Time Range Breakout EA in MetaTrader 5

Introduction

• Presenter: Toby
• Objective: Create a Time Range Breakout EA (Expert Advisor) for MetaTrader 5.
• Goal: Achieve trading results similar to a successful strategy running on a live account for over a year.
• Complexity: This EA will be more complex than previous examples.

Recap of Previous Videos

• Suggested to review earlier videos on:
  • Simple Time Entry EA
  • Simple Moving Average Crossover EA

EA Logic Overview

• Define a time range with a start and an end time.
• The EA will:
  • Save the highest and lowest price within this range.
  • Execute a Buy trade if the price breaks above the highest point.
  • Execute a Sell trade if the price breaks below the lowest point.
  • Close trades at a specified close time.

Starting with MetaEditor

1. Open MetaTrader 5.
2. Create a new Expert Advisor:
   • Navigate to top left, select "New" and choose "Expert Advisor" template.
   • Name it "Time Range EA".
3. Clean up the initial code for better formatting.

Input Variables Definition

• Create an inputs section:
  • Input for Start Time of the Range:
    • Type: Integer, Default: 600 (10:00 AM)
    • Comment: "Range start time in minutes"
  • Input for Duration of the Range:
    • Type: Integer, Comment: "Duration in minutes"
    • Example: 120 (2 hours)
  • Input for Close Time:
    • Type: Integer, Default: 1200 (8:00 PM)
    • Comment: "Range close time"
  • Input for Lot Size:
    • Type: Double, Default: 0.01
    • Comment: "Lot size"
  • Input for Magic Number:
    • Type: Integer, Default: 12345
    • Comment: "Magic number" (unique identifier for trades)

Input Validation Checks

• Implement checks in the OnInit function:
  • Validate Magic Number: should be > 0.
  • Validate Lot Size: should be > 0, with a max of 1.
  • Validate Range Start: must be >= 0 and < 1440 (minutes in a day).
  • Validate Duration: must be > 0 and < 1440.
  • Validate Close Time: must be > 0 and < 1440.
  • Ensure Close Time does not equal Start Time + Duration.

Global Variables Definition

• Create a Global Variables section:
  • Structure Definition: Create a structure for range variables:
    • Members include: Start Time, End Time, Close Time, High, Low, Entry Flags.
    • Constructor initializes these variables.
• Define a variable of type range structure.

Additional Variables Required

• Include variables for:
  • Previous Tick and Last Tick events (both of type MqlTick).
  • Trading class instance for trade operations.
• Include necessary libraries:
  • #include <Trade/Trade.mqh> for trade operations.

Next Steps

• The actual logic for the EA will be coded in the OnTick function, to be covered in the next part.

Conclusion

• Viewers encouraged to like the video and subscribe for future updates.
• Open for questions in the comments regarding mq4/mql5 or automated trading.