Discussing the article: "Introduction to MQL5 (Part 24): Building an EA that Trades with Chart Objects"

[MetaQuotes]

Check out the new article: Introduction to MQL5 (Part 24): Building an EA that Trades with Chart Objects.

This article teaches you how to create an Expert Advisor that detects support and resistance zones drawn on the chart and executes trades automatically based on them.

When the market starts producing lower highs and lower lows (bearish structure) instead of higher highs and higher lows (bullish structure), it is said to have undergone a bearish change of character. The EA will search for four significant price movements to identify this:

• A low,
• followed by a high,
• then a higher low,
• then a higher high,
• and finally, a break below the previous higher low.

The bullish structure has been broken, and a negative shift in character has taken place, as confirmed by that last break below the upper low. The EA places a sell order when this structure shift occurs inside or close to the resistance rectangle, indicating a high likelihood of a reversal.

Author: Israel Pelumi Abioye