I have developed an Expert Advisor to trade support & resistance.
You have to draw a trendline (or horizontal line) on the chart & then tell the EA how you want to trade it. The options are:
Limit order (if you expect support/resistance to hold)
Stop order (if you expect a break of support / resistance)
Pullback (if s/r breaks, waits for a pullback before entering)
Retest (waits for a break of s/r, then waits for a retest for confirmation that support is now resistance or vice versa)
Once in a trade, the EA can take partial profits and/or can trail a stop (traditional trailing stop, ATR based stop, or based on x bar high/low).
With so many options, the EA is fairly complex. As a result, I don't just want to put it up on the site & get loads of questions. What I would like to do is give it to a few experienced traders initially to see how it works in practice & get some feedback.
If you would like to try it, and you are an experienced user of expert advisors, please send me a PM.
You have to draw a trendline (or horizontal line) on the chart & then tell the EA how you want to trade it. The options are:
Limit order (if you expect support/resistance to hold)
Stop order (if you expect a break of support / resistance)
Pullback (if s/r breaks, waits for a pullback before entering)
Retest (waits for a break of s/r, then waits for a retest for confirmation that support is now resistance or vice versa)
Once in a trade, the EA can take partial profits and/or can trail a stop (traditional trailing stop, ATR based stop, or based on x bar high/low).
With so many options, the EA is fairly complex. As a result, I don't just want to put it up on the site & get loads of questions. What I would like to do is give it to a few experienced traders initially to see how it works in practice & get some feedback.
If you would like to try it, and you are an experienced user of expert advisors, please send me a PM.
