Classic Breakout EA

Classic Breakout EA is an automated system that works on all forex currency pairs. The EA isn’t available on the MQL marketplace, and you need to download it from third-party sources.

In this article, we’ll look at the Classic Breakout EA, how it works, its strategy, and its features.

Classic Breakout EA Strategy

The Classic Breakout EA is a forex trading system that utilizes a breakout strategy to enter trades. It is designed to work on all forex pairs and timeframes but only operates during the London and New York sessions.

The EA will monitor the price movements during this period and take trades whenever a breakout occurs.

The basic concept of a breakout strategy is to identify a period of consolidation in the market where the price is trading within a tight range. This consolidation can occur for various reasons, such as market indecision or lack of major news releases.

The Classic Breakout EA will monitor the price action during the London and New York sessions to identify these consolidation periods.

It will use a specific set of indicators to determine the high and low points of the consolidation range. Once the EA has identified the range, it will wait for a breakout.

A breakout happens when the price breaks through either the high or low point of the consolidation range. The Classic Breakout EA will enter a trade in the direction of the breakout, assuming that the price will continue to move in that direction.

To manage risk, the EA will set a stop loss at a predetermined distance from the entry point. This stop loss is typically placed just beyond the high or low point of the consolidation range, depending on the direction of the breakout.

The EA will also set a take profit target, usually based on a multiple of the stop loss distance.

To use the Classic Breakout EA, traders must have a Virtual Private Server (VPS). A forex VPS is necessary because the EA needs to be running continuously during the London and New York sessions to identify potential breakout opportunities. A VPS will ensure that the EA is always running and can monitor the market even when not looking at the screen.

Classic Breakout EA
Classic Breakout EA

Classic Breakout EA Features

  • The EA works on all forex pairs.
  • It uses a breakout strategy and trades only between the London and The New York sessions.
  • It is only available for MT4.
  • The EA can be used with any forex broker platform.
  • Classic Breakout doesn’t require a minimum balance.

Classic Breakout EA Summary

The Classic Breakout EA is a forex trading system that uses a breakout strategy to enter trades during the London and New York sessions.

The EA monitors the market for periods of consolidation and waits for a breakout to occur before entering a trade in the direction of the breakout.

By setting a stop loss and take profit target, the EA aims to minimize risk while potentially capturing large moves in the market.

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