Weekly Breakout is an expert advisor for MetaTrader 4 that trades breakouts of the previous week range. It is a low frequency and easy to understand strategy, very useful for studying how prices behave when they break important weekly levels.
How it works
At the start of the week, if price is inside the previous range, the robot places two pending orders: a buy above the previous high and a sell below the previous low. If price opens with a gap outside the range, it enters directly and places an opposite order. The stop loss relies on the extremes of the previous week and positions are closed when the new week begins.
Configurable parameters
- ECN Mode: enable it if your broker is ECN type to avoid order send errors.
- Very low trade frequency, only once or twice per week.
Important note
It is shared for educational purposes. Recent backtests show negative long term results, so it is best used on DEMO only to understand the logic of weekly breakouts and to develop your own improvements.
File contents: .mq4 source code ready to compile in MetaEditor.
View the original robot documentation on EarnForex (Apache-2.0 license)
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