This expert advisor, named 'Day and Trail MT5', is designed to capitalize on daily market breakouts and generate profits by implementing a trailing stop function. It tracks daily market movements and identifies breakouts based on a user-defined daily volatility threshold. When a breakout occurs, it generates an entry signal and opens a trade. The take profit level is set at a user-defined multiplier of the daily volatility, while the trailing stop level is set at a user-defined percentage.
The following input parameters can be adjusted by the user:
DailyVolatility: Specifies the daily volatility threshold. The default value is 0.005.TakeProfitMultiplier: Specifies the take profit multiplier. The default value is 2.0.TrailingStop: Specifies the trailing stop percentage. The default value is 0.002.
The expert advisor operates as follows:
- During initialization, the trailing stop level is calculated based on the user-defined trailing stop percentage.
- On each tick, the expert advisor tracks the daily high and low prices, as well as the current high and low prices.
- It checks if there is a breakout by comparing the current high with the daily high plus the daily volatility threshold, or the current low with the daily low minus the daily volatility threshold.
- If a breakout occurs and there is no existing trade, an entry signal is generated and a trade is opened at the current market price. The take profit level is set at the entry price plus the take profit multiplier multiplied by the daily volatility.
- If there is an existing trade, the expert advisor checks if the take profit level has been reached. If so, the trade is closed at the take profit level.
- If the take profit level has not been reached, the trailing stop level is calculated based on the entry price and the trailing stop percentage. If the current bid price reaches or falls below the trailing stop level, the trade is closed at the trailing stop level.
- The trailing stop level is updated as the price moves.
- The expert advisor also provides a platform for comprehensive market analysis and the implementation of other trading functions and strategies.
This expert advisor, 'Day and Trail MT5', is a powerful tool designed for professional forex traders who want to take advantage of daily market breakouts and implement a trailing stop function. It is developed by the Forex Robot Easy Team, a renowned group of expert advisors developers.
With 'Day and Trail MT5', traders can easily track daily market movements and identify breakouts based on a customizable daily volatility threshold. The expert advisor generates entry signals and opens trades at the current market price when a breakout occurs. It also calculates the take profit level based on a user-defined multiplier of the daily volatility, allowing traders to capitalize on significant price movements and generate profits.
Additionally, 'Day and Trail MT5' features a trailing stop function that automatically adjusts the stop loss level as the price moves in favor of the trade. This helps to lock in profits and protect against potential price reversals. Traders can customize the trailing stop percentage to suit their trading strategy and risk tolerance.
The expert advisor also provides a comprehensive platform for market analysis, allowing traders to make informed trading decisions based on real-time market data. It can be easily integrated with other trading functions and strategies, enabling traders to develop a personalized trading system.
Please note that ForexRobotEasy is not the official developer of this product. We are showcasing a sample code that demonstrates how 'Day and Trail MT5' can work as described. To find the official developer and access detailed reviews and trading results of this product, please visit Forex Robot Easy and refer to the following page: Review Day and Trail MT5 - A Professional Forex Trader's Analysis.
For more information and to obtain the official version of this expert advisor, please refer to the MQL5 website and search for 'Day and Trail MT5' by the official developer.