myPickyBreakout Expert Advisor

myPickyBreakout Forex expert advisor is based on a simple daily breakout trading strategy. It enters long position if the previous bar's high is above previous 8 highs; it enters short position if the previous bar's low is above previous 8 lows. The position is kept open for 5 bars (days) or until the reverse signal is generated. Signals are only generated on Tuesdays, Wednesdays and Thursdays. No stop-loss or take-profit levels are used. The expert advisor explicitly controls the new bar opening and thus can be tested without ticks' simulation.

Warning! The latest backtest of myPickyBreakout expert advisor on the period from 2004-11-19 through 2014-01-24 has shown 11.8% profit and 24.1% maximum drawdown combined with very inconsistent balance curve over time.

It is not recommended to run this EA on a live account. The backtest results presented below are outdated.

The back-test of the myPickyBreakout MetaTrader expert advisor on more than 4-year period showed the following results for EUR/USD currency pair, daily timeframe and 0.1 standard lot volume per position — $2,776 net profit on $10,000 starting account with the maximum relative drawdown at 8.15%. It's a long-term low-risk EA.

MiniFAQ

What are the stop-loss and take-profit used by this EA?

It doesn't use stop-loss or take-profit levels. It should be on to close its orders.

How often does it trade?

On daily EUR/USD chart (the optimal settings) this EA will trade 2-3 times per month.

What unusual input parameters does it use?

 

  • BarsToLookUp (default = 8) — bars (days) to compare with the last bar to determine if the breakout happened.
  • MinDiff (default = 3) — minimum amount of pips for difference between bars' highs or lows to consider one higher or lower than another.
  • MaxDuration (default = 5) — maximum duration of positions in bars (days).

 

This EA is ECN-safe. You can freely use this expert advisor with ECN (market execution) brokers as it either does not apply any stop-loss and take-profit levels in its trading orders or sends only pending orders.

Downloads

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Discussion

Warning! Before you ask basic questions regarding installation of the expert advisors, please, read this MT4 Expert Advisors Tutorial to get the elementary knowledge on handling them.

Do you have your own trading results or any other remarks regarding this expert advisor? Discuss myPickyBreakout with other traders and MQL programmers on the experts forums.