Support Resist Trade
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup 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.
Description & Settings
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
numBars
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.
