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Support And Resistance EA V1.02.mq4 1
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Jorunn Collet
Dec 9, 2023, 8:41:24 PM12/9/23
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Support and Resistance EA v1.02.mq4 1: A Review
If you are looking for an expert advisor that can trade based on support and resistance levels, you might be interested in the Support and Resistance EA v1.02.mq4 1. This is a free expert advisor that you can download from the MTDownloads site and use with MetaTrader 4 platform. In this article, we will review the features, performance and limitations of this expert advisor.
What is Support and Resistance EA v1.02.mq4 1?
Support and Resistance EA v1.02.mq4 1 is an expert advisor that uses the Standard Deviation indicator, the Simple Moving Average (SMA) of the Low and High prices, the ADX and Bollinger Bands indicators to generate trade signals based on the breakthrough of support and resistance lines. The support and resistance lines are calculated using the ZigZag indicator function, which determines the length of the most recent ZigZag segment.
Support and Resistance EA v1.02.mq4 1
DOWNLOAD https://vbooc.com/2wJsty
The expert advisor can open two pending orders on the support and resistance lines, one for buy and one for sell. If one of the pending orders is executed, it creates a new support or resistance level and opens another pending order on it. The expert advisor can also close an open trade based on a trade signal reversal.
How to Use Support and Resistance EA v1.02.mq4 1?
To use Support and Resistance EA v1.02.mq4 1, you need to download it from the MTDownloads site and install it on your MetaTrader 4 platform. You can then attach it to any chart of your choice, preferably the H1 EURUSD chart, as this is the chart that was used for testing the expert advisor from Jan 2010 to June 2019.
You also need to make sure that you have the following indicators on your platform: Standard Deviation, SMA of Low and High prices, ADX and Bollinger Bands. These indicators are used by the expert advisor to generate trade signals and filter out false ones.
You can adjust some of the parameters of the expert advisor according to your preferences, such as the lot size, stop loss, take profit, trailing stop, etc. You can also enable or disable some of the features of the expert advisor, such as closing trades on signal reversal, using ADX filter, using Bollinger Bands filter, etc.
What are the Advantages and Disadvantages of Support and Resistance EA v1.02.mq4 1?
Support and Resistance EA v1.02.mq4 1 has some advantages and disadvantages that you should be aware of before using it. Here are some of them:
Advantages:
The expert advisor is free to download and use.
The expert advisor uses a simple but effective trading strategy based on support and resistance levels.
The expert advisor can trade multiple pairs and time frames.
The expert advisor can use additional indicators to filter out false signals.
The expert advisor can close trades based on signal reversal or trailing stop.
Disadvantages:
The expert advisor may not work well in sideways or choppy markets.
The expert advisor may not be compatible with some brokers or platforms.
The expert advisor may require constant monitoring and optimization.
The expert advisor may not be suitable for beginners or inexperienced traders.
Conclusion
Support and Resistance EA v1.02.mq4 1 is a free expert advisor that can trade based on support and resistance levels using various indicators. It has some advantages and disadvantages that you should consider before using it. You can download it from the MTDownloads site and test it on a demo account before using it on a live account.
How to Download Support and Resistance EA v1.02.mq4 1?
If you want to download Support and Resistance EA v1.02.mq4 1, you can visit the MTDownloads site and search for it in the experts section. You will find a link to download the expert advisor for free, along with a description, screenshots, ratings and comments from other users. You can also see the source code of the expert advisor and modify it if you want.
Alternatively, you can also download Support and Resistance EA v1.02.mq4 1 from the MQL5 Code Base, where it was originally published by Richard Poster in 2019. You will need to register an account on the MQL5 site and log in to access the code base. You can then download the expert advisor as a ZIP file and extract it to your MetaTrader 4 folder.
How to Test Support and Resistance EA v1.02.mq4 1?
Before using Support and Resistance EA v1.02.mq4 1 on a live account, you should test it on a demo account or a backtesting tool to see how it performs under different market conditions and settings. You can use the MetaTrader 4 Strategy Tester to backtest the expert advisor on historical data and optimize its parameters.
To use the Strategy Tester, you need to open the MetaTrader 4 platform and go to View > Strategy Tester. You can then select Support and Resistance EA v1.02.mq4 1 from the Expert Advisor drop-down menu, choose the symbol and timeframe you want to test, set the testing period and mode, and click Start. You will see the results of the backtest in the tabs below, such as Report, Graph, Journal, etc.
