True Range Pro MT5

True Range Pro is an automated expert advisor for MetaTrader 5 that looks for short-lived price reversions during the night session. It places limit orders, attaches a stop loss and take profit, and can build a grid of additional positions if price moves against the first entry.

How it works

The EA waits for its configured trading window and then evaluates a pattern built from an RSI reading and an ATR-based range filter. When the conditions are met, it opens the first position as a limit order. The time on and time off inputs apply to the first position only, so any follow-up grid orders can still be managed after the window closes.

Grid and volume

If price moves against an open position, the EA can add further positions at a distance set by the Grid Back input. Volume for each added position can follow an arithmetic progression (last lot plus a value) or a geometric one (last lot multiplied by a value). Larger progressions raise exposure quickly, so they deserve careful testing.

Exits and protection

• Hard stop loss for each position, set in points.
• Basket take profit, with a second level that applies once a chosen number of positions is open.
• Breakeven and trailing stop with a configurable start and distance.
• An Active Position option that uses a separate take profit once enough positions are open.
• An Overlap option that closes positions using a percentage of position profit.
• An equity stop, set either as a fixed amount or as a percentage of balance.
• A maximum spread filter to avoid entries when costs widen.

Markets and timeframes

The defaults target EURUSD on the M5 chart. The vendor's guidance suggests an ECN-type account, leverage of 1:100 or higher, and a server clock of GMT+2 in winter and GMT+3 in summer. Because the strategy relies on the night session, confirm your broker's server time before adjusting the time inputs.

Settings

The inputs are grouped into sections. The table summarises the main ones; check the input tab in the terminal for the full list and the exact defaults.

Risk

Grid and progression methods can build large exposure when the market keeps moving in one direction. Start on a demo account, use the strategy tester with realistic spreads, and decide your maximum position count and equity stop before going live.

Installation

1. In MetaTrader 5, choose File, then Open Data Folder.
2. Copy the EA file into the MQL5/Experts folder.
3. Restart the terminal or refresh the Navigator panel.
4. Open an EURUSD M5 chart and drag the EA onto it.
5. Enable Algo Trading, review the inputs, and confirm the time settings match your broker's server time.