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.
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 File(s)
day break EA.mq4
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2,194 downloads