Simple Levels
Info
The Simple Levels is a Expert Advisor for MetaTrader 4 that this expert advisor (ea) facilitates trading based on support and resistance levels, utilizing trendlines from the toolbar for precise entry and exit points. Two distinct trading strategies are offered:1.
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 Simple Levels
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) facilitates trading based on support and resistance levels, utilizing trendlines from the toolbar for precise entry and exit points.
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 trailing position management library - another powerful expert for MetaTrader 4 traders.
This Expert Advisor (EA) facilitates trading based on support and resistance levels, utilizing trendlines from the toolbar for precise entry and exit points.Also recommended: simple trailing stop - similar expert with strong performance on MetaTrader 4.
Two distinct trading strategies are offered:
1. Trading the Move from Levels: The EA opens trades when the price crosses the predefined levels, with the direction determined by the arrows. If the open price is below the level, a sell position is initiated when the price crosses the level, and a buy position is opened for the opposite condition.
2. Trading the Crossing of Levels: In this strategy, the EA opens trades when the price crosses the levels, but the direction is opposite to the previous strategy. If the open price is below the level, a buy position is triggered when the price crosses the level, and a sell position is opened for the opposite scenario.
Levels are color-coded based on their angle, providing a visual indication of their significance. Levels without appropriate arrows are inactive and appear thin. To create horizontal levels, simply adjust the second handle to the left of the first.
This EA empowers traders to capitalize on price movements around critical support and resistance levels, offering a versatile and visually intuitive trading experience.
You may also like: simple pivot expert advisor - excellent alternative for expert users on MetaTrader 4.
Source Code
#property version "1.1"
#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 strict
extern int
sl=300, //stop loss (in pips)
tp=900, //take profit (in pips)
slip=30, //slippage (in pips)
magic=120; //magic number
extern double.......
⚠ 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.