You can also use the Optimization feature of the Strategy Tester to find the best combination of parameters for the expert advisor. To do this, you need to check the Optimization box in the Settings tab and select the parameters you want to optimize, such as lot size, stop loss, take profit, etc. You can then choose the optimization method, such as Genetic Algorithm or Complete Algorithm, and click Start. You will see the optimization results in the Optimization Results tab, where you can sort them by profit, drawdown, profit factor, etc.
Conclusion
Support and Resistance EA v1.02.mq4 1 is a free expert advisor that can trade based on support and resistance levels using various indicators. It has some advantages and disadvantages that you should consider before using it. You can download it from the MTDownloads site or the MQL5 Code Base and test it on a demo account or a backtesting tool before using it on a live account.
What are the Alternatives to Support and Resistance EA v1.02.mq4 1?
If you are not satisfied with Support and Resistance EA v1.02.mq4 1 or you want to try other expert advisors that use similar trading strategies, you can look for some alternatives on the MTDownloads site or the MQL5 Code Base. Here are some examples of other expert advisors that trade based on support and resistance levels:
Support Resistance Trader: This is another expert advisor by Richard Poster that uses the same trading algorithm as Support and Resistance EA v1.02.mq4 1, but with some differences in the parameters and indicators. It uses the SMA of Close price instead of Low and High prices, and it does not use the ADX and Bollinger Bands filters. It also has a different lot size calculation and trailing stop method.
Support Resistance Breakout: This is an expert advisor by Ahmed Soliman that uses a different approach to trade based on support and resistance levels. It draws horizontal lines at the highest and lowest prices of a certain period, and then waits for a breakout of these lines to enter a trade. It uses a fixed stop loss and take profit, and it can trade multiple pairs simultaneously.
Support Resistance Zone: This is an expert advisor by Seyed Mohammad Ali Eslami that uses a more advanced method to identify support and resistance levels. It uses a custom indicator called SR Zone Indicator that draws colored zones on the chart based on the strength of the support and resistance levels. It then trades according to the color of the zone, using a dynamic stop loss and take profit.
What are the Tips for Using Support and Resistance EA v1.02.mq4 1?
If you decide to use Support and Resistance EA v1.02.mq4 1 on your live account, you should follow some tips to improve your trading results and avoid unnecessary losses. Here are some tips for using Support and Resistance EA v1.02.mq4 1:
Use a reliable broker: You should choose a broker that offers low spreads, fast execution, minimal slippage, and no requotes. This will ensure that your trades are executed at the best possible prices and avoid any delays or errors that could affect your performance.
Use a VPS: You should use a virtual private server (VPS) to run your expert advisor 24/7 without any interruptions or disruptions. This will ensure that your expert advisor can trade continuously and catch every trading opportunity.
Monitor your account: You should monitor your account regularly and check the performance of your expert advisor. You should also keep an eye on the market conditions and adjust your settings accordingly. You should also be prepared to intervene manually if necessary, such as closing trades or disabling the expert advisor in case of extreme volatility or unexpected events.
What are the Risks of Using Support and Resistance EA v1.02.mq4 1?
As with any expert advisor, using Support and Resistance EA v1.02.mq4 1 involves some risks that you should be aware of and manage properly. Here are some of the risks of using Support and Resistance EA v1.02.mq4 1:
Market risk: The expert advisor may not perform well in certain market conditions, such as sideways or choppy markets, where the support and resistance levels are not clear or reliable. The expert advisor may also suffer from large drawdowns or losses during periods of high volatility or unexpected events, such as news releases, economic data, political events, etc.
Technical risk: The expert advisor may not work properly due to technical issues, such as bugs, errors, glitches, or compatibility problems. The expert advisor may also be affected by external factors, such as broker issues, platform issues, internet issues, power issues, etc.
Human risk: The expert advisor may not be suitable for your trading style, risk appetite, or goals. The expert advisor may also require constant monitoring and optimization to keep up with the changing market conditions and parameters. You may also make mistakes or errors when using the expert advisor, such as setting the wrong parameters, using the wrong timeframe, overriding the signals, etc.
Conclusion
Support and Resistance EA v1.02.mq4 1 is a free expert advisor that can trade based on support and resistance levels using various indicators. It has some advantages and disadvantages that you should consider before using it. You can download it from the MTDownloads site or the MQL5 Code Base and test it on a demo account or a backtesting tool before using it on a live account. You should also follow some tips and manage some risks when using the expert advisor to improve your trading results and avoid unnecessary losses.
