Yesterday High/Low Breakout | Forex Factory

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Yesterday High/Low Breakout

  • #1
  • First Post: Feb 15, 2009 11:06am Feb 15, 2009 11:06am
Iv had this EA for a little while now, its not my idea so I cant take credit for it, I have just turned the idea into a basic EA.
I dont really have the time to improve it so thought I would share it hear for anyone interested to improve on it.

The idea is that:

When today breaks yesterdays low by 1 pip it puts a sell order.
If yesterday high is broke by 1 pip it puts a buy order.

Thats basically it.
It has a 1 : 1.12 risk reward ratio depending on your spread.
When price goes in favour by 59% of target it places sl to b/e.
When price goes in favour by 91% it locks in profit.

Other ideas that could be integrated but I havnt done so:

I have noticed that when it places trades right at the start of the day i.e. early hours of the morning they loose. Reason being is because price closed high the previous day and price carries on to next day at roughly same price so a trade is usually opened. What really needs to happen is for price to be let to come down or go up a set number of pips from yesterday high/low if todays open is near it. I think this will greatly improove its win rate.

Other thing to consider maybe, if price doesnt reach goal open trade in opposite direction as it usually has met resistance/support. Maybe to place a small 20 - 40 pip tp and sl other direction i dont know.

It has been made for GBPUSD, could be made to work for other pairs I suppose.

Its worth a look at anyway.

It seems to be a slow steady growth atm, and Im sure it can be made a lot better, would be interesting to see what other peoples ideas would be to imrpove it.
Attached Image (click to enlarge)
Click to Enlarge Name: StrategyTester.gif Size: 9 KB
Attached File(s)
File Type: mq4 day break EA.mq4   5 KB | 2,421 downloads
  • #2
  • Feb 15, 2009 2:22pm Feb 15, 2009 2:22pm
OK i have just had a bit of mess around with it, and using proper lot management, although it seems too aggressive atm. It is producing a 52% where as before it was around 10 - 20%.

I have also added all the parameters to be allow to be played with.
If anyone is interested I can explain what the parameters do etc.
I will upload the new version shortly.
  • #3
  • Feb 15, 2009 2:29pm Feb 15, 2009 2:29pm
Here it is.
Have a play with the settings and if you have ideas please share I would be interested to hear them.
Attached File(s)
File Type: mq4 day break EA v1.1.mq4   7 KB | 2,447 downloads
  • #4
  • Feb 15, 2009 2:31pm Feb 15, 2009 2:31pm
Quoting fry2010
OK i have just had a bit of mess around with it, and using proper lot management, although it seems too aggressive atm. It is producing a 52% where as before it was around 10 - 20%.

I have also added all the parameters to be allow to be played with.
If anyone is interested I can explain what the parameters do etc.
I will upload the new version shortly.

Always interested. Pls post the explanation of the parameters, that will be great.
  • #5
  • Feb 15, 2009 2:53pm Feb 15, 2009 2:53pm
ok ignore the starting account balance.
For the pip values use an extra '0' on the end for brokers that use 5 decimal places, and for broker that uses 4 decimal places remove the extra '0'. It is made for broker with 5 decimal place atm.

there is:

  1. gapdistance = 200

  1. opendistance = 200

  1. retrace = 300

  1. profit_lock = 91

  1. be_lock = 59

  1. profit_amount = 500

  1. be_amount = 150

  1. TP = 590

  1. SL = 500



gapdistance is if there is a gap on friday close to monday open how big of a gap up or down in pips should it ignore trades for this day? So its set at 200 or 20 pips, so if there is a gap up of 20 pips or more then it will not place a trade. This is because price often closes the gap so stops it opening a trade.

opendistance is if yesterday's high/low was near its close, therefore the open of today will already be near the high/low and will open a trade. They nearly always loose, because price rebounds in the early hours, so it will not place a trade. The larger the distance then the less chance of a trade being opened.

Retrace goes with the opendistance. Say you set open distance to 40 pips, and price opens within that. It will not open a trade now untill price retraces back the set pips you set for retrace. So say you set retrace to 100 pips, price must now retrace 100 pips before it will consider opening a trade for today.

profit_lock is a percentage of when you want a profit to be locked into an open trade. Say price goes up 40 pips and is near your take profit, but then comes back to hit your stop? This will lock a profit in should price go say 91% towards your target, then if it retrace you still make a profit.

be_lock is the same as profit_lock except to lock in a break even. So this should really have a lower percentage than the profit_lock. If you want price to go 20 pips up then lock in at break even just set the percentage for the profit target.

profit_amount goes with profit_lock. How many pips do you want to lock in with the profit_lock?

be_amount is the same as profit_amount but for be_lock. How many pips do you want to lock in with be_lock?

Then there is take profit and stop loss.

Hope this is clear, probably best to have a play around. I usually set up test conditions so keep all variables the same but gradually change one.
This was how I go it to this. Let me know what you find out, all constructive critisism appreciated.

