Introduction
The Range Breakout Day Trader is an automated trading robot designed to capitalize on intraday movements of the USDJPY currency pair. With a user rating of 5 and positive feedback, it has garnered attention in the trading community. However, as a professional trader and MQL5 programmer, I approach every trading strategy with a critical eye. Let's dive into the specifics of this robot and see if it lives up to the hype.Description of Features
The Range Breakout Day Trader operates within a specific time frame, setting a range between 1:00 AM and 6:50 AM (GMT/UTC+2). It opens only one position per day, avoiding high-risk strategies like Grid, Hedge, or Martingale. The robot uses a trailing stop mechanism that activates after achieving approximately 1% profit, aiming for a daily target of up to 6%. Positions are automatically closed at 19:55 PM to avoid swap costs. An integrated trend filter increases the probability of opening positions in the right direction.Performance Analysis
Over the past year, the Range Breakout Day Trader has shown mixed results. While some users, like Eddie, have praised its profitability and safety features, others have raised concerns about its consistency during volatile market conditions. The robot's focus on a single currency pair and specific trading hours can be both a strength and a weakness. In stable markets, it performs well, but during periods of high volatility, its performance can be unpredictable.Pros and Cons
- Pros:
- Simple and focused on a single currency pair.
- Avoids high-risk strategies.
- Integrated trend filter.
- Trailing stop mechanism.
- Automatic position closure to avoid swap costs.
- Cons:
- Performance can be inconsistent during volatile market conditions.
- Reliance on specific market conditions.
- Limited to one position per day.
Source Code of Range Breakout Day Trader
We do not have access to the original source code of the Range Breakout Day Trader sold on MQL5. However, based on its description, we have created a sample code available on easytradingforum.com. This code is for educational purposes and is not the original robot sold on MQL5. The EASY Trading Team does not sell the Range Breakout Day Trader but provides this example based on its description.
Code:
You don't have permission to view the code content. Log in or register now.