Creating a Multi-Currency MT5 Expert Advisor based on a specific indicator

1. The idea of the trading system is as follows: market instant entries are performed when price action touches, is inside or breaks a support or resistance region on the chart.

2. Support & Resistance regions are determined based on the custom support & Resistance indicator with specified amount of tests for each the support and resistance region indicating the amount of time price action has attempted to break or has been rejected by the support or resistance region.

3. Trading Signals:

Buy signal:  Whenever price action touches or is inside the support region on the chart.
Sell signal: Whenever price action touches or is inside the resistance region on the chart.



4. Positions are closed & New Iterations are started at Breakout: Buy positions are closed at Breakouts of the support region, and a new iteration of a sell is entered. Sell positions are closed at Breakouts of the resistance region, and a new iteration of a buy is entered. This should continue for a specified number of iterations.The entry position of an earlier iteration becomes the exit of the new iteration following it.The entry position of the buy trades in a batch of  iterations is the exit position of the sell trades in that particular batch of  iterations and vice versa if the initial trade is not triggered inside the support/resistance region.

5.Martingale Lotsizing: The lotsize of every new iteration is a multiple of the lotsize of the iteration before it. The multiple is specified in the LotsMultiplier parameter

6. Positions are opened at the market price based on ticks.

7. Additional filters for opening a position:

The number of test is indicated by the color of the support/resistance region and will be used to filter out weak signals: the signal is only confirmed if the colors of the support/resistance region are as follows:

Confirmation of a buy signal: Color of support region rectangle is either green or limegreen
Confirmation of a sell signal: Color of support region rectangle is either crimson or red

8. Additional filters for Continuation of Iteration: Only continue iterations if no other trade is on its 3rd iteration.


9. Close by Take Profit —  during position opening, a Take Profit level is set at a fixed distance from the open price, specified by a risk to reward ratio. The value of the risk to reward ratio is set in the InpTakeProfit input parameter.

10. Position management

TrailngStop is used to protect profit. Stop Loss is set if profit in points exceeds the value specified in the InpTrailingStop parameter. If the price continues to move in the profit direction, Stop Loss should be trailed at the given distance. Stop Loss cannot be moved towards the loss direction, i.e. the Stop Loss value cannot be increased. If none of protective orders (Take Profit or Stop Loss) triggers, the position should be closed closed at Breakouts of the support/resistance region and a new iteration started. No other position exit methods are available.