Range Breakout Bot MT5 Tutorial – Trading Systems – November 20, 2022

This tutorial applies to EA ‘Range Breakout Bot MT5’ (MT5 version) whose product page can be accessed by clicking on the image below:

Range Breakout Bot MT5

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First of all, the EA alerts (if the option is checked) when a symbol enters a range phase. Then, it will wait for a range breakout (with additional filters if needed) to send an alert and/or to open an order. The main advantage of this expert advisor is that it allows you to customize your own range specifications.

To do this, you have to specify the following three parameters:

  • Column calculation timeframe‘: The minimum range length that will be calculated in this timeframe.
  • Minimum band length in rails‘: The price should not go out of the range within this minimum number of bars.
  • The maximum size of the range in points‘: The price must move within this price range.

You can also specify the penetration distance by giving a value of “Break the minimum distance in pipsParameter: The breakout occurs when the price crosses the lowest distance of the range.

The above four parameters are shown in blue in the chart below:

strategy

Then, the other advantages of this expert advisor are:

  • It can automatically place a stop loss order on the other side of the range when the order is opened.
  • Includes additional filters (moving average, pivot points, other filters that can be implemented upon request).
  • It has complete order management (breakeven, trailing stop loss, closing before the end of the week, maximum loss/day…).
  • It can work with all market watch symbols simultaneously.
Detailed features are described on the product page. Below is a list of EA settings with explanations.

– ==== General Settings ==== –

letter or symbol: symbols for alerts and trading (all or symbol on the chart)

There are several possibilities for choosing which codes to scan:
– “Only symbol on chart”: This option should be used for backtests or if you want to apply the bot to the chart symbol;
– “All major forex pairs”: the bot will scan all 28 major currency pairs (EUR/USD/GBP/CHF/AUD/NZD/JPY);
– “Market Watch”: the robot will scan all market watch codes;
– “Only icons listed below”: Only icons listed in the field below will be scanned

Codes to be scanned or excluded: Type here symbols to scan (“Symbols listed only below” mode) or exclude (“All major forex pairs” mode and “Market Watch” mode)

median prefix (if required): only for moderators who use prefixes. For example, type m for mEURUSD

median suffix (if required): only for moderators who use prefixes. For example, type m for EURUSDm

If multiple characters are to be entered in this field, they must be separated by commas

Use the timerDetermine trading days and hours

Monday: Alerts and trading on Monday

Tuesday: alerts and trading on tuesday

WednesdayAlerts and trading on Wednesday

ThursdayAlerts and trading on Thursday

FridayAlerts and trading on Friday

Saturday (encryption): Saturday Alerts and Trading (generally for cryptocurrency trading)

Sunday (encryption)Sunday alerts and trading (generally for cryptocurrency trading)

start time: the beginning of the session

end time: the end of the session

Indicator alerts: notifications of the terminal and / or smartphone

Sends an alert when a range is detected.

Trading alerts: notifications of the terminal and / or smartphone

Sends an alert when a range break is detected.

– ==== Scope Settings ==== –

Column calculation timeframeAll MT5 timeframes

Used for “minimum length of the range in bars”: the number of bars will be counted in this timeframe.

Minimum band length in rails: minimum number of bars for range validation

If the price stays within the range range (in pips) for x or more columns, then the range is validated.

The maximum size of the range in points:(maximum price – minimum price) should be <= max range (within minimum range length)

… or in points … (depending on the code).

Break the minimum distance in pips: The breakout is validated when the price breaks out of the range and reaches the lowest distance

– ==== Filters Settings ==== –

-= Moving Average Settings =-

use master: Checks if the price is above (buy signal) or below (sell signal) this moving average

ma scheduleAll MT5 timeframes

ma periodMasters period

ma method: SMA / EMA / SMMA / LWMA

applicable price: Close / Open / High / Low / Medium / Typical / Weight

shift ma: turning master

-= Pivot Points Settings =-

daily PP: Checks if the price is above (buy signal) or below (sell signal) the daily PP

PP Weekly: Checks if the price is above (buy signal) or below (sell signal) the weekly PP

monthly PP: Checks if the price is above (buy signal) or below (sell signal) the monthly PP

Note: The more filters are implemented, the fewer orders will be opened. If you find that there are not enough open requests, try disabling some filters.

– ==== Trading Settings ==== –

Allow trading: If false, only alerts will be triggered

magic number: Must be unique if another EA is running

The ‘Maximum Open Orders’, ‘Maximum % Lost/day’ and ‘Maximum % Winning/day’ are all calculated from the magic number. For example, if you have 3 EAs with the same magic number, the total number of open orders will be the sum of the open orders in those 3 EAs.

Max open commands: the maximum number of orders opened at one time (if 0, there is no limit)

Max % lost/day: If the maximum value is reached, the open EA orders are closed and no other order is opened until the next day (if 0, there is no maximum limit)

The calculation is based on the account balance + benefits of open orders. In order to speed up the backtests, the calculation is done every hour during the backtests, rather than every minute of a real trading session.

Max% profit/day: If the maximum value is reached, the open EA orders are closed and no further order is opened until the next day (if 0, there is no maximum limit)

Same note for the “maximum lost/day ratio”.

Close before the end of the week: Close all EA orders on Friday

Closing time before the weekend: if “closing before the weekend” is true

Use money management: If true, the lot size is in the percentage of balance

lot size in %: the percentage of balance per order (if Use Money Management is true)

Fixed lot size: lot size per order (if “use money management” is “false”)

Max spread: the maximum spread allowed to open an order (if 0, there is no maximum spread)

Warning: If the spread value is too low, no order will be opened! To avoid any problem, it is recommended to set the value to “0” for backtests.

Max sliding: the maximum price slippage allowed to open an order

Same note as “Max Spread”.

Place the SL above/below the range: if it is a ‘buy order’, the SL is placed under the range; If a “sell order”, the stop loss is placed above the range

Multiples of stop loss to take profit: stop-loss distance multiplied by x take-profit distance (if “Place stop loss above/below range” is “true”)

SL: stop loss in pips (if “Place stop loss above/below range” is “false”)

TP: take profit in pips (if “place stop loss above/below range” is “false”)

Tie break: If “true”, the break-even point is activated

profit breakeven point: Fraction is called even from a certain profit in pips

Trailing stop: if “true”, the trailing stop is activated

Trial profitA Trailing Stop order is triggered from a certain profit in pips

trail distance: the distance in pips between the trailing stop and the price

trail step: step in pips for the trailing stop

Open Additional CommandsAn additional order is opened each time the profit reaches a step

Maximum additional requests (by code) : “Open Additional Orders” must be “true”

Lot size for additional orders: it is better to have a lot less than the main requests

Earn a step in pips to open an additional order: Every time the profit reaches this step, a new order is opened

SL for additional ordersStop loss in pips for additional orders

TP for additional orders: TP with pips for additional orders

  • Before using the All Major Forex Pairs mode, check for 28 major currency pairs in the Market Watch tab of MT5.
  • It is recommended to use multi-icon mode for alerts only. When a profitable method is found on a symbol, it is best to apply it in “only_symbol_on_the_chart” mode.

Major forex pairs :

EURUSD / GBPUSD / USDCHF / AUDUSD / USDCAD / USDJPY / NZDUSD

EURGBP / EURCHF / EURAUD / EURCAD / EURJPY / EURNZD

GBPCHF / GBPAUD / GBPCAD / GBPJPY / GBPNZD

AUDCHF / CADCHF / CHFJPY / NZDCHF

AUDCAD/AUDJPY/AUDNZD

CADJPY / NZDCAD

NZDJPY