How It Works
Pivot point and three support/resistance levels are calculated based on daily bars. Position opens when the price hits the Pivot point (closed bars at the 'Close' price). The Expert Advisor shall be used on time frames smaller than D1.
Stop Loss and Take Profit are set at the support/resistance levels. If Stop Loss and Take Profit are so close that it is impossible to open a position, an attempt is made to open a position with a 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 is situated further), the Stop Loss of the position is moved to the opening price level of the position plus the spread (the function can be disabled).
The image shows the performance of the Expert Advisor in the strategy tester's visual mode.
Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/1053
The trading system operating based on the bounce off the support/resistance levels of the Pivot indicatorGMMA_Long_Gistogram
The GMMA Long indicator converted into a histogram for a better visualization.