conditional breakout system

I got an idea for a system that is a conditional breakout type of system.

We use the 5 min charts. When the daily high + 2 pips is reached an evaluation of the current 5 minute candle will begin. If the current price is greater than the 5 min open price by a value greater than the 100 pd-5 min avg true range....then a potential breakout is assumed and we buy.

opposite when selling of course.

If the high or low is reached and the above 5 min candle conditions are not met...then a trade of only minimal lots will be made.

I was thinking that a tp of 25 and a sl of 15 would be good. We could even run a trail stop on it. We could try any major with it.

Anyhow....if this gains some interest from you folks...I will provide the ea. It will include MM as well so it would be a total set and forget price action breakout system. I will also include max pip spread and max slippage levels which would be displayed on the chart.

It would trade once per day.

Just let me know. This thread may need to be moved to the programming forum. If so...my apologies.

Hi,

Thanks for posting, 60minman.

I am in and would like to understand more about this. Looking forward to the EA.

Also..if you can please explain this line in a little bit more detail..
"If the current price is greater than the 5 min open price by a value greater than the 100 pd-5 min avg true range".. preferably with a chart/example

I don't have a chart to show right now....but I'll try to explain....

Every 5 min candle...as you know...has an open...low...high and close.

We are looking at the number of pips between the open of the 5 min candle and the current price of the 5 min candle. Remember that the current price must be equal to or above the daily high + 2 pips.

The average true range part of this is simply an average range of the past
100 5 minute bars.

So....we want to make sure that (the current price - the current 5 min open) is greater than (the average true range of the last 100 5 min bars).

again...opposite for short orders...

Thanks.. Will try this out..

I'll have the ea running within a day or 2. Unfortunately....I am not the best programmer but plz bear with me and I will post this soon.

You could've asked...

Unique Settings:

extern int PipsBuffer = 20;

 

1. Number of pips added to the high/low

extern int InitialRange = 12;

 

1. Number of bars after the opening bar to start trading (eliminates initial whipsaw)

extern int MaxTradesPerDay = 1;
extern int MaxLongTradesPerDay = 1;
extern int MaxShortTradesPerDay = 1;

Hello Ronald

I like your generic breakout EA. I use first edition EA but why only short position open