Support and Resistance EA v1.02.mq4 1 is a free expert advisor that can trade based on support and resistance levels using various indicators. It has some advantages and disadvantages that you should consider before using it. You can download it from the MTDownloads site or the MQL5 Code Base and test it on a demo account or a backtesting tool before using it on a live account. You should also follow some tips and manage some risks when using the expert advisor to improve your trading results and avoid unnecessary losses.
a8ba361960
If you are looking for an expert advisor that can trade based on support and resistance levels, you might be interested in the Support and Resistance EA v1.02.mq4 1. This is a free expert advisor that you can download from the MTDownloads site and use with MetaTrader 4 platform. In this article, we will review the features, performance and limitations of this expert advisor.
What is Support and Resistance EA v1.02.mq4 1?
Support and Resistance EA v1.02.mq4 1 is an expert advisor that uses the Standard Deviation indicator, the Simple Moving Average (SMA) of the Low and High prices, the ADX and Bollinger Bands indicators to generate trade signals based on the breakthrough of support and resistance lines. The support and resistance lines are calculated using the ZigZag indicator function, which determines the length of the most recent ZigZag segment.
Support and Resistance EA v1.02.mq4 1
DOWNLOAD https://vbooc.com/2wJsty
The expert advisor can open two pending orders on the support and resistance lines, one for buy and one for sell. If one of the pending orders is executed, it creates a new support or resistance level and opens another pending order on it. The expert advisor can also close an open trade based on a trade signal reversal.
How to Use Support and Resistance EA v1.02.mq4 1?
To use Support and Resistance EA v1.02.mq4 1, you need to download it from the MTDownloads site and install it on your MetaTrader 4 platform. You can then attach it to any chart of your choice, preferably the H1 EURUSD chart, as this is the chart that was used for testing the expert advisor from Jan 2010 to June 2019.
You also need to make sure that you have the following indicators on your platform: Standard Deviation, SMA of Low and High prices, ADX and Bollinger Bands. These indicators are used by the expert advisor to generate trade signals and filter out false ones.
You can adjust some of the parameters of the expert advisor according to your preferences, such as the lot size, stop loss, take profit, trailing stop, etc. You can also enable or disable some of the features of the expert advisor, such as closing trades on signal reversal, using ADX filter, using Bollinger Bands filter, etc.
What are the Advantages and Disadvantages of Support and Resistance EA v1.02.mq4 1?
Support and Resistance EA v1.02.mq4 1 has some advantages and disadvantages that you should be aware of before using it. Here are some of them:
Advantages:
The expert advisor is free to download and use.
The expert advisor uses a simple but effective trading strategy based on support and resistance levels.
The expert advisor can trade multiple pairs and time frames.
The expert advisor can use additional indicators to filter out false signals.
The expert advisor can close trades based on signal reversal or trailing stop.
Disadvantages:
The expert advisor may not work well in sideways or choppy markets.
The expert advisor may not be compatible with some brokers or platforms.
The expert advisor may require constant monitoring and optimization.
The expert advisor may not be suitable for beginners or inexperienced traders.
Conclusion
Support and Resistance EA v1.02.mq4 1 is a free expert advisor that can trade based on support and resistance levels using various indicators. It has some advantages and disadvantages that you should consider before using it. You can download it from the MTDownloads site and test it on a demo account before using it on a live account.
How to Download Support and Resistance EA v1.02.mq4 1?
If you want to download Support and Resistance EA v1.02.mq4 1, you can visit the MTDownloads site and search for it in the experts section. You will find a link to download the expert advisor for free, along with a description, screenshots, ratings and comments from other users. You can also see the source code of the expert advisor and modify it if you want.
Alternatively, you can also download Support and Resistance EA v1.02.mq4 1 from the MQL5 Code Base, where it was originally published by Richard Poster in 2019. You will need to register an account on the MQL5 site and log in to access the code base. You can then download the expert advisor as a ZIP file and extract it to your MetaTrader 4 folder.
How to Test Support and Resistance EA v1.02.mq4 1?
Before using Support and Resistance EA v1.02.mq4 1 on a live account, you should test it on a demo account or a backtesting tool to see how it performs under different market conditions and settings. You can use the MetaTrader 4 Strategy Tester to backtest the expert advisor on historical data and optimize its parameters.
To use the Strategy Tester, you need to open the MetaTrader 4 platform and go to View > Strategy Tester. You can then select Support and Resistance EA v1.02.mq4 1 from the Expert Advisor drop-down menu, choose the symbol and timeframe you want to test, set the testing period and mode, and click Start. You will see the results of the backtest in the tabs below, such as Report, Graph, Journal, etc.
You can also use the Optimization feature of the Strategy Tester to find the best combination of parameters for the expert advisor. To do this, you need to check the Optimization box in the Settings tab and select the parameters you want to optimize, such as lot size, stop loss, take profit, etc. You can then choose the optimization method, such as Genetic Algorithm or Complete Algorithm, and click Start. You will see the optimization results in the Optimization Results tab, where you can sort them by profit, drawdown, profit factor, etc.
