Price Action with Support and Resistance Lines
The panel recognizes certain price action signals that occur around support and resistance lines.
This EA recognizes the following patterns:
- Pin Bar
- Two Bar Reversals
- Engulfing Bars
- Inside Bars
- Support_Resistance_Zone1-8. When a support or resistance area is found on a chart, draw horizontal or diagonal line and label it Z1. When a price action signal (e.g. pin bar) touches these lines, a notification is sent out. This EA supports up to 8 support/resistance lines (Z1 - Z8) to receive signals from.
- Pin_Doji. True if EA should detects pin bars and dojis, false if it should not.
- Body_to_Bar_Ratio. This is the percentage of the pin bar’s body to its entire bar, e.g. value = 50 means the EA detects pinbars’ whose body is 50% or less than the entire bar.
- Engulfing_Body. True if the EA should detect engulfing bars (body only), false if it should not.
- Engulfing_Body_and_Wick. True if EA should detect engulfing bars (body and wick), false if it should not.
- Two_Reversal_Bars. True if EA should detect two bar reversals, false if it should not.
- Two_Bar_Body_Ratio. This parameter compares the combined body of the two bars (bullish and bearish) to its combined entire bar (highest high to lowest low).
- Inside_Bars. True if EA should detect inside bars, false if it should not.
- Pip_Height. Set the minimum pip height for all signals, e.g. value = 20 means pinbars larger than 20 pips are detected only.
- Flexipips. This applies only to engulfing and inside bars. Setting a value to this (in pips) allows the EA to deviate from the strict rules definition of engulfing and inside bars. E.g. an engulfing bar set up may not be perfect as the outside bar does not completely engulf the inside bar. It may be short of a few pips, i.e. 2 pips. Set this value = 2 to allow EA to detect these imperfect signals. Value= 0 means strict rules apply.
- Moving_Average (2). Allow signals to be detected at another moving averages. True if EA should detect signals at a moving average, false if it should not.
- Moving average parameters. These are all the default setting found on the MT4 platform.
- Only_Between_Moving_Averages. True if signals detected should be between two MA’s, false if they should not.
- Action_Area. This allows the EA to detect signals touching and in an area around the support/resistance lines (Z1-Z8 and moving averages). E.g. value= 20 means signals wil be detected 20 pips above and below S/R lines.
- Timeframes. Set true for timeframes EA should detect signals on, false for those EA should ignore.
- Pop_Up-Alert. True for MT4 pop-up dialogue box, false if it should not.
- Email_Alert. True for email alerts, false if it should not.
- Push_Notification. True for push notifications, false if it should not.
- Sound_Alert. Turns on and off MT4 alert system for notifications.
- Broker5Digits, Magic. Preconfigured.