Description

PROJECT 903 EA MT5: A Scalping Breakout Strategy

Overview

The PROJECT 903 EA is an Expert Advisor (EA) designed for MetaTrader 5 (MT5). It follows a scalping breakout strategy, aiming to capitalize on breakouts from relative highs and lows in the market. Below are the key details:

• Strategy: Scalping breakout
• Entry Method: Stop orders for fast execution
• Profit Management: Adjustable trailing stop
• Risk Management: No martingale or grid functionalities
• Recommended Broker: Trade with a low spread and commission broker due to small average profits

Trading Settings

• Timeframe: The EA uses a specified candle timeframe to identify highs and lows.
• BarsN: Determines the sensitivity of the high and low algorithm (smaller value = more highs and lows, greater value = fewer highs and lows).
• Trading Volume:
  • Fixed Lots: Set lot size for each trade (if fixed trading volume mode is chosen).
  • Risk Percentage of Balance: Calculates lot size based on a percentage of your account balance.
• Take Profit (TP): Distance from entry order price to TP.
• Stop Loss (SL): Distance from entry order price to SL.
• Trailing Stop (TSL):
  • TSL Trigger Points: Activates trailing stop when a trade is more than this distance in profit.
  • TSL Points: Trailing stop trails behind the current market price by this set distance.
  • TSL Step Points: SL modification occurs if it is at least this distance above the previous SL.

Time Filter

• Time Filter: Activates or deactivates the time filter.
• Trading Hours: Specify the allowed trading time window.

Drawdown Settings

• Drawdown Monitoring: Closes all trades if the drawdown is reached.
• Max Daily Drawdown %: Triggered if equity or balance falls below this percentage of the starting balance for the day.

Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.