Trading Breakouts of Prior Candles with Scheduled Hours and Risk Controls

Summary

This Expert Advisor trades breaks of a selected prior candle, with the candle timeframe configurable from minute charts through monthly charts. It checks the previous completed bar and allows an offset from its high or low, moving average filters, stop loss, take profit, and a trading time window. Trailing is evaluated on each tick; its first stop adjustment moves the stop to breakeven. The EA also offers a target profit setting that closes all positions and limits how many positions can be open in each direction for the selected timeframe.

Position size can be fixed in lots or calculated from a risk percentage per trade. The settings require exactly one of those sizing methods to be active. The document describes the EA’s features and inputs, but gives no performance tests, transaction cost analysis, or evidence that candle breaks predict profitable moves. Results would depend on instrument, timeframe, filters, execution, and parameter choices.

Key ideas

• The EA enters trades when price breaks the previous candle at a user-selected timeframe.
• Trading hours, breakout offset, moving average filters, and trade exits are configurable.
• Trailing updates each tick and moves the stop to breakeven on its first adjustment.
• Position size uses either fixed lots or percentage risk, but not both or neither.
• The document describes settings but provides no backtest evidence or performance results.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.