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support resistance trader
Info
The support resistance trader is a Expert Advisor for MetaTrader 4 that the trading algorithm for the support resistance trader requires: (1) a minimum of the standard deviation indicator; (2) a breakthrough of the support (for sell) or resistance (for buy) lines by the sma of the low (for sell) or high (for buy) price. the adx and bollinger bands indicator values are also used as additional trade entry filters.
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 support resistance trader
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
the trading algorithm for the support resistance trader requires: (1) a minimum of the standard deviation indicator; (2) a breakthrough of the support (for sell) or resistance (for buy) lines by the sma of the low (for sell) or high (for buy) price.
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: Breakout Strategy EA with Money Management and Multi-Currency Support - another powerful expert for MetaTrader 4 traders.
Also recommended: Unseasonalised Average Trading Range and Forecast for Monthly Charts - similar expert with strong performance on MetaTrader 4.
the trading algorithm for the support resistance trader requires: (1) a minimum of the standard deviation indicator; (2) a breakthrough of the support (for sell) or resistance (for buy) lines by the sma of the low (for sell) or high (for buy) price .the adx and bollinger bands indicator values are also used as additional trade entry filters. an open trade can be closed based on a trade signal reversal. the zigzag indicator inline function is used for determining the length of the most recent zigzag segment. this is used in support of computing the support and resistance values for beginning of the segment. this ea uses the h1 eurusd chart and is tested from jan 2010 thru june 2019.
You may also like: buy trend ea - excellent alternative for expert users on MetaTrader 4.
Source Code
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⚠ 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.