Alpha Price Trap Support Resistance EA
- Experts
- Andreas Smigadis
- Version: 1.0
- Activations: 6
Overview
Alpha Price Trap Support Resistance EA is an automated Expert Advisor for MetaTrader 4.
It is designed around a break-and-retest approach on support and resistance zones.
The EA detects zones from price structure, waits for a confirmed break on candle close, then places a limit order in the retest area.
Risk controls include percentage-based sizing (if available), structural Stop Loss placement, and configurable filters (trend, time, spread, volatility).
It can be used on Forex symbols and XAUUSD, depending on what your broker offers.
What the EA Does
The EA identifies support/resistance zones using one of three detection modes: ZigZag swings, multi-touch levels, or a combined mode.
Zones can be drawn with a configurable buffer (fixed or ATR-based if available) to account for market noise.
A breakout is considered only after a candle closes beyond the zone.
After a breakout, the EA waits for a retest and places a Buy Limit or Sell Limit within the retest buffer.
Pending orders can be cancelled automatically if not triggered within a defined number of candles.
Trades use a Stop Loss near recent structure and a Take Profit based on a user-defined risk:reward ratio.
Key Features
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Break-and-retest entries using limit orders after confirmed candle-close breaks
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Zone detection modes: ZigZag, touch points, or combined
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Structural Stop Loss placement (recent swing HH/LL logic, as configured)
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Take Profit based on risk:reward, with optional trailing (if enabled)
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Filters: EMA trend, time/session, spread, and ATR-volatility (if enabled)
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Limits for max open trades and max pending orders
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Optional chart visuals for zones, orders, and management levels
Risk Management & Safety Notes
Trading involves risk, and losses are possible. This EA does not guarantee results and is not financial advice.
Support/resistance behavior can change quickly during high volatility, news events, or low liquidity.
Spread, slippage, gaps, and broker execution rules can affect fills and SL/TP outcomes.
Use conservative risk settings, especially when starting with a new symbol or broker.
Always test in Strategy Tester (historical simulation) and then on a demo account before any live use.
You are responsible for selecting risk percent, trade limits, and session filters that fit your account and tolerance.
Inputs
Zone Detection
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DetectionMode: ZigZag / TouchPoints / Both
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Lookback and minimum touches (for level strength)
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ZoneBuffer settings (fixed or ATR-based, if available)
Entries
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Break confirmation on candle close (as implemented)
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Retest entry buffer and pending order timeout (candles)
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Minimum distance rules between orders (if available)
Risk & Exits
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RiskPercent sizing (or FixedLot if available)
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StopLoss mode: structural highs/lows (or configured alternative)
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RiskReward ratio for Take Profit
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Optional trailing: activation and distance (as implemented)
Filters & Limits
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EMA trend filter (on/off, EMA period)
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Time/session filter (time reference as configured)
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Max spread filter
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ATR spike / volatility filter (if enabled)
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Max open trades and max pending orders
Setup
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Install the EA in MT4 (MQL4/Experts) and restart the terminal (or refresh Navigator).
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Open the chart of the symbol you want to trade and choose your timeframe.
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Attach the EA to the chart and enable AutoTrading.
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Select the zone detection mode and configure zone/entry parameters.
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Set RiskPercent (start conservatively), RiskReward, and trade limits (max trades/pending).
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Configure filters (EMA trend, time/session, spread, volatility) to match broker conditions.
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Check the Experts/Journal tabs and on-chart status for any configuration messages.
Recommended Evaluation
Run Strategy Tester as a historical simulation to confirm zone drawing, breakout validation, pending order placement, and timeout behavior.
Test using your broker’s symbol specifications (digits, spread behavior, stop levels, trading hours).
Forward-test on a demo account to observe real-time fills and retests during different sessions.
Change one group of settings at a time (zones, then entries, then risk/exits, then filters).
Evaluate across multiple market conditions (trending and ranging), not only a short date window.
Consider live use only after you understand typical exposure and behavior during fast moves.
Compatibility
Platform: MetaTrader 4 (MT4).
Symbols: Forex pairs and XAUUSD if provided by your broker (avoid high-spread exotics when starting).
Timeframes: configurable; commonly used from M15 to H4 depending on workflow.
Uses the built-in ZigZag indicator when ZigZag or combined detection is selected.
Time filters use the EA’s configured time reference; verify alignment with broker/server time.
FAQ
Q: Does the EA trade automatically?
A: Yes. It detects zones, waits for a confirmed break, and places limit orders on the retest based on your settings.
Q: Does it place trades during news?
A: There is no dedicated news feed described here. Consider using spread/volatility/time filters and pausing during major events if needed.
Q: Can I use it on Gold (XAUUSD)?
A: Yes, if your broker provides XAUUSD and the symbol meets your spread and execution requirements.
Q: Why was a pending order removed?
A: Orders may be cancelled when the timeout (candles) is reached or if filters/limits invalidate the setup.
Q: Does it use grid or martingale?
A: No grid-style averaging or martingale logic is used in this approach.
Q: Where can I get support?
A: Support is provided via MQL5 comments or MQL5 messages only.
Changelog
v1.00
Initial release: break-and-retest zone logic with structural SL, risk:reward TP, filters, and trade limits.
