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support and resistance trader
Info
The support and resistance trader is a Expert Advisor for MetaTrader 5 that the expert advisor scans past 500 closing bars and looks for common closing regions as entries. it then uses a simple cross of three moving averages of varied length as a signal for trend development.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use support and 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 expert advisor scans past 500 closing bars and looks for common closing regions as entries.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: Support Vector Machine Learning Trader - another powerful expert for MetaTrader 5 traders.
the expert advisor scans past 500 closing bars and looks for common closing regions as entries. it then uses a simple cross of three moving averages of varied length as a signal for trend development. once it views a trend developing based on the direction it will search for the closest resistance line and buy or sell when they get as close as 0.005. the strength of the resistance is defined by input: resistance=. this refers to the minimum number of times a bar has closed at the same price level over the past 500 bars. i found the optimal number for eurusd is 15. this expert advisor has been trained for eurusd, some of the features would need changing considerably to be trained for other pairs.
Also recommended: schnick [Support Vector Machine Learning Tool Tester] - similar expert with strong performance on MetaTrader 5.
You may also like: bollinger bands as support & resistance - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#include <math\stat\normal.mqh>
#include <trade\positioninfo.mqh>
#include <trade\trade.mqh>
#include <expert\expert.mqh>
cpositioninfo m_position; // trade position object
ctrade m_trade; // trading object
csymbolinfo m_symbol;.......
⚠ 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.