Example D5: Support and resistance for initial stop loss, stop loss trailing, initial take profit and dynamic take profit
This is not a ready-to-use trading strategy. A trading strategy requires adjustment to the timeframe and symbol, along with thorough backtesting. The example is intended as a foundation for your own custom strategy and to help you get familiar with the Expert Advisor Builder web application. To import and use an example, please follow the instructions provided here.
Description
This example extends support and resistance usage to include dynamic adjustments throughout trade duration. Both stop loss and take profit levels continuously update as new support and resistance levels form. This creates an intelligent system that adapts to evolving market structure.
The chart analyzer continuously scans for new levels, switching to closer support or resistance as they develop. This allows trades to tighten stops as price moves favorably while extending targets when resistance breaks. The visual display shows all detected levels, providing transparency in decision-making.
This sophisticated approach mimics how professional traders manually adjust levels based on market structure. Automation ensures consistent application without emotional interference, maintaining disciplined trade management even during stressful market conditions.
Recreate the Example
You can either import this example directly or set it up manually. To manually replicate the trading module, make sure a newly added module includes the following key settings and that the professional mode is activated:
Trade Basics
- Operation type = Long
Signal Generation - Indicators (MACD Main line)
- Signal in use = On
- Signal used for = Entry
- Selected indicator = MACD
- Line index = Main line
- Draw in chart = On
- Drawing slot = 1
Signal Generation - Indicators (MACD Signal