Details

Indicator

Name

Support and Resistance

General rules for Buy and Sell

1.There must be a minimum count, maximum count, and multiple counts.

A. Minimum count= This is the    minimum number of candles the robot should count to search for support and resistance levels

B. Maximum count= This is the maximum number of candles the robot should count to search for support and resistance levels.

C. Incremental multiple counts= This is the next incremental multiple of candles the robot should count if the previous count does not produce support and resistance

Example:

D. Minimum count=10

E. Maximum count=100

 F. Incremental multiple count=5

The robot will count 10 candles from the current candle backward, then use your support and resistance conditions to determine the required levels. If it does not, it will now increase the minimum count by 5 i.e. 10 + 5 = 15 candles, and test for support and resistance. If it fails, it increases from 15 to 20, then to 25,etc., until it reaches the maximum count. If it can get support and resistance, then it stops at the level, and start the process all over again, when new candles are formed. If it fails to get support and resistance at the maximum count, it implies there is no support and resistance

2. If the minimum count does not produce support and resistance, increase the candle count by the specified multiple, and apply the support and resistance line conditions, to the new candle count

3. The candle count must start from bar2

4. Trade these currency pairs: NAS100, US30, USDZAR, XAGUSD, XAUUSD, XPTUSD, USDJPY, USDCHF, USDCAD, EURUSD, GBPUSD,                                                             

Resistance Level conditions

a. Identify the candle with the highest high

b. Next, identify the higher high candle i.e the second immediate higher candle below the highest candle

c. Use the formula (Highest High + Higher High)/2 to determine the value where the resistance level will be drawn, then draw the resistance line

d. When drawing the resistance level, the line can cut the wick of a candle but cannot cut the body of a candle.

Support Level Condition

a. Identify the candle with the lowest low

b. Next, identify the lower low candle i.e the second immediate lower candle above the lowest candle.

c. Use the formula (Lowest Low + Lower Low)/2 to determine the value where the support level will be drawn, then draw the support line

d. When drawing the support level, the line can cut the wick of a candle but cannot cut the body of a candle

Sell Entry 

Open Sell Tradel if:

a. Bar1 Bearish Low < Support level

b. Bar0 Bearish Low < Bar1 Bearish Low

c. Bar2 bullish (High) > bar3 bullish (High) && if bearish (High) >  Bar0 bearish (High)

d.  Bar2 bullish (High) > Bar3 bullish (High) && Bar1 bearish (High) > Bar0 bearish (High)

Sell Filter

Open Sell Trade if:

a. Bar1 Bearish Low < Support level

b. Bar0 Bearish Low < Bar1 Bearish Low

c. Bar0 bearish Low < Bar1 bearish Low && D1 Timeframe Bar0 current trend bearish

d. Bar0 bearish Low < Bar1 bearish Low && D1 Timeframe Bar0 current trend bearish

Buy Entry

Open Buy Trade if:

a. Bar1 Bullish High > Resistance level

b. Bar0 Bullish High > Bar1 Bearish Low

c. Bar2 bearish (Low) < Bar3 bearish (Low) && if Bar1 bullish (Low) < Bar0 bullish (Low)

d. Bar2 bearish (Low) < Bar3 bearish (Low) && Bar1 bullish (Low) < Bar0 bullish (Low)

 Buy Filter:
Open Buy Trade if:

a. Bar1 Bullish High > Resistance level

b. Bar0 Bullish High > Bar1 Bearish Low

c. Bar0 bullish High > Bar1 bullish High && D1 Timeframe Bar0 current trend bullish

d.Bar0 bullish High > Bar1 bullish High && D1 Timeframe Bar0 current trend bullish

Others:

·        Show pop-up notification for the currency pair

Take-profit

Include trailing profit as take-profit

Stop-Loss

·        Include trailing stop

·        Include breakeven

·        Position Sizing