A Bar-Range Breakout Expert Advisor with Paired Stop Orders
Summary
The Expert Advisor described here searches a chosen number of recent bars on a configurable timeframe for the highest high and lowest low. It then places a Buy Stop above the high and a Sell Stop below the low, with the distance set by an indentation parameter. An optional time control delays placement until a specified hour and minute; the document recommends using a one-minute chart when setting a start minute.
The range is recalculated when a new bar appears on the work timeframe, provided there are no open positions or pending orders. Once one pending order is triggered, the EA deletes the other. The page mentions EURUSD on a one-minute chart and parameter ranges used for optimization, but supplies no performance statistics or evidence that the approach is profitable. It describes a breakout mechanism, not risk controls, position sizing, or safeguards against false breakouts and changing market conditions.
Key ideas
- The EA places paired stop orders beyond the high and low of a recent bar range.
- A configurable offset sets how far pending orders sit beyond those range boundaries.
- An optional time setting controls when the EA may place orders.
- The EA removes the untriggered order after one side activates.
- The document gives optimization ranges but no performance evidence.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.