STEP AHEAD automates a basic strategy that trades breakouts from a time range. It takes a start time and an end time as inputs. The EA sets breakout trades at the end of the ranges and manages the trades via breakeven and trailing stops mechanisms. The trades will be closed if SL or TP hits, and you can configure to close all open trades and orders at a specific time as part of the range settings.
The strategy requires an SL for each trade. It is not a risky strategy and doesn’t use martingale, grid, or averaging!
This expert advisor has many features that would certainly fit the needs of any trader trading breakout strategies. When running multiple instances of STEP AHEAD, you can activate the daily drawdown check. This will allow the different instances of different symbols to communicate and stop trading if a maximum drawdown is reached. Ideal for prop firm accounts.
STEP AHEAD's main functionalities are:
The EA is flexible with many parameters.
Range Settings: It allows setting the range’s start, end, and close time. It also allows taking a buffer from the extremum using the current spread or a fixed value.
Doubling the trade: This option allows you to add new trades once the price returns to the range. With its various inputs, you can dynamically configure the criteria and risk to take on this second trade
Trade closure: You can specify the expiry time and the possibility of deleting a pending order if the opposite order is triggered.
Order Size: You can choose a fixed lot size, a percentage to risk from your account balance, or simply a risk in money.
Stop Loss: Stop Loss can be fixed in points or a percentage of the range.
Take Profit: Take profit can be fixed in points or a percentage of the range. In addition, a partial take profit can be activated to scale up at a specified time.
Break Even: Break-even is configurable and can be set in points or the percentage of the range, a buffer is available to cover the commission. Trailing Stop: Trigger and trailing are configurable and can be set in points or the percentage of the range.
Volatility Filter: A volatility filter is introduced to prevent taking any trades based on ATR daily value
Trend Filter: it allows you to force trading direction, trade with previous day momentum, or use a multi-timeframe moving average for the direction
Day Trading Filter: this feature allows you to limit trading during specific days during the week
Daily draw-down control: allows you to activate the drawdown monitoring on one or multiple instances of Step Ahead.