I need to work an EA to identify support and resistance levels and I'm confused how to define and find those levels. I have read so much topics that I need your opinion about what is the most accurate. I have read the several articles using:
- Fractals (http://www.metatrader5.com/en/terminal/help/indicators/bw_indicators/fractals and https://www.mql5.com/en/articles/1429 and https://www.mql5.com/en/articles/1435)
- High and Lows (https://www.mql5.com/en/code/11006 and http://www.metatrader5.com/en/terminal/help/objects/lines/hor_line);
- Daily Pivot Points (https://www.mql5.com/en/code/8685);
- Fibonacci Retracement ( http://www.metatrader5.com/en/terminal/help/objects/fibo/fibo_retracement)
I am making an EA using price action setup (pinbar only) with EMAs and now I would like to use S/R. My usual timeframe daily or H4, and my idea was to search for S/R on the W1 and D1 timeframe. I think this is swingtrading! :)
Any help or explanation about the best S/R method?