The Pip Breaker EA is an expert advisor that has been developed to automate the trading of breakouts based on bar time, with an advanced trailing stop feature based on previous bars. This trading software is designed to identify breakout events that exhibit certain features such as a sudden increase in volatility, a breakout of an existing price range, usually an increase in market volume, and whipsaw motion before the final direction is settled.
In this comprehensive review of the Pip Breaker EA, we will examine the features, strengths, weaknesses, and risk management strategies associated with this software. By the end of this article, you will have a clear understanding of whether this expert advisor is suitable for your trading needs.
Pip Breaker EA Strategy
The Pip Breaker EA is a fully automated Expert Advisor that trades breakouts based on bar time and has an option for trailing positions. The strategy aims to identify breakout events in the market, which are instantly recognizable chart events having certain features in common. Breakouts are characterized by a sudden increase in volatility, an increase in market volume, and whipsaw motion before the final direction is settled.
The Pip Breaker EA works on major currency pairs with low spreads, but it is optimized for the GBPUSD using the 4H timeframe. The EA uses pending orders whenever possible and has an advanced trailing stop feature based on previous bars, which helps reduce losses. It is also important to note that traders must use a forex VPS when trading this system to ensure that the EA runs uninterrupted.
One of the strengths of the Pip Breaker EA is its low drawdown. This means that the strategy is designed to minimize losses and preserve capital during periods of market volatility. The EA also diversifies other strategies in your portfolio by providing exposure to breakouts, which can have high payoff potential.
One potential weakness of the Pip Breaker EA is that it relies on the use of pending orders. While pending orders can be useful for entering the market at a specific price level, they are not always guaranteed to be filled. In fast-moving markets, price may move too quickly, causing the pending order to be skipped and the trader to miss out on the trading opportunity. This can result in missed profits or losses. Additionally, the strategy relies heavily on identifying breakout events, which may not occur frequently enough to take advantage of the market. However, It is recommended that traders apply proper risk management technique and also demo-test the EA before trading with real money to ensure that the EA performs as expected.
Pip Breaker EA Features
- Pip Breaker EA uses a breakout strategy to identify trading opportunities.
- It aims to identify instances where price breaks out of an existing range and exhibits high levels of volatility.
- The EA uses bar time to determine when to enter or exit trades.
- Analyzes the market based on the timeframe selected by the trader and executes trades accordingly.
- Uses pending orders to enter the market at a specific price level. This helps to ensure that trades are executed as close to the desired price as possible.
- The EA has an advanced trailing stop feature that is based on previous bars. This helps to reduce losses by automatically adjusting the stop loss order as the trade progresses.
- Designed to have a low drawdown, which means that it aims to minimize losses and preserve capital during periods of market volatility.
- Pip Breaker EA is optimized for the GBPUSD currency pair using the 4H timeframe. However, it can also be used on other currency pairs and timeframes.
- The EA requires the use of a VPS (Virtual Private Server) to ensure that it runs uninterrupted.
- It includes risk management features such as stop-loss orders and proper position sizing to help manage risk and protect capital.
Pip Breaker EA Settings
- Lot for Balance – Automatic lot calculation volume
- Take Profit (TP): The desired take profit target for the trade in the specified currency’s pips.
- Manual TP (In Pips): The take profit target in pips that the trader manually inputs.
- Stop Loss (SL): The desired stop loss target for the trade in the specified currency’s pips.
- Manual SL (In Pips): The stop loss target in pips that the trader manually inputs.
- Trading Modes: The different modes available for the Pip Breaker EA to trade in.
- Mode Alerts (ON/OFF): The ability to turn on or off alerts for the different trading modes.
- Comments – Comments
- Magic – Magic number
- Trailing On/Off – Trailing stop on/off
- Trailing Start – Trailing start in points
- Trailing From – Trailing from in points
- Trailing Step – Trailing step in points
- Use Breakeven – Breakeven function
Pip Breaker EA Summary
The Pip Breaker EA is a fully automated Expert Advisor that trades breakouts based on bar time, with an option for trailing positions. Its strength lies in its ability to diversify trading strategies, with low drawdown and high payoff potential. Its weakness is its reliance on pending orders, which may be impacted by market volatility. Therefore, traders are advised to test the robot thoroughly on a demo account and apply proper risk management settings before using it on a live account. This EA is suitable for traders looking to add a breakout strategy to their portfolio.
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