trading and capitalizing on market movements within defined time windows. The EA marks the High and Low prices between the given time range and enter a trade when either the high/low of the range is breached. Suitable for trading different Forex sessions where the volatility is high.

Live Performance

Supported Instruments: Currency/ Index/ Commodities(any instrument with high volatility)  

Key Features:

1. Range-Based Trading:

   • The EA identifies price ranges by marking the high and low within specified time periods.

2. User-Defined Parameters:

   • Easily customizable inputs such as start and end times, allowing traders to adapt the strategy to their preferred timeframes.

3. Visual Range Representation:

   • Dynamic graphical representation of price ranges on the chart provides a clear visual reference for traders.

4. Trade Management:

   • Integrated risk management with automatic placement of stop-loss and take-profit levels for optimal risk-reward ratios.

5. Daily Trade Limit:

• Control over the number of trades executed in a day, promoting disciplined trading.
6. Unique Trades:

• In a day, next trade is opened in different direction than the previous one. If TotalTrades = 3, trades will be opened as BUY,SELL,BUY or SELL,BUY,SELL.

1. Magic Number: Set the magic number for the EA. Its a unique number to identify the trades for an instrument.

2. Start hour and Start minute || End hour and End minute : Set the time for the price range to be calculated.

3. Close any open trade at day end: If set to true, no trades are carry forward to next day.

4. Lots for each trade: Sets the lots for each trade.

5. Total trades in a day: Number of trades to be taken in a day.

6. Trim the stop loss by percentage: The stop loss for a trade is set as range low for a BUY trade and range high for a SELL trade if the value for      this variable is set to 0. If you want to reduce the SL by some percentage you can change this parameter.

• For Example: If you set this parameter to 0.2(20%), range width is 20 points and you enter a buy trade at range high i.e 100, SL will be kept at 100 - (20 -(20*0.2)) = 84 instead of 80(100 - 20).

• In case of Sell trade if you enter at range low i.e 100, SL will be kept at 100 +(20-(20*0.2)) = 116 instead of 120(100+20).

7. Target by percentage of range width:  The target for a trade is set as (range high + range width) for a BUY trade and (range low - range width) for a SELL trade if the value for this variable is set to 0. If you want to reduce the TP by some percentage you can change this parameter.

• For Example: If you set this parameter to 0.8(80%), range width is 20 points and you enter a buy trade at range high i.e 100, TP will be kept at 100 + (20 -(20*0.8)) = 116 instead of 120(100 + 20).

• In case of Sell trade if you enter at range low i.e 100, TP will be kept at 100 - (20-(20*0.8)) = 84 instead of 80(100-20).

8. Minimum range width and Maximum range width: The trade will be taken only when the range width is between these values. If you want to disable this parameter, set the minimum value as 0 and max value as some very high number like 100.

9. Range color: Select the colour with which you want the range to be marked with.

Disclaimer:

• Test the EA thoroughly before deploying it on live account. Also it is better to monitor this EA manually and think of it as a helper in breakout trading.
• One single timeframe will not work all the time, you need to adjust it as per the price action on the charts.