Conclusion
Support and Resistance EA v1.02.mq4 1 is a free expert advisor that can trade based on support and resistance levels using various indicators. It has some advantages and disadvantages that you should consider before using it. You can download it from the MTDownloads site or the MQL5 Code Base and test it on a demo account or a backtesting tool before using it on a live account.
What are the Alternatives to Support and Resistance EA v1.02.mq4 1?
If you are not satisfied with Support and Resistance EA v1.02.mq4 1 or you want to try other expert advisors that use similar trading strategies, you can look for some alternatives on the MTDownloads site or the MQL5 Code Base. Here are some examples of other expert advisors that trade based on support and resistance levels:
Support Resistance Trader: This is another expert advisor by Richard Poster that uses the same trading algorithm as Support and Resistance EA v1.02.mq4 1, but with some differences in the parameters and indicators. It uses the SMA of Close price instead of Low and High prices, and it does not use the ADX and Bollinger Bands filters. It also has a different lot size calculation and trailing stop method.
Support Resistance Breakout: This is an expert advisor by Ahmed Soliman that uses a different approach to trade based on support and resistance levels. It draws horizontal lines at the highest and lowest prices of a certain period, and then waits for a breakout of these lines to enter a trade. It uses a fixed stop loss and take profit, and it can trade multiple pairs simultaneously.
Support Resistance Zone: This is an expert advisor by Seyed Mohammad Ali Eslami that uses a more advanced method to identify support and resistance levels. It uses a custom indicator called SR Zone Indicator that draws colored zones on the chart based on the strength of the support and resistance levels. It then trades according to the color of the zone, using a dynamic stop loss and take profit.
What are the Tips for Using Support and Resistance EA v1.02.mq4 1?
If you decide to use Support and Resistance EA v1.02.mq4 1 on your live account, you should follow some tips to improve your trading results and avoid unnecessary losses. Here are some tips for using Support and Resistance EA v1.02.mq4 1:
Use a reliable broker: You should choose a broker that offers low spreads, fast execution, minimal slippage, and no requotes. This will ensure that your trades are executed at the best possible prices and avoid any delays or errors that could affect your performance.
Use a VPS: You should use a virtual private server (VPS) to run your expert advisor 24/7 without any interruptions or disruptions. This will ensure that your expert advisor can trade continuously and catch every trading opportunity.
Monitor your account: You should monitor your account regularly and check the performance of your expert advisor. You should also keep an eye on the market conditions and adjust your settings accordingly. You should also be prepared to intervene manually if necessary, such as closing trades or disabling the expert advisor in case of extreme volatility or unexpected events.
What are the Risks of Using Support and Resistance EA v1.02.mq4 1?
As with any expert advisor, using Support and Resistance EA v1.02.mq4 1 involves some risks that you should be aware of and manage properly. Here are some of the risks of using Support and Resistance EA v1.02.mq4 1:
Market risk: The expert advisor may not perform well in certain market conditions, such as sideways or choppy markets, where the support and resistance levels are not clear or reliable. The expert advisor may also suffer from large drawdowns or losses during periods of high volatility or unexpected events, such as news releases, economic data, political events, etc.
Technical risk: The expert advisor may not work properly due to technical issues, such as bugs, errors, glitches, or compatibility problems. The expert advisor may also be affected by external factors, such as broker issues, platform issues, internet issues, power issues, etc.
Human risk: The expert advisor may not be suitable for your trading style, risk appetite, or goals. The expert advisor may also require constant monitoring and optimization to keep up with the changing market conditions and parameters. You may also make mistakes or errors when using the expert advisor, such as setting the wrong parameters, using the wrong timeframe, overriding the signals, etc.
Conclusion
Support and Resistance EA v1.02.mq4 1 is a free expert advisor that can trade based on support and resistance levels using various indicators. It has some advantages and disadvantages that you should consider before using it. You can download it from the MTDownloads site or the MQL5 Code Base and test it on a demo account or a backtesting tool before using it on a live account. You should also follow some tips and manage some risks when using the expert advisor to improve your trading results and avoid unnecessary losses.
Support and Resistance EA v1.02.mq4 1 is a free expert advisor that can trade based on support and resistance levels using various indicators. It has some advantages and disadvantages that you should consider before using it. You can download it from the MTDownloads site or the MQL5 Code Base and test it on a demo account or a backtesting tool before using it on a live account. You should also follow some tips and manage some risks when using the expert advisor to improve your trading results and avoid unnecessary losses.
a8ba361960
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