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support resist trade
Info
The support resist trade is a Expert Advisor for MetaTrader 5 that before opening\closing a position, a simple market analysis is performed, which determines the support\resistance levels, as well as the trend direction — bullish or bearish. support and resistance levels are calculated using the last numbarsbars.
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 resist trade
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
before opening\closing a position, a simple market analysis is performed, which determines the support\resistance levels, as well as the trend direction — bullish or bearish.
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.
before opening\closing a position, a simple market analysis is performed, which determines the support\resistance levels, as well as the trend direction — bullish or bearish.
Also recommended: schnick [Support Vector Machine Learning Tool Tester] - similar expert with strong performance on MetaTrader 5.
support and resistance levels are calculated using the lastnumbars
bars.
trend is determined using the moving average indicator (its period is specified in the
maperiod
parameter): if the price is below the ma, there is bearish trend, otherwise it is bullish.
if the trend is defined as bullish, a position is opened at a breakout of the resistance level.
if the trend is bearish, a position is opened at a breakout of the support level.
the position is closed by stoploss, which is set at the support (for a long position) or resistance (for a short position) level. it is also possible to close a position at the breakout of the support (if a long position is open and it is in breakeven) or resistance (if a short position is open and it is in breakeven) level. the expert advisor uses a primitive trailingstop with the levels at 10, 20, 30 points.
You may also like: bollinger bands as support & resistance - 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.