Daily Range Breakout Entries with Range-Based Stops and Targets
Summary
This expert advisor defines a daily price range over a configurable sliding window, excluding the current bar. The range can be calculated as the highest high minus the lowest low, or as the mean absolute change between consecutive closes. It recalculates the range at startup and once per day at a configured time. The range sets both breakout levels and risk distances: buy when the ask rises above the range high plus an offset, and sell when the bid falls below the range low minus the offset. Stop loss and take profit distances are multiples of the daily range.
The system limits the number of positions opened each day, and its range search and entry levels are shown with chart lines. The description explains configurable mechanics but gives no parameter values, market or timeframe recommendation, backtest evidence, or results. Its effectiveness therefore remains unestablished, and the rules do not describe broader filters or how to manage positions beyond the stated stops, targets, and daily entry cap.
Key ideas
- The range is calculated from a sliding window that excludes the current bar.
- Users can define the range using the full high-low span or average close-to-close changes.
- Entries occur when price breaks beyond the range by a configurable offset.
- Stop loss and take profit distances scale with the calculated daily range.
- A daily cap limits how many positions the advisor opens.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.