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Forums>AlgoWizard / EA Wizard>Make my EA>'Opposite' range breakout EA

  • #238435 |
    Participant
    3 Posts

    Hello, I wondering if anyone would like to help me develop a very simple Range Breakout EA, but with a slight twist. I’ve been trying to use the sample range breakout but I’m struggling.

    My idea is to have the EA determine the high and low of a given number of candlesticks (e.g. 5am, 6am and 7am) or even one candlestick (e.g. 6am candlestick) and then once the price breaks the highest/lowest of that range, it would set a pending order in the OPPOSITE side of the range.

    E.g. once the price goes past the lowest range, then it would set a pending order at 1 pip ABOVE the HIGHEST range. Does that make sense? And vice versa: if the price goes ABOVE the highest range, then it would set a pending order to 1 pip BELOW the LOWEST range.

    I’ve uploaded 2 image examples: in image 2, you can see that once the price hits the blue line 1, you would enter once the price hits the red line 2.

    I’ve noticed I get a lot more successful trades with this as it counteracts a lot of stop-hunting professional traders do first thing in the morning.

    Is anyone willing to discuss/help create one?

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    #238448
    tomas262
    Administrator
    1826 Posts

    Hello, it can be easily done in EA Wizard. Check the example attached

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    #238454
    Participant
    3 Posts

    Does the ‘close’ < ‘LowestInRange’ mean that it will set a pending order once the candle is closed? Or will it set a pending order immediately once the price touches the lowest range?

    #238466
    tomas262
    Administrator
    1826 Posts

    It is set to Close [0] < Lowest meaning it is evaluated on each incoming tick. As soon as the price goes below Lowest it is triggered.

    If Close[1] is used then it waits until bar closes

    #238471
    Participant
    3 Posts

    Thank you.

    Could you tell me what the (5) in “ConvertToRealPips(5) mean?

    #238488
    tomas262
    Administrator
    1826 Posts

    ConvertToRealPips returns price value for 5 pips which equals to 0.0005. This prices increment is added to the highest price

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