  • #6
  • Feb 15, 2009 2:57pm Feb 15, 2009 2:57pm
Quoting fry2010
ok ignore the starting account balance.
For the pip values use an extra '0' on the end for brokers that use 5 decimal places, and for broker that uses 4 decimal places remove the extra '0'. It is made for broker with 5 decimal place atm.

there is:
[color=teal][color=blue]

  1. gapdistance = 200

  1. opendistance = 200

  1. retrace = 300

  1. profit_lock = 91

  1. be_lock = 59

  1. profit_amount = 500

  1. be_amount = 150

  1. TP = 590

[list=1][*]SL...

Thanks for the explanation. Looks interesting. I'll give it a try and get back to you.
  • #7
  • Feb 15, 2009 3:00pm Feb 15, 2009 3:00pm
Thanks for sharing. I'll load it up and have a look. I like the ideas behind those parameters/options.
dave
Is it Break Time yet?
  • #8
  • Feb 15, 2009 3:07pm Feb 15, 2009 3:07pm
no problem, appreciate the comment.
I am thinking of encourporating a reverse trade should it not hit the tp. will have to look at it.
  • #9
  • Feb 15, 2009 3:35pm Feb 15, 2009 3:35pm
Thanks for sharing.

Is it possible to change the lot size?

Cheers..
jdk
  • #10
  • Feb 15, 2009 3:52pm Feb 15, 2009 3:52pm
np, I will make a newer version incorperate this. At the moment you cannot change the lot size, a bit silly really but its accounted for in the code for your account size.
I will make it an option in next version.

For now if you want to change it find this line in the code:

Inserted Code
 double lots=NormalizeDouble((((AccountFreeMargin()*AccountLeverage())/Ask)/1000000),1);

it is a few lines down from the top. Delete this line.
Now add this in its place:

Inserted Code
double lots = (The lot size you require e.g 0.1)
  • #11
  • Feb 15, 2009 4:08pm Feb 15, 2009 4:08pm
Quoting fry2010

Inserted Code
 double lots=NormalizeDouble((((AccountFreeMargin()*AccountLeverage())/Ask)/1000000),1);
it is a few lines down from the top. Delete this line.
Now add this in its place:

Inserted Code
double lots = (The lot size you require e.g 0.1)
Got this error when compiling after making the lot change:

Compiling 'day break EA v1.1.mq4'...
'time_candle' - an operator expected Crogram FilesIKON Royal Traderexpertsday break EA v1.1.mq4 (42, 4)
'=' - assignment expected Crogram FilesIKON Royal Traderexpertsday break EA v1.1.mq4 (40, 15)
'time_candle' - semicolon expected Crogram FilesIKON Royal Traderexpertsday break EA v1.1.mq4 (42, 4)
3 error(s), 0 warning(s)

Cheers
jdk
  • #12
  • Feb 15, 2009 4:10pm Feb 15, 2009 4:10pm
OOPS sorry, i missed out the ; at the end.

You need to place this:

' ; '

at the end of the line you just added.

double lots = (The lot size you require e.g 0.1);
  • #13
  • Feb 15, 2009 4:27pm Feb 15, 2009 4:27pm
Quoting fry2010
OOPS sorry, i missed out the ; at the end.

You need to place this:

' ; '

at the end of the line you just added.

double lots = (The lot size you require e.g 0.1);

Thanks, it works now..
  • #14
  • Feb 15, 2009 4:29pm Feb 15, 2009 4:29pm
what timeframe ?
thanks
  • #15
  • Edited 5:44pm Feb 15, 2009 4:36pm | Edited 5:44pm
it should work on anytime frame.

Has anyone had problems with the download? There seems to be a problem with it, I dont know what I changed lol
  • #16
  • Jun 4, 2010 3:57am Jun 4, 2010 3:57am
Anyone still using this strategy ... there are still rooms for improvements
  • #17
  • Jun 4, 2010 4:20am Jun 4, 2010 4:20am
hi there. i ve been testing this on all time frames. same idea, but with a gap breakout. its done well on higher time frames. ill be testing this strategy as well. i ve tried to incorporate an additional feature but with no avail. i want to double up lot size after every winning trade. my tp and sl are set at the same level. 500 pips with a 5 digit broker. after every losing trade i set the original lot size and go back to original lot size after x amount of straight winning trades. if this system is streaky , it makes for a profitable ea. can anyone incorporate the winning streak option? thanks
  • #18
  • Dec 28, 2018 8:03pm Dec 28, 2018 8:03pm
Quoting andreasp70
hi there. i ve been testing this on all time frames. same idea, but with a gap breakout. its done well on higher time frames. ill be testing this strategy as well. i ve tried to incorporate an additional feature but with no avail. i want to double up lot size after every winning trade. my tp and sl are set at the same level. 500 pips with a 5 digit broker. after every losing trade i set the original lot size and go back to original lot size after x amount of straight winning trades. if this system is streaky , it makes for a profitable ea. can anyone...
Aha! So this is where Roulette Trader found his money management system?
  • #19
  • Mar 20, 2020 8:17pm Mar 20, 2020 8:17pm
Hello World! Any living thing in here? LOL. :-)
All the post in here look appealing and satisfactory, however, its 10YEARS LATER!
Does this EA still work or it couldn't stand the test of time?
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