Yesterday High/Low Breakout - MT4/MT5 Resources
I've had this EA for a while now, it wasn't my idea so I can't take credit for it, I just turned the idea into a basic EA.
I don't really have time to improve it, so I thought I'd share it for anyone interested in improving it.
The idea is:
When today breaks yesterday's low by 1 pip, a sell order will be placed.
If yesterday's high is exceeded by 1 point, a buy order will be issued.
That's basically it.
Depending on your spread, it has a risk to reward ratio of 1:1.12.
When price reaches 59% of target, it places SL b/e.
When the price rises 91%, it locks in profits.
Other ideas that could be integrated but I haven't done so:
I noticed that when it trades at the beginning of the day (i.e. early morning), they get lost. The reason is that a position is usually opened because the price closed higher the previous day and the price continues to the next day at approximately the same price. What really needs to happen is if today's open is close to yesterday's high/low, let the price fall or rise a certain number of points from yesterday's high/low. I think this will greatly improve its win rate.
Maybe something else to consider, if the price doesn't hit the target, trade in the opposite direction as it will usually hit resistance/support. Maybe place a small 20 - 40 point tp and SL in other directions I don't know.
It is designed for GBPUSD and I think it can be applied to other currency pairs as well.
Regardless, it's worth a look.
This seems to be a slow and steady growth atm, I'm sure it can be done better and it will be interesting to see how other people's ideas might improve it.
I don't really have time to improve it, so I thought I'd share it for anyone interested in improving it.
The idea is:
When today breaks yesterday's low by 1 pip, a sell order will be placed.
If yesterday's high is exceeded by 1 point, a buy order will be issued.
That's basically it.
Depending on your spread, it has a risk to reward ratio of 1:1.12.
When price reaches 59% of target, it places SL b/e.
When the price rises 91%, it locks in profits.
Other ideas that could be integrated but I haven't done so:
I noticed that when it trades at the beginning of the day (i.e. early morning), they get lost. The reason is that a position is usually opened because the price closed higher the previous day and the price continues to the next day at approximately the same price. What really needs to happen is if today's open is close to yesterday's high/low, let the price fall or rise a certain number of points from yesterday's high/low. I think this will greatly improve its win rate.
Maybe something else to consider, if the price doesn't hit the target, trade in the opposite direction as it will usually hit resistance/support. Maybe place a small 20 - 40 point tp and SL in other directions I don't know.
It is designed for GBPUSD and I think it can be applied to other currency pairs as well.
Regardless, it's worth a look.
This seems to be a slow and steady growth atm, I'm sure it can be done better and it will be interesting to see how other people's ideas might improve it.
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