This forex breakout bot is an expert adviser that is intended to trade where sudden sharp movements occur in charts. This EA works by looking at the time to move a specified number of pips in a specified maximum number of seconds on a particular chart. For instance, if 10 pips rose in 15 seconds or less, that could be thought to be a breakout event for the currency and a “Buy order” would be placed by this EA. On the other hand, if a specified number of pips fell within a specified maximum number of seconds, this EA would place a “sell order”. For instance, if 10 pips fell within 15 seconds or less, a sell order would be placed by this EA. Another good thing is that this EA will also work as a news trader since it can trade sudden spikes in charts arising from high impact news including both scheduled and unscheduled news releases.
It is recommended that you have a low spread, fast execution broker for this robot.
|Time frame||One minute chart|
Setting No.1 => This is the number of pips that need to rise in order for a buy order to be activated subject to the setting no.2
Setting No.2 => This is the maximum number of seconds allowed for the rise of the specified no. of pips specified under setting no. 1 for a buy order to be activated.
Setting No.3 => This is the number of pips that need to fall in order for a sell order to be activated subject to the setting no.4
Setting No.4 => This is the maximum number of seconds allowed for the fall of the specified no. of pips under setting no. 3 for a sell order to be activated.
Setting No.5 => This is the lot size that you can specify as necessary. Lot size should generally be in line with your deposit size.
Setting No.6 => This is the stop loss size in pips that you can specify as necessary. (Please note that there is no take profit setting. Take profit is dynamically decided by the EA based on the particular market condition).
Setting No.7 => This is the trailing stop size in pips that you can specify as necessary.
Setting No.8 => This setting will delay the activation of the trailing stop specified in setting no.7. (More often than not, sudden spikes in charts create quick ups and downs initially before it finds the right direction, therefore, delaying trailing stop is recommended. Besides, there is an inbuilt algorithm to close the trades after the trailing stop activation time when EA determines that the trade is likely to go in the opposite direction. Thus, it is recommended not to make this less than 60 seconds.)
Setting No.9 => This is the spread filter in pips. If the spread is above this level, the trade will not be taken.
Setting No.10 => This is the slippage filter in pips. If the slippage is above this level, the trade will not be taken.
Setting No.11 => The EA has another inbuilt algorithm that will analyze the trade and then it may close the trade if the EA determines that the trade is likely to go in the opposite direction. This is the time in seconds you can set to activate this algorithm.
Setting No.12 => The EA will close the trade if the trade has not generated the no. of specified pips given here after the review time specified in setting no. 11. (However this may not be the only reason that the trade is closed by the EA after its review specified under setting no.11 as the EA uses several other logics to see if the trade is likely to go in the opposite direction).
Setting No.13 => You can enable/disable martingale. By default, it is enabled. If it is enabled it, when a trade is closed with a loss with the age of the trade is within the specified limits under Setting No.15, EA will immediately open a trade in the opposite direction with double the lot size.
Setting No.14 => Martingale Maximum Lot Size=> You can set a maximum lot size for martingale. If the martingale option makes a lot size bigger than this, the trade will not be taken.
Setting No.15 => Time limit for Martingale Activation (Seconds) => Martingale is activated where trade is closed with loss within a certain period (in seconds) of opening the original trade. Here you can set that time period in seconds.
Setting No.16 => Magic Number: This is the magic number used in the MT4 platform. You don’t normally need to change it. You can keep the same magic number on different charts.
Installation & Usage
Please note that the past performance of any trading system is not necessarily indicative of future results. Full terms and conditions are given here