If you consider putting the break point strategy to work to your advantage, you may want to take a look at the expert advisors developed on MT4 that uses precisely this theory, and with good, demonstrable results.
Daily break point expert advisor, for example, a free EA working in H1 timeframe, executes orders precisely based on analyzing the trend to see if it is bullish or if it is bearish.
How does it work?
The EA uses candlesticks chart, it first monitors the FX market, identifies the bullish/bearish trends, and executes the order at a new bar, provided the previous bar broke through the limit set within the EA. The MetaTrader 4 Daily break point allows you to use all candlesticks. They will execute in H1 timeframe should the break point is met.
Parameters of the Daily Break Point EA
- BreakPoint: break distance (points)
- MaxSizePrevBarForBreak: order to be executed, should the maximal value of the previous bar is lower than this value
- MinSizePrevBarForBreak: order to be executed, should the minimal value of the previous bar is 5
- MaxOrderatOnceTime: number of orders opened at each BP, as decided by the trader
Orders with Daily Break Point Robot for MT4
- Buy: the previous bar seems bullish and breaks the parameter set for BP
- Sell: the previous bar seems bearish and breaks the parameter set for BP
For instance, you may set the BP at 50, and the day opening value for the currency is at 0.7392. In this case, the Daily break point robot will set a buy order if the last bar reaches 0.7442.
Don’t feel that this robot is perfect for you? Pick another one from our table of the best free Forex robots for MetaTrader 4!
Daily Break Point Robot Testing
Since this is a robot that asks you to include a series of parameters, such as break point, MaxOrderatOnceTime etc, you should test this robot before actually using it in trading, just to make sure that your numbers are the winning ones.