SupportResistTrade - MetaTrader 5 Expert - MT4/MT5 Resources
The author of the idea — Oleksandr , the author of the MQL5 code — Barabashkakon .
Before opening/closing a position, a simple market analysis is required to determine support/resistance levels and the direction of the trend (bullish or bearish).
Support and resistance levels are calculated using the last number bar bars.
The trend is determined using the Moving Average indicator (whose period is within the Horse Cycle parameter): if the price is below the MA, it is a bearish trend, otherwise it is a bullish trend.
If the trend is defined as bullish, then a position is opened on a breakout of the resistance level.
If the trend is bearish, open a position on a break of support.
Positions are closed with a stop loss, which is set at support (for long positions) or resistance (for short positions). Positions can also be closed on a break of support (if a long position is opened and the breakeven point is reached) or resistance (if a short position is opened and the breakeven point is reached). The Expert Advisor uses original TrailingStop with levels of 10, 20, 30 points.
Attachment download
📎 supportresistrade.mq5 (38.45 KB)
Source: MQL5 #17568
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