My personal favorites are the 21 and 50 period EMA or exponential moving averages. I Markts to use them on the daily chart time frame mostly, but they can also be useful on the weekly charts. We can watch for price to test the moving average after breaking above or below it, and then look to enter at or near that moving average. Ideally, the market will have proven itself by testing the level and bouncing previously, then you can look to enter on that second retrace.
Here is an example of the 50 period EMA being used to identify a downtrend as well as find entry points within it. Ideally, we will look for a 1 hour, 4 hour or daily chart price action sell signal as price nears or hits that level on a retrace back up to it in a downtrend like this… The 21 period EMA can be used in a similar manner as we see below. So, in a less volatile market you may wish to use a shorter period ema like the 21 rather than a longer one like the This is partly a self-fulfilling event and partly just a result of normal market dynamics. The main idea is to first identify a trading range, which is basically just price bouncing between two parallel levels in the market, and then look for price action signals at those levels or look to fade the level on a blind entry.
By fade the level, I mean if the market is moving up and at the key resistance of the range, look trade the opposite way, i. Or, you look to buy the support of the range. You can literally do this until price clearly breaks and closes outside of the range. This is a MUCH better approach than the one most traders take in trading ranges — trying to predict the breakout before it happens and constantly getting whipsawed as price reverses back into the range. Note, in the example image below, we had a large trading range as price was clearly oscillating between resistance and support. We could have entered on the second test of resistance short or on the second test of support long either blindly or on a price action signal like the pin bar signals we see at the support below.
Event area support and resistance The final type of support or resistance we are going to discuss today is event areas. Event areas are key levels in the market where a major price action event occurred. This can be a big reversal or clear price action signal either of which led to a strong directional move. In the example chart below, you can see a clear event level that was formed after a strong bearish reversal bar on the weekly chart there was also a large daily chart bearish pin bar there.
As price approached that level on a retrace some months later, we would have wanted to be sure to have that level on our charts as it metatradeer a strong level to look to sell at either on a blind entry or on a 1 hour, 4 hour or daily thoen sell signal. Conclusion I hope you have enjoyed this support and resistance tutorial. We have gone over the major types of support and resistance and how I use them as indications of market condition trending or range boundlevels to look to buy or sell from, levels to define risk and as a framework to understand what the market has done, what it is doing and what it might do next.
When you combine a solid understanding of support and resistance levels with price action and market trends, you have the triumvirate of trading: S, which you can learn much more about in my Price Action Trading Course. Any questions or feedback? Contact me here. MQL5 Features for Algo Trading MQL5 is a trading strategies' programming language having plenty of trade functions for working with orders, positions and trade requests. Thus, making algo trading robots in MQL5 is the least labor-consuming task for a developer.
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MQL5 features allow you to make a trade request and send it to a server using OrderSend or OrderSendAsync functions, receive its processing result mettarader, view the trading history, examine contract specification for a symbol, handle a trade eventas metayrader as receive other necessary data. Besides, MQL5 can be Madkets for writing custom technical indicators and applying already implemented ones, drawing any marks and objects on a chart, developing custom user interface, etc. Implementation examples can be seen in multiple articles.
Trade Operations: Easy As ABC! There are several basic types of trade operations that can be necessary for your trading robot: All these operations are performed using OrderSend function. There is also an asynchronous version called OrderSendAsync. All variety of trade operations is described by MqlTradeRequest structure containing a trade request description. Therefore, only correct filling of MqlTradeRequest structure and handling request execution results can be challenging when dealing with trade operations.
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You may need to modify or delete a pending order. Modifying an open position is metatrrader quite an easy process, as it is performed using the same trade operations. If you think trade operations metartader be complex and intricate, it is about time that coom change your mind. We will show not only how to code buys and sells in MQL5 quickly and easily but also how to work with a trade account and symbols' properties. Trade classes will help us in this undertaking. Check Your Trading Account with CAccountInfo The first thing you need to know when launching your trading robot is what trading account will be used for its operation.
Since we are writing a training code, we will implement a check for the case when Expert Advisor has been launched on a real account. CAccountInfo class is used for working with an account.
We will add AccountInfo. Company ,": You can add this Markfts to your Expert Advisor to examine the logs meetatrader when analyzing its operation. Results of an Expert Advisor launched on the Automated Trading Championship account are shown below. Receiving Symbol Settings with CSymbolInfo We now have the data on the account but we also need to know the properties of the symbol we are going to trade before performing the necessary operations. CSymbolInfo class with great number of methods is designed for these purposes.
Discussion of article "Trade Operations in MQL5 - It's Easy"
We will show only a small part of the methods in the below example. Markete we are ready Mrkets perform trade operations. In fact, these are two implementations of one function. OrderSend sends a trade request and waits for its execution result, while asynchronous OrderSendAsync just sends metatfader request allowing the application to continue its operation without waiting for Marketd trading server's response. Thus, it is really easy to trade in MQL5, as you use only one function for all trade operations. So, what is the challenge? Both functions receive MqlTradeRequest structure containing more than a dozen of fields as the first parameter. Not all fields should be necessarily filled.
The set of necessary ones depends on a trade operation type. Incorrect value or blank field that is necessary to be filled will result in an error and the request will not be sent to a server. Such a large number of fields is necessary for describing lots of order properties in one trade request. The orders may change depending on execution policy, expiration time and some other parameters.
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But you do not have to learn all these subtleties. Logib use ready-made CTrade class. That is how the class can be used in your trading robot: In this case, CTrade asks only to specify a necessary trade operation volume. All other parameters open price and symbol name, Stop Loss and Take Profit levels, order comments are optional. Buy 0.
Code description: It is convenient for simple strategies. Metartader multicurrency strategies you should always explicitly specify the symbol, for which the trade operation will be performed. Therefore, they are not required. However, they can also be set before each trade operation if necessary.