► Overview:
The Support & Resistance Strategy is designed to identify critical support and resistance levels and execute trades when the price crosses these levels. Utilizing a combination of a moving average, ATR indicator, and the highest and lowest prices, this strategy aims to accurately pinpoint entry and exit points for trades based on market movements.
► Description:
This strategy identifies support and resistance levels using a combination of the ATR (Average True Range) and a moving average. The process begins by calculating the distance between the current market price and the moving average, providing an initial estimate for the support and resistance levels. The ATR is then employed to gauge the width of these levels, ensuring they adapt to market volatility.
To validate these levels, the strategy monitors how frequently a candle’s high or low touches the estimated support or resistance. A higher frequency of touches indicates a stronger and more reliable level. Once these levels are established, the strategy waits for a decisive market move.
The entry signals are straightforward: if a candle closes above the resistance level, it triggers a long entry, suggesting the market is poised to move higher. Conversely, if a candle closes below the support level, it triggers a short entry, indicating a potential downward move. This approach ensures that trades are only executed when there is a clear breakout, reducing the likelihood of false signals.
Risk management is a crucial component of the strategy. It offers multiple stop-loss options to protect against adverse market movements. Traders can set stop-loss levels using fixed pips, ATR-based calculations, or the highest/lowest price of a specified number of previous candles. Additionally, the strategy can close trades if a candle moves significantly against the trade direction, providing an extra layer of protection.
The strategy also includes up to three take-profit levels, allowing traders to secure profits at different stages. These levels can be based on fixed pips, ATR, or predefined risk-to-reward ratios. The trailing stop feature dynamically adjusts the stop loss as the trade moves into profit, locking in gains while allowing for potential further upside. Moreover, a break-even feature moves the stop loss to the entry price once a certain profit level is reached, safeguarding against losses.
Finally, the strategy can close trades if the price crosses the opposite support/resistance level, ensuring that trades are exited in a timely manner based on market conditions. This comprehensive approach to entry, exit, and risk management makes the Support & Resistance Strategy a robust tool for navigating the financial markets.
↑ Long Entry Example:

↓ Short Entry Example:

► Features & Settings:
⚙︎ Levels: Configure the length, width, and ATR period for support and resistance levels.
⚙︎ Moving Average: Use an Exponential Moving Average (EMA) to confirm trend direction. This can be enabled or disabled.
⚙︎ Entry Candle: Define the minimum and maximum body size and the body-to-candle size ratio for entry candles.
⚙︎ Trading Session: Specify the trading hours during which the strategy operates.
⚙︎ Trading Days: Select which days of the week the strategy is active.
⚙︎ Backtesting: Set a backtesting period with start and end dates. This feature can be deactivated.
⚙︎ Trades: Customize trade direction (long, short, or both), position sizing (fixed or percentage-based), maximum open trades, and daily trade limits.
⚙︎ Trades Exit: Choose from various exit methods, including profit/loss limits, trade duration, or crossing the opposite support/resistance level.
⚙︎ Stop Loss: Set stop-loss levels using fixed pips, ATR-based calculations, or the highest/lowest price within a specified number of previous candles.
⚙︎ Break Even: Adjust the stop loss to break-even once certain profit conditions are met.
⚙︎ Trailing Stop: Automatically adjust the stop loss as the trade moves into profit.
⚙︎ Take Profit: Define up to three take-profit levels using fixed pips, ATR, or risk-to-reward ratios based on the stop loss.
⚙︎ Alerts: Receive alerts for significant actions such as trade openings and closings, with support for dynamic values.
⚙︎ Dashboard: A visual display on the chart providing detailed information about ongoing and past trades.