MQL5 PROJECTS: Code A Support & Resistance BreakOut Strategy
MQL5 PROJECTS: Code A Support & Resistance BreakOut Strategy
A comprehensive guide to developing a complex algorithmic trading system that implements support and resistance in MQL5
Preview this Course
One of the most fundamental concepts that traders use to analyze and predict market movements is support and resistance. These levels represent critical price points where the market has historically shown a tendency to reverse direction. By understanding support and resistance principles, what causes these levels to form, and why they remain reliable over time, traders can develop more informed strategies and improve their chances of success in the currency markets.
Support and resistance are price levels on a chart where the price of a currency pair repeatedly struggles to move beyond. These levels are formed by the interactions between buyers and sellers in the market and are crucial to understanding market behavior.
Support levels are price zones at which there is a lot of buying pressure which is strong enough to prevent prices from falling further. At these levels a currency pair consistently bounces higher at these zones making it appear as a price floor. When prices approach a support zone, traders believe the currency is undervalued, which leads them to buy, pushing the price upwards.
Resistance levels are the opposite of support levels. They represents a price zones where selling pressure is strong enough to stop prices from rising further. It acts as a "ceiling" where the currency pair faces significant pressure from sellers, who view the price as overvalued and decide to sell. When the price nears resistance, traders are more likely to sell, pushing the price lower.
In this course, our aim is to build a support and resistance indicator and expert advisor in mql5. We shall start by creating a support and resistance indicator, ensuring that you learn how to identify key market decision levels using programming tools. I shall guide you step by step in the logic of the code ensuring that you’re able to follow through and understand the full logic of the code. We shall then use our mql5 indicator to develop our breakout trading strategy as an mql5 expert advisor coded using the mql5 algorithmic trading language. We shall employ trade management concepts that reduce balance drawdown at the expense of equity drawdown which is easier to recover using multi level entries at different support and resistance zones. Martingale will not be used in this EA which often leads to an exponential increase in the lot sizes used in the cost averaging trades, instead we shall use a linear system to increase our lot sizes to ensure that we have quicker exits in our cost averaging.
For those that are still finding their way with MQL5, as long as you understand the basics of MQL5, this course is for you. I will patiently guide you through every step of the strategy development process and walk you through every line of code we shall craft. Hopefully, by the end of the course, you will have gained the necessary skills to code similar models and trading strategies and be able to appreciate how support and resistance concepts can be an asset in developing your own trading ideas based on the ideas that shared in this course.
So hit hard on that enroll button now and join me in this incredible journey of coding a support and resistance trading strategy using the mql5 algorithmic trading language.