Hey fellow traders! If you’re looking to sharpen your trading game, let’s dive into how the Support and Resistance Expert Advisor (EA) can give you an edge on MetaTrader 5.
This EA is designed to analyze the last 500 closing bars, pinpointing key closing zones to serve as potential entry points. It uses a straightforward approach, employing a crossover of three moving averages with varying lengths to signal when a trend is developing.
Once it detects a trending market, the EA searches for the nearest resistance line, ready to either buy or sell when prices approach within 0.005 of that line. The strength of this resistance is defined by an input parameter: resistance=, which indicates the minimum number of times a price level has been closed over those 500 bars. For the EUR/USD pair, I found that a value of 15 works optimally.
While this EA has been specifically tailored for EUR/USD trading, keep in mind that tweaking some features will be necessary if you plan to use it for other currency pairs.
- Analyze past 500 closing bars for better entry points.
- Utilize three moving averages for trend confirmation.
- Set resistance levels based on historical closing data.
- Customize the EA for different currency pairs as needed.
Comments 0