Support and Resistance Trading Strategy
Info
The Support and Resistance Trading Strategy is a Expert Advisor for MetaTrader 5 that this trading strategy involves a market analysis to determine support and resistance levels, as well as the trend direction (bullish or bearish), before opening or closing any position. Support and resistance levels are calculated based on the last specified number of bars.
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 Trading Strategy
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 trading strategy involves a market analysis to determine support and resistance levels, as well as the trend direction (bullish or bearish), before opening or closing any position.
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: Advanced Prop-Firm Trade Panel with Support/Resistance Finder for MT5 - another powerful expert for MetaTrader 5 traders.
This trading strategy involves a market analysis to determine support and resistance levels, as well as the trend direction (bullish or bearish), before opening or closing any position.Also recommended: GDS Renko Zones EA: Automated Trading with Renko Support and Resistance - similar expert with strong performance on MetaTrader 5.
Support and resistance levels are calculated based on the last specified number of bars.
The trend is determined using the Moving Average indicator. The period for the Moving Average is set by the 'maPeriod' parameter. If the price is below the Moving Average, the trend is considered bearish. Otherwise, the trend is considered bullish.
If the trend is bullish, a position is opened when the price breaks through the resistance level.
If the trend is bearish, a position is opened when the price breaks through the support level.
Positions are closed using a stop-loss, which is set at the support level for a long position or the resistance level for a short position. It is also possible to close a position if the price breaks through the support level (for an open long position at breakeven) or the resistance level (for an open short position at breakeven).
The Expert Advisor employs a basic trailing stop mechanism with levels set at 10, 20, and 30 points.
You may also like: Support Vector Machine Learning Trader - excellent alternative for expert users on MetaTrader 5.
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.