A transparent trend assistant with conservative default risk
TF Donchian ATR Assistant evaluates completed H4 candles, trades a 55-bar breakout only in the EMA 200 direction and sizes each position from its ATR stop. It is supplied as one individual download—not a bundle.
Includes .mq5 source, .ex5 binary, individual README and SHA-256 checksums.
How a trade is selected
- The EA runs once when a new H4 signal bar has completed; it does not use an unfinished candle as a signal.
- A long setup requires the completed close to break above the highest high of the preceding 55 completed bars and to be above EMA 200. A short setup mirrors those conditions.
- The spread, trade window, daily-loss lock and one-position-per-symbol rules must all pass.
- The initial stop distance is the greater of 2.2 ATR and the broker’s minimum stop distance. The default target is 2.5 times that initial distance.
- Volume is calculated against the estimated stop loss in account currency and rounded down to the symbol’s permitted volume step.
Risk controls built into the code
| Control | Default | Purpose |
|---|---|---|
| RiskPercent | 0.50% | Balance-based risk estimate; any input above 1.00% is rejected. |
| StopATR | 2.20 | Adapts the initial stop distance to recent volatility. |
| RewardRisk | 2.50 | Defines the initial target as a multiple of initial risk. |
| DailyEquityLossLimit | 2.00% | Stops new entries after the day reference has fallen by the threshold. |
| MaximumSpreadPips | 2.00 | Avoids new entries when the quoted spread is unusually wide. |
| Position guard | One per symbol | Stands aside if any EA or manual position already exists on the symbol. |
The EA contains no grid, martingale, recovery sizing or averaging down. These controls reduce specific risks; they cannot cap losses during gaps, slippage, disconnections or execution failures.
Evidence, stated precisely
Price breakouts belong to the broader trend/time-series momentum family. Moskowitz, Ooi and Pedersen documented time-series momentum across almost five dozen futures and forward contracts, including currencies. Their study supports examining transparent trend rules; it does not validate this exact Donchian/EMA/ATR configuration or future retail-FX results.
Known failure modes
Sideways markets can create repeated false breakouts. A 200 EMA is a lagging filter. ATR measures recent ranges but cannot predict gaps or news liquidity. Several currency pairs may carry the same USD or risk-on exposure, so a 0.50% setting on each chart is not a 0.50% portfolio risk.
Installation and validation
- Extract this EA’s ZIP. Copy the .ex5—or the .mq5 and .ex5—to
MQL5/Expertsin the MetaTrader 5 data folder. - Refresh Navigator, attach the EA to the intended chart and check broker server time, spread convention, volume step and stops level.
- Run symbol-specific tests with variable spread, commission and slippage. Separate development, later out-of-sample and demo-forward periods.
- Review maximum drawdown, consecutive losses, trade count and sensitivity to modest input changes. Do not select a setup only because it maximizes historical profit.
- Start disabled or on demo, verify journal messages and keep aggregate exposure within a written risk plan.
Auditable and reproducible
Both MQL5 source and the compiled MT5 file are supplied. Version 1.00 compiled with 0 errors and 0 warnings. ZIP SHA-256: 8774e9dafa8cb44a9bc014a09f03def1be26207f52f0b7aca8d53640ddb5ee56.
Position sizing uses MetaTrader’s account-currency profit estimate rather than assuming a fixed pip value. See the official OrderCalcProfit documentation.
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