Daily Range Breakout

Among the myriad of Forex Software in the market, the Daily Range Breakout EA (Expert Advisor) has gained attention for its divergence from the traditional Martingale or Grid Strategies. This Forex EA offers a unique and reliable approach to currency trading that is based on the Larry Williams Smash Day strategy, which has proven to be effective in multiple markets. This tool relies on the breakout strategy with distinctive conditions for buying and selling trades.

Conditions for Buying and Selling Trades

The Daily Range Breakout EA has set predefined conditions for both buying and selling trades. For the buying trades, the EA will proceed when the closing price of the current bar is the lowest in the past ‘N’ bars and the price of the following bar is greater than the close of the previous bar. On the other hand, the conditions for selling trades are the opposite.

Optimal Trading Environment

The EA thrives best when used in a daily timeframe. It offers real-time results with a designated stop loss, a feature that attracts many modern-day traders. Additionally, users can replicate results for Gold using the default parameters. This EA is compatible with several trading pairs including EURUSD, US500, GOLD, among others. It requires a minimum deposit of 100 USD and a leverage of 1:100, but this can be higher depending on the trader’s preference.

Operational Parameters of the Daily Range Breakout EA

Understanding the operation parameters of the Daily Range Breakout EA is essential for optimal utilization. These parameters include the Magic Number, Lot Size, Trade Long, Trade Short, Use Take Profit, Use Stop Loss, Take Profit Value, Stop Loss Value, Use Default Close, Min Position Hold Day, Look Back Period, and Use Diff Threshold. Each parameter plays a critical role in how the EA operates and ultimately, the success of the trades.

Magic Number and Lot Size

The Magic Number is a unique identifier that the EA uses to recognize its own positions. On the other hand, the Lot Size determines the volume of trades that the EA is allowed to execute.

Trade Long and Trade Short

These parameters determine whether the EA is allowed to execute long and short positions. When set to true, the EA can execute either long or short positions. If set to false, it won’t execute the respective position.

Use Take Profit, Use Stop Loss, Take Profit Value, and Stop Loss Value

These parameters determine whether the EA should use Take Profit and Stop Loss strategies and at what values. These are crucial risk management strategies in Forex trading.

Use Default Close and Min Position Hold Day

These parameters determine whether the EA should use the default close condition (profit greater than 0 and position held for more than the minimum position hold day).

Look Back Period and Use Diff Threshold

The Look Back Period is the period of the breakout that the EA uses to execute trades. The Use Diff Threshold parameter filters trades by taking trades only if the change in price is greater than the diff threshold. The change in price is calculated by the difference between the lookback high and the lookback low.

Independent Testing

For those who wish to see the Daily Range Breakout EA in action before purchasing, independent testing of this product is available on the forexroboteasy.com website. Users can also subscribe to updates on the results of testing this product. This provides an opportunity for potential users to gauge the performance of the EA before committing to a purchase.

Frequently Asked Questions

What is the Daily Range Breakout EA?

The Daily Range Breakout EA is a Forex software that uses a breakout strategy for buying and selling trades. It is based on the Larry Williams Smash Day strategy and offers real results with a set stop loss.

What are the requirements for using the Daily Range Breakout EA?

Users need a minimum deposit of 100 USD and a leverage of 1:100 to use the Daily Range Breakout EA. It is compatible with several trading pairs including EURUSD, US500, GOLD, and others.

How can I test the Daily Range Breakout EA before purchasing?

Independent testing of the Daily Range Breakout EA is available on the forexroboteasy.com website.

Conclusion

The Daily Range Breakout EA offers a unique approach to Forex trading with its breakout strategy. Its operational parameters provide the users with control and flexibility, making it a viable tool for different trading styles. Whether you’re a novice or experienced trader, the Daily Range Breakout EA is a tool worth considering. You are welcome to share your experiences with this product. Remember, this is an independent review aimed at providing a comprehensive insight into the product.