gpfTCPivotStop - MetaTrader 5 Expert | MT5 EA Download - MetaTrader 5 Resources

This Expert Advisor was rewritten in MQL4 and was originally published here https://www.mql5.com/en/code/8165 by its author George of Don .

Pivot points and three support/resistance levels are calculated based on daily bars. A position is opened when the price hits the pivot point (closing the bar at the "closing" price). The Expert Advisor should be used on time frames smaller than D1.

Stop Loss and Take Profit are set at support/resistance levels. If Stop Loss and Take Profit are so close that a position cannot be opened, an attempt will be made to set Stop Loss at the second support/resistance level and Take Profit at the third resistance/support level.

When the first support/resistance level is reached (if the Take Profit position is further), the stop loss of the position will be moved to the position's opening price level plus the spread (this feature can be disabled).

The graph shows the performance of the Expert Advisor in the visual mode of the strategy tester.

Attachment download

📎 gpftcpivotstop.mq5 (19.98 KB)

Source: MQL5 #1053