Hey there, fellow traders! If you're looking to up your game with the Support Resistance Trader algorithm on MetaTrader 4, you’ve come to the right place!
This trading strategy relies on a couple of key components: you’ll need the Standard Deviation indicator, which is your go-to tool for measuring market volatility. The algorithm kicks into gear when the SMA (Simple Moving Average) of the Low price breaks through the Support line for Sell trades, or when it breaks the Resistance line for Buy trades.
To refine your entries, the algorithm also incorporates the ADX (Average Directional Index) and Bollinger Bands as additional trade filters. Keep in mind, when the market signals a reversal, it’s crucial to know when to close your open trades. That’s where the ZigZag indicator comes into play, helping you measure the length of the most recent ZigZag segment and supporting the calculation of your Support and Resistance levels.
This Expert Advisor is tailored for the H1 EUR/USD chart and has been tested thoroughly from January 2010 through June 2019, so you can trust its reliability.
- Utilizes Standard Deviation for volatility assessment
- Integrates ADX and Bollinger Bands for trade filtering
- Employs ZigZag for optimal Support and Resistance calculation
- Tested on H1 EUR/USD from 2010 to 2019
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