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Experts

SupportResistTrade - expert for MetaTrader 5

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Published by:
Vladimir Karputov
Views:
1977
Rating:
votes: 22
Published:
2017.03.22 16:00

Author of the idea — Oleksandrauthor of the MQL5 code — barabashkakvn

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.

Translated from Russian by MetaQuotes Software Corp.
Original code: https://www.mql5.com/ru/code/17568

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