Lazy Bot V1 EA

Lazy Bot V1 EA MT5 is an expert advisor for MetaTrader 5 that focuses on daily breakout trading. Unfortunately, the code for this specific EA is no longer available, but there’s a vast code base on MQL5 where you can find other suitable trading algorithms. If you’re interested in trading robots, you might also want to explore the Lazy Trader EA, which uses a complex correlation system with multiple symbols.📈

Description

Lazy Bot V1 EA MT5: A Breakout Trading Strategy

Introduction

The Lazy Bot V1 EA MT5 is an expert advisor designed for MetaTrader 5. It follows a daily breakout strategy, aiming to capture price movements after significant market shifts. Below, we’ll delve into the key details of this EA.

Strategy Overview

Strategy Type: Daily Breakout
Pairs Traded: GBPUSD, EURUSD, XAUUSD (Gold)
Timeframe: Daily
Magic Number: 123456
Bot Name: LazyBot_V1

Key Parameters

Lot Size (Volume): The recommended lot size is 0.01 (adjustable).
Stop Loss (SL): Set at 5.0 pips (modifiable).
Distance from High/Low to Entry Price: Currently set at 0 pips (can be customized).
Slippage: Maximum allowable slippage is 3 pips.
Maximum Spread: No specific spread limit (floating).

Trading Time Settings

Trading Hours: From 7:00 AM to 10:00 PM (adjustable).
Trading Days: Active every day.

Money Management

Risk Percentage: The EA uses a fixed risk percentage of 1% of the account balance.

How It Works

Every Day:
- The EA identifies the highest and lowest prices of the previous daily bar.
- It places two pending orders:
  - BUY STOP above the high price.
  - SELL STOP below the low price.
- No take profit levels are set initially.
Trade Management:
- The EA monitors price movements.
- When one of the pending orders is triggered, the other is canceled.
- The EA aims to capture breakouts in either direction