Revolving Levels Trading Expert Advisor
Info
The Revolving Levels Trading Expert Advisor is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) opens trades based on support and resistance levels defined by the trader using trendlines. The trade direction is determined graphically via arrows.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Revolving Levels Trading Expert Advisor
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
This Expert Advisor (EA) opens trades based on support and resistance levels defined by the trader using trendlines.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: Simple Levels - another powerful expert for MetaTrader 4 traders.
This Expert Advisor (EA) opens trades based on support and resistance levels defined by the trader using trendlines.The trade direction is determined graphically via arrows.
Also recommended: Trading Levels with Trailing Stop Loss - similar expert with strong performance on MetaTrader 4.
The EA will reverse a trade if an opposite signal appears from another level.Two trading options are available:
1. Trade the move from the levels (arrows - up and down).
- If the open price is below a level, the EA will open a sell position when the price crosses that level.
- The buy position follows the opposite condition.
2. Trade the crossing of levels (↕).
- If the open price is below a level, the EA will open a buy position when the price crosses that level.
- The sell position follows the opposite condition.
Levels are displayed with different colors based on their angle.
A level is considered inactive if inappropriate arrows are set, indicated by a thin line.
To create a horizontal level, move the second handle to the left of the first handle.
You may also like: Limits Martin - excellent alternative for expert users on MetaTrader 4.
Source Code
#property version "1.0"
#property copyright "robotfx"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property strict
enum on_off_mode
{
on=0,
off=1,
};.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.