Range Breakout Bot MT5 tutorial – Trading Systems – 20 November 2022

To do this, you define the 3 following parameters:

You can also define the breakout distance by giving a value to the ‘Min distance breakout in pips‘ parameter: a breakout occurs when the price crosses a minimum distance from the range.

Then, the other advantages of this EA are:

-====General settings====-

Symbols: symbols for alerts & trading (all or symbol on the chart)

There are several possibilities to choose which symbols should be scanned:
  – ‘Only symbol on the chart’ : you should use this option for backtests or if you want to apply the bot on the chart symbol ;
  – ‘All major forex pairs’ : the bot will scan all 28 major forex pairs (EUR/USD/GBP/CHF/AUD/NZD/JPY) ;
  – ‘Market watch’ : the bot will scan all market watch symbols ;
  – ‘Only symbols listed below’ : only symbols listed in the field below will be scanned

Symbols to scan or exclude: write here symbols to scan (‘Only symbols listed below’ mode) or to exclude (‘All major forex pairs’ and ‘Market watch’ mode)

Broker prefix (if necessary): only for brokers who use prefixes. For example, type m for mEURUSD

Broker suffix (if necessary): only for brokers who use prefixes. For example, type m for EURUSDm

If several symbols must be entered in this field, they must be separated by commas

Use Timer: define trading days and hours

Monday: alerts & trading on Mondays

Tuesday: alerts & trading on Tuesdays

Wednesday: alerts & trading on Wednesdays

Thursday: alerts & trading on Thursdays

Friday: alerts & trading on Fridays

Saturday (crypto): alerts & trading on Saturday (generally for crypto trading)

Sunday (crypto): alerts & trading on Sunday (generally for crypto trading)

Start time: start of the session

End time: end of the session

Indicators alerts: terminal and/or smartphone notifs

Sends an alert when a range is detected.

Trading alerts: terminal and/or smartphone notifs

Sends an alert when a range break is detected.

-====Range settings====-

Timeframe for bars calculation: all MT5 timeframes

Used for ‘Min range length in bars’: the number of bars will be calculated in this timeframe.

Min range length in bars: min number of bars to validate the range

If the price remains within the range size (in pips) for x bars or more, the range is validated.

Max range size in pips: (Max price – Min price) must be <= Max range (during min range length)

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

Min distance breakout in pips: the breakout is validated when the price goes out of the range and reaches a minimum distance

-====Filters settings====-

     -=Moving average settings=-

Use a MA: checks if price is above (buy signal) or below (sell signal) this MA

Ma timeframe: all MT5 timeframes

Ma period: period of the MA

Ma method: SMA / EMA / SMMA / LWMA

Ma applied price: CLOSE / OPEN / HIGH / LOW / MEDIAN / TYPICAL / WEIGHTED

Ma shift: shift of the MA

      -=Pivot points settings=-

Daily PP: checks if price is above (buy signal) or below (sell signal) daily PP

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

Monthly PP: checks if price is above (buy signal) or below (sell signal) monthly PP

Note: the more filters implemented, the fewer orders will be opened. If you find that there aren’t enough open orders, try disabling some filters.

-====Trading settings====-

Allow trading: if false, only alerts are operational

Magic number: must be unique if other EA are running

‘Max open orders’, ‘Max % lost / day’ and ‘Max % win/day’ are calculated from the magic number. For example, if you have 3 EAs with the same magic number, the total number of orders opened will be the sum of the orders opened in those 3 EAs.

Max open orders: max number of orders opened simultaneously (if 0, no max)

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

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

Max % win/day: if max value is reached, the EA open orders are closed and no other order is opened until the next day (if 0, no max)

Same remark than for ‘Max % lost/day’.

Close before weekend: close all EA orders on Friday

Close time before weekend: if ‘Close before weekend’ is ‘true’

Use money management: if ‘true’, lot size in % balance

Lot size in %: % balance per order (if ‘Use money management’ is ‘true’)

Fixed lots size: lot size per order (if ‘Use money management’ is ‘false’)

Max spread: max allowed spread to open an order (if 0, no max spread)

Warning: if the value of the spread is too low, no order will be opened! To avoid any problem, it is recommended to set the value ‘0’ for the backtests.

Max slippage: max allowed slippage to open an order

Same remark as ‘Max spread’.

Place SL above/below range: If ‘buy order’, SL is placed below range; if ‘sell order’, SL is placed above range

Multiple of SL for take profit: stop loss distance is multiplicated by x for take profit distance (if ‘Place SL above/below range’ is ‘true’)

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

TP: take profit in pips (if ‘Place SL above/below range’ is ‘false’)

Break even: if ‘true’, break even is activated

Break even profit: triggers the break even from a certain profit in pips

Trailing stop: if ‘true’, trailing stop is activated

Trail profit: triggers the trailing stop from a certain profit in pips

Trail distance: distance in pips between trailing stop and price

Trail step: step in pips for the trailing stop

Open additional orders: an additional order is opened each time the profit reaches a step

Max additional orders (by symbol) : ‘Open additional orders’ must be ‘true’

Lot size of additional orders: it is better to have smaller lots than for main orders

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

SL of additional orders: SL in pips of the additional orders

TP of additional orders: TP in pips of the additional orders