RANGE BREAKOUT DAY TRADER EA MT4 – Full Input Settings Analysis

Range Breakout Day Trader is an expert advisor designed to optimize trading of the USDJPY currency pair in the M5 time frame. It is intended for trading during the European session as a day trader. It identifies, within the first 30-60 minutes of a new market opening, large high and low price levels as the indicator of a probable break-out and enters the trade accordingly. Using a logical, time-period-based methodology, the EA reduces risk and provides a rule-based, disciplined approach that can help traders deliver consistent, non-random outcomes.

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Time Settings 

• Range Scan Time
  • Paces from 01:00 to 06:00 (server time GMT/UTC+2).
• Fixed Time Order Closure
  • Activated:
    • Closes opening new orders at 19:00.
    • Automatically closes pending orders at 19:55.
• Trading Days
  • Operates from Monday to Friday. No day limits.
• Pending Order Expiration Time
  • Pending orders will expire after 9 hours if not triggered.

Trade settings & risk management

• Magic Number
  1234 – EA trade order identifier.
• Maximum Spread
  30 points (~3 pips) – EA will not trade if spread is more than this value.
• Lot Management
  Position size determined on risk percentage basis.
  Risk per trade: 1% of account balance.
• Stop Loss (SL)
  Fixed SL of 850 points (~85 pips)
  ATR-based SL feature is present but not currently enabled.
• Take Profit (TP)
  Two options available:
  Based on profit percentage: closes the trade when profit is 20% of account balance.
  Or trailing stop usage: starts trailing at 10% profit, trailing step = 1%.
• Maximum Equity Drawdown
  10% – EA closes trading automatically when equity is 10% down.

Trends & News Filter

• Trend Filter
  Enabled – Uses H4 timeframe to validate trend.
  Minimum new signal distance: 4 candles.
• News Filter
  Enabled – Filters major news events.
  News window: 5 minutes before and after news release.
  News source: Forex Factory calendar.
• Filtered News Types
  Crude Oil and USD-related news.
• News Display Colors
  High impact = Red
  Medium impact = Yellow

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