Support And Resistance Reversal EA

Overview

Support & Resistance Reversal EA is a fully automated Expert Advisor designed to trade reversal strategies at key support and resistance levels. The EA intelligently identifies significant support and resistance zones based on historical price action. When the price enters these zones, the EA actively looks for reversal signals to execute Buy orders at support and Sell orders at resistance.

This EA is built with a flexible risk management system and a variety of market filters to enhance precision, allowing traders to fully customize the strategy to fit different market conditions and their personal trading styles.

Key Features

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  Support/Resistance Reversal Strategy: Automatically identifies S/R zones and executes trades when the price tests these levels.

• Advanced Risk Management:

  • Fixed Lot: Uses a constant lot size for all trades.

  • Fixed Amount: Risks a fixed monetary amount (e.g., USD, EUR) per trade.

  • Percent of Balance: Risks a specific percentage of the account balance per trade.

• Dynamic Stop Loss and Take Profit: SL/TP levels are calculated based on the Average True Range (ATR), adapting to the current market volatility.

• Multiple Filters for Signal Confirmation:

  • ADX Filter: Option to trade only in Trending or Ranging market conditions.

  • Multi-Timeframe MA Filter: Confirms trade direction with the trend from a higher timeframe.

  • Stochastic Filter: Filters signals using Overbought/Oversold conditions for higher-probability reversals.

• Comprehensive Order Management:

  • Break-Even: Automatically moves the stop loss to the entry price to protect capital once a trade reaches a specified profit level.

  • Trailing Stop: Secures profits by trailing the stop loss as the price moves in a favorable direction.

• Advanced Time Filters:

  • Set a specific date range for the EA to operate.

  • Select which days of the week to trade (e.g., disable trading on Mondays).

  • Define specific hours of the day to avoid trading (e.g., during news events or market closures).

• Pending Orders Support: Can be configured to place Buy Limit / Sell Limit orders instead of executing trades at the market price.

Input Parameters

• General Settings

  • Magic Number: A unique identifier to distinguish this EA's trades from others.

  • Order Comment: A custom comment for trades placed by the EA.

  • Slippage: The maximum allowed price deviation in points for order execution.

• Chart Objects

  • Draw trade info on chart?: Enables or disables the drawing of S/R zones and trade labels on the chart.

• Zone Reversal Strategy Settings

  • S/R Lookback Period: The number of past bars used to identify the highest high and lowest low for creating S/R zones.

  • Zone Width (ATR Multiplier): A multiplier for the ATR value to determine the width of the S/R zones.

  • S/R Timeframe: The timeframe used for calculating support and resistance levels.

• Risk & Trade Management

  • Risk Management Type: Choose your preferred method for lot size calculation (Fixed Lot, Fixed USD, Percent of Balance).

• Stop Loss & Take Profit Settings

  • Use SL/TP?: Enable or disable the use of Stop Loss and Take Profit.

  • SL Multiplier (x ATR): An ATR multiplier to set the Stop Loss distance.

  • TP Multiplier (x ATR): An ATR multiplier to set the Take Profit distance.

• Market Filters (ADX, MTF MA, Stochastic)

  • Configure the parameters for each indicator filter according to your strategy.

• Trade Direction

  • Allowed Trade Direction: Choose to trade Long Only, Short Only, or both.

• Pending Order Settings

  • Use Pending Orders?: Enable or disable the use of pending orders.

  • Pending Offset (x ATR): The distance from the zone's edge to place the pending order, based on ATR.

• Trailing Stop & Break-Even Settings

  • Set the trigger and lock-in distances for the Trailing Stop and Break-Even functions.

• Time Filters

  • Configure the specific dates, days, and hours for the EA's operational schedule.

Recommendations

• Pairs: This EA is well-suited for major pairs with clear price structure, such as XAUUSD, BTCUSD, EURUSD, GBPUSD, AUDUSD, and USDJPY.

• Timeframe: It is recommended to use the M15 M30 or H1 timeframe to identify significant S/R zones. Use the MTF filter on a higher timeframe like H4 or D1 to align trades with the larger trend.

• Backtesting: Before deploying on a live account, it is crucial to perform thorough backtesting and optimization to find the best settings for your chosen financial instrument and timeframe.

Disclaimer: Trading foreign exchange carries a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results. Please use this EA responsibly and with proper risk management.