Opening Range Breakout MT5

[TopicStarter]

Introduction​

The Opening Range Breakout MT5 robot is designed to capitalize on the initial volatility of stock indices at market open. With promises of capturing explosive moves and providing an actionable edge, it certainly sounds enticing. But as always, the devil is in the details.

Description of Features​

The robot focuses on the first 5-15 minutes of market activity, setting buy and sell stop orders at the boundaries of this opening range. Key features include:

• Customizable opening range duration (5-15 minutes)
• Ability to trade major indices like DAX, DOW, NASDAQ, and S&P500
• Trailing stop functionality to lock in profits
• Fixed stop loss and take profit levels
• Option to close all orders at a specified time to avoid overnight risk
• Email and push notifications for order placements and modifications

Performance Analysis​

Analyzing the robot's performance over the last year reveals a mixed bag. User Kenny Elder reported a 250% gain after testing the EA on the US100 for the entire year of 2022, which is impressive. However, users like Kwun Lin Liu and Raffiek had less favorable experiences, citing losses and difficulties in getting the EA to work. This disparity suggests that while the robot has potential, it requires meticulous setup and continuous optimization.

Pros and Cons​

Pros:

• High potential returns on trend days
• Extensive customizability to suit different trading styles
• Trailing stop and fixed stop loss/take profit options

Cons:

• Performance can be poor on range or rotation days
• Complex settings may overwhelm beginners
• Mixed user reviews indicate inconsistent results

Conclusion​

The Opening Range Breakout MT5 robot offers a unique approach to trading the initial market volatility. While it has the potential for high returns, it also comes with significant risks and challenges. Traders should approach this EA with realistic expectations and be prepared for a steep learning curve. For those willing to invest the time in optimization, it could be a valuable tool.

Source Code of Opening Range Breakout MT5​

We do not have access to the original source code of the Opening Range Breakout MT5 robot sold on MQL5. However, based on the description provided on the MQL5 website, we have created a sample code. This code is an interpretation and not the original. For the actual robot, you would need to purchase it from MQL5.

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Download Opening Range Breakout MT5​

If you have any questions about the code, feel free to ask. This is a sample code created by the EASY Trading Team based on the description of the robot sold on MQL5. We do not sell the Opening Range Breakout MT5 robot; we only provide an example based on its description. For more details, visit forexroboteasy.com.

 

[GlobalInvestor]

The EA you've created is impressive. I appreciate the effort you've put into it. I have a couple of questions regarding its functionalities: 1. Is it possible for the EA to cancel a pending order once an opposite order is filled? For example, if a buy stop order gets executed, could it automatically cancel the sell stop order that was previously set? 2. Can we assign different stop trading times for open and pending orders? Ideally, I would like my pending orders to remain active until 1 PM, while allowing open orders to stay active until 2 PM. Best wishes, Opening Range Breakout MT5.