Weekly Breakout Forex expert advisor opens positions in the direction of a breakout from a previous week's range. It uses the Low of the previous week as the stop-loss for its buy orders, and it uses High of the previous week as the stop-loss level for its sell orders. If the new week starts within the previous week's trading range, the EA uses two pending stop orders to implement its strategy. They will expire at the end of the week if not triggered. If the week starts outside the previous week's range (there was a weekend gap in price), the expert advisor will buy or sell the currency pair immediately and will also set up a pending order for the opposite trade. Weekly Breakout does not use take-profit level. If stop-loss is not triggered during the week, the position is closed when the next week starts.
The expert advisor is available for both MT4 and MT5.
Weekly Breakout Expert Advisor backtesting results
The backtest of the Weekly Breakout Expert Advisor has shown ~5.79% profit with ~3.51% maximum drawdown during a period of 7 months (Jan 2020 - Jul 2020). The used trading volume was set to 0.1 standard lot. The EA made 118 trades, of which 55.8% were profitable. The default settings were used in this backtest on the EUR/USD D1 chart.
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How to download and install an expert advisor
In order to install an expert advisor on your MT4 platform, you need to follow these steps:
- Click on the “Download Indicator” button located at the bottom of the screen.
- Save the file to your computer.
- Extract and move the files into the MT4>Experts folder of the MetaTrader4 software file directory.
- Restart your Metatrader platform.
- Find and activate “Weekly Breakout” Expert Advisor in the Navigator window.
Note: This Expert Advisor was developed by a third party. AtoZ Markets does not carry any copyrights over this trading tool.
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