Range Day Trader EA opens one position with a stop loss every day after setting a range between 1:00 and 6:50 AM on USDJPY and closes automatically at the end of the day. Once the range is broken and a certain profit is reached, a carefully optimized trailing stop will be activated. An integrated trend filter will increase the probability of opening a position in the correct direction of the range breakout.

Attention!!! Please read carefully the rules for installing the advisor, and install it correctly. Before publishing, we check everything and publish only those advisors that work on our accounts !!! At least at the time of this article’s publication. Also, please note that the name of the adviser has been changed, you can find the original name of the adviser in our telegram channel https://t.me/FX_VIP/2391

Backtesting:

Backtesting was not conducted, as there is a live signals on the account from the author, detailed statistics below

Settings:

PARAMETERS DESCRIPTION

Time settings:

• Set start hour and minutes of the range
• Set end hour and minutes of the range
• Close position at predefined time  (on/off)
• Set hour and minutes at which the position will be closed
• Set time offset in hours to correct time from GMT/UTC+2
• Allowed trading days: turn on/off the days where trading is allowed by the EA

Price range settings:

• Maximum height of the price range
• Minimum height of the price range

Trade settings:

• Magic number: EA identification number
• Maximum spread size: If the current spread is higher than the predefined spread size the position or order will not be opened
• Lot mode: choose to set lot size according to the risk percentage or a fixed lot size
• Risk percentage: The risk percentage at which the lot size will be calculated
• Fixed lot size: The value of the lot size if a fixed lot size is set in the lot mode
• Stop loss: Set the stop loss in points or if you fill in 0, it uses the range distance as your stop loss distance
• Amount of points above/below the range to place pending orders
• *Maximum equity drawdown (on/off)
• Loss percentage (equity drawdown) at which the position will automatically be closed
• Close at predefined take profit percentage: predefined profit percentage at which the position will automatically be closed (on/off)
• Profit percentage at which a notification/email is send: predefined percentage at which the EA sends a notification or email
• Set hour or minutes after which the notification/email will not be send
• Send notification when predefined profit percentage is reached (on/off)
• Send email when predefined profit percentage is reached (on/off)

Trailing stop settings:

• Turn on trailing stop (on/off) 
• Profit percentage at which the trailing stop starts
• ATR multiplier: Value which will be multiplied with the ATR value (to set the trailing stop distance)
• ATR period: The period used for calculating the ATR (average true range)

Trend filter settings:

• Turn on trend filter (on/off) If turned on the trend filter will only place buy stop or sell stop orders in the direction of the trend
• Turn on OCO (One-Cancels-the-Other) pending orders if trend filter is turned off
• Time frame used for trend filter
• Signal period used for trend filter

News filter settings:

• Turn on moderate impact news filter (on/off) If turned on the news filter will close any open position or pending order before the first release of moderate impact news
• Turn on high impact news filter (on/off) If turned on the news filter will close any open position or pending order before the first release of high impact news
• Amount of minutes to close before news release
• ***Use the Forex Factory economical calendar instead of the MT5 economical calendar in live trading
• Ignore news containing the word you place here
• Change frequency of the forex factory calendar update (in minutes)
• Select the countries from which the news will be used

Add this URL: “nfs.faireconomy.media/ff_calendar_thisweek.xml” in the ‘Allow webrequest’ in menu: ‘Tools/Options/Expert Advisors’ 

Conclusion:

The default settings are already suitable for most brokers (IC Markets etc.) that use GMT/UTC+2 with DST server time. If your broker has a different server time, you will need to adjust the time settings, here are the instructions for setting up GMT Offset.
In trade EA there will be also situations that the profit can increase further. For those situations the EA has a build-in alert option (by notification or email) to send a warning if the price reaches a certain amount of profit early, so that you can temporarily switch of the take profit level and let the profits increase further. This can be done in situations when for example the profit already increases quickly after opening a position and trend indicators on a higher time frame show that the trend will probably continue.
But be aware that these situations where the price continues to move in one direction during the day don’t happen a lot. And switching off the default settings of the EA and combining manual trading can involve extra risks.
Prop Firm Ready. The LOW RISK and EXTRA LOW RISK settings of this EA are suitable for prop firm challenges. Make sure that the max. equity drawdown percentage is lower than the daily allowed drawdown for the challenge. And importantly avoid days with news events like interest rate decisions, because the volatility during these news events cause slippage which can result in bigger equity drawdowns than what is set as maximum in the EA. Also it’s recommended to start with the EXTRA LOW RISK settings and switch to the LOW RISK once the balance has grown enough.

Functionality tested, in build 1427 working.

Reminder: As with every trading system, always remember that forex trading can be risky.  Don’t trade with money that you can not afford to lose.  It is always best to test EA’s first on demo accounts, or live accounts running low lotsize.  You can always increase risk later!

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