Weekly Breakout (Trades on breakouts of the previous week’s trading range) | FREE Forex Trading EA
Weekly Breakout Forex expert advisor trades in the direction of a prior week’s range breakout. It uses the previous week’s low as a stop-loss level for buy orders and the previous week’s high as a stop-loss level for sell orders. The EA employs two pending stop orders to apply its method if the following week begins within the previous week’s trading range. If they are not activated, they will expire at the end of the week. If the week begins outside the previous week’s range (due to a price gap over the weekend), the expert advisor will immediately buy or sell the currency pair, as well as place a pending order for the opposite trade.
Weekly Breakout does not use take-profit level. If stop-loss is not triggered during the week, the position is closed when the next week starts.
The expert advisor is available for both MT4 and MT5. It was backtested only in MT5 because MT4 does not allow backtesting on Weekly timeframe.
The backtest of the Weekly Breakout MetaTrader expert advisor on the 13-year period has shown the following results with W1 chart of the GBP/USD currency pair and 0.1 standard lot volume per position: $5,256 net profit on $10,000 starting account with a maximum relative drawdown at 19.91%. A little more than a half of its trades were winning, while the average profit was somewhat greater than the average loss. Unfortunately, the balance curve was not rising consistently.
- - - - - - - -
⭐The Best Cent Account To Test Your Forex Trading EA.⭐
- - - - - - - -
⭐Great Forex Broker With High Affiliate Commission For Your Forex Trading EA.⭐
As you can see, there are weeks with a closing deal only (inside bar), with no trades at all (inside bar after an inside bar), with one entry trade (common breakout week), and with two entry trades (double breakout week).
What are the stop-loss and take-profit used by this EA?
The stop-loss is calculated before entering a trade. During the backtest, the average loss was about 100 pips.
How often does it trade?
Due to the nature of its strategy, the EA trades only once or twice per week.
What other currency pairs did it show profit with?
USD/JPY and USD/CHF backtests have also been profitable with the default settings of this EA.
This EA is ECN-compatible. You must set ECN_Mode input parameter to true in order to enable ECN-compatibility for this expert advisor. Otherwise, you will most likely be seeing OrderSend Error 130 messages when EA will be trying to open positions. This is because, if you are trading with an ECN broker (with market execution for orders), you cannot set SL/TP on position opening. You have to open a position first without SL/TP and only then modify it, adding stop-loss and/or take-profit level.
You May Also Like ❤ :
The extreme spike indicator is a Metatrader indicator that detects market trend extreme high and extreme low spikes. It is...
Heiken Ashi Nave is a MetaTrader expert advisor that uses the platform’s standard indicator of the same name to implement...
PersistentAnti EA (Measures persistence of price movements; trades against it) | FREE Forex Trading EA
PersistentAnti is a Forex expert adviser that takes advantage of the concept of trend persistence. The Forex market charts are...
Ichimoku Chikou Cross EA (Uses Ichimoku Kinko Hyo for signals, ATR for position sizing) | FREE Forex Trading EA
Ichimoku Chikou Cross is a MetaTrader expert advisor based on standard Ichimoku Kinko Hyo indicator with default settings. Specifically, it...