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The Breakout Expert Advisor is a VertexFX client-side script that trades the breakouts based on Daily bars.
The concept behind this Expert Advisor is when the price breakouts out the previous day’s High or Low, it is an indication of a strong trend in that direction which can be traded with a high probability of success.
The EA folow certain ENTRY RULES which are as follows: –
Rule Number 1. Entry rules are evaluated only between the configured times of the Expert Advisor, which is from MondayHour on Monday uptoFridayHouron Friday.
Rule Number 2. Entry rules are evaluated only if there is no open position.
Rule Number3. BUY trade is initiated if the current Ask price has crossed above the previous day’s High. The stop-loss is set to SL points, the take-profit is set to TP points. The lot-size is calculated based upon the UseMM parameter, either as fixed lot-size (Lots) or based on risk-per-trade (PercentMM).
Rule Number4. SELL trade is initiated if the current Bid price has crossed below the previous day’s Low. The stop-loss is set to SL points, the take-profit is set to TP points. The lot-size is calculated based upon the UseMM parameter, either as fixed lot-size (Lots) or based on risk-per-trade (PercentMM).
Rule Number5. When trading on Monday, the previous day is consider as Friday even if there is data available for the Sunday. In other words, the data for Sunday candle is ignored.
If a position is opened, the Expert Advisor tracks it using a trailing stop to protect the profits.
This Expert Advisor can be attached and traded on a chart of any-time frame, however, it uses daily price bars internally for its calculations.
The best system is the automation of an Expert, the emotional won't be so affected. In manual mode the emotions are stronger.
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