Introduction
Let's cut to the chase. The Opening Range Breakout MT5 is another attempt to capture those juicy market moves right at the open. Developed by Lee Samson, this EA aims to exploit the first 5-15 minutes of the stock indices' opening. The idea is simple: catch the early trends and ride them for profits. But does it live up to the hype? With a rating of 3.25, it's clear that opinions are divided.Description of Features
The robot is designed to:- Identify the high and low of the opening range.
- Trigger buy orders if the price breaks above the high.
- Trigger sell orders if the price breaks below the low.
- Implement breakeven stops to lock in profits.
- Use trailing stops to maximize gains.
- Set predefined stop loss (SL) and take profit (TP) levels.
- Allow customization of range settings, order size, SL, TP, breakeven, and trailing stop parameters.
- Include volatility and trend filters.
- Control daily drawdown to limit losses.
Performance Analysis
User reviews paint a mixed picture. David (mrbulldog) is all praises, claiming he can't imagine trading without it. Kenny Elder echoes this sentiment, reporting a 250% gain in 2022 on US100. However, Kwun Lin Liu (stu981) regrets the purchase, citing losses that outweigh profits. The key takeaway? This EA can perform well, but it's not a guaranteed money-maker. Your mileage may vary.Pros and Cons
Pros:- Highly customizable to suit different trading styles and risk tolerances.
- Effective on trend days, with potential for significant returns.
- Includes robust risk management features.
Cons:
- Performance can be inconsistent, especially on range or rotation days.
- Mixed user reviews indicate variability in results.
- Requires careful monitoring and adjustment.
Conclusion
The Opening Range Breakout MT5 is a tool with potential, but it's not without its flaws. If you're willing to put in the effort to customize and monitor it, you might find it a valuable addition to your trading arsenal. However, don't expect it to be a magic bullet. As always, thorough testing and risk management are crucial.Source Code of Opening Range Breakout MT5
We don't have access to the original source code of the robot sold on MQL5, but we can create a code based on its description. This example code is available on our website. Remember, this is a sample code created by the EASY Trading Team, not the original robot.
Code:
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