Forex Range Levels Expert Advisor review:
Trade Signals are based on yesterday’s high and low.
Initial Stop-Loss and Take-profit are customizable. Trailing Stop-Loss is also customizable.
Trade volume can be calculated regarding the amount of capital to risk in terms of percentage or money.
The robot performs the following tasks:
- Tracking and plotting the previous day’s high and low price levels.
- Sending one or multiple Buy Limit and Sell Limit orders at the previous day’s Highest price with customized Stop-loss and Take-profit levels.
- Deleting the previous levels lines and cancelling the active Buy and Sell Limit Orders (if they have not been executed).
- Plotting the new reference lines based on the new price levels (yesterday’s highest and lowest price).
- Sending Buy and Sell Limit orders based on the new price levels (yesterday’s highest and lowest prices) regarding the user predefined parameters.
- Monday_hour_start – allows the user to set the start time from Monday and turn the Expert Advisor ON. The default value is 0 or midnight.
- Friday_hour_start – allows the user to set the end time on Friday and turn the Expert Advisor OFF. The default value is 23 or 11 pm.
- MaxOrders – allows the user to enter the number of orders to send; the total number of orders to place cannot exceed 5.
- MinimumEquity – allows defining the minimum amount of equity required in the account before placing an order. If the current equity is less than the minimum equity, the order is not placed and an alert message informs the user about it.
- Use_fixed_lotsize – allows the user to enter his standard lot size as simple as declaring the number of lots to buy or sell. For a micro account, the minimum lot size is 0.01 lot and 0.1 lot for a premium account.
- Use_fixed_amount_for_lotsize – allows the user to set his lot size regarding the amount of capital he is willing to lose per trade solely in terms of money, let’s say $100 for a $5 000 account, for example.
- Use_percentage_for_lotsize – allows the user to set his lot size regarding the amount of capital he is willing to lose per trade in terms of percentage of your account balance, let’s say 2.5% for a $5 000 account, for example.
- PendingPips variable – allows the user to adjust the Limit Orders prices, above and below the breakout levels, by adding pips.
- StopLoss1, StopLoss2, StopLoss3, StopLoss4 and StopLoss5TakeProfit1, TakeProfit2, TakeProfit3, TakeProfit4, TakeProfit5 – allows the user to set the trade exit considering the number of orders set (MaxOrders). For example, for MaxOrders = 1, the user will only define one level of StopLoss, StopLoss1 and TakeProfit1.
- TrailingStop, TrailingStop2, TrailingStop3, TrailingStop4, and TrailingStop5 – allows to move the stop loss in relation to the price, considering the number of orders set (MaxOrders), i.e. up for the buy position and down for the sell position, as the position gains in profit. For example, for MaxOrders = 1, the user only defines one level of TrailingStop, TrailingStop1. The default value is set at 5 pips meaning that each time the price moves 5 pips in favor of the position, the stop loss follows as well.
- Slippage – indicates the number of points in pips to allow for the order filled price to be different than the requested price. The default value is set at 3 pips.
- UseLocalTime – is optional. It allows the user to choose between the server or local time when launching the robot. The default value is set to the server time. The user can set the default value to TRUE to use the local computer time.
- NiveauxDimanche – is optional. It allows the user to exclude or include Sunday data. As volatility is pretty low when trading takes place on Sunday, the code execution can be wrong regarding the levels. Leaving the variable NiveauxDimanche equal to false, means that the user chooses Friday levels as a reference for Monday, and ignores Sunday.
Copy and paste the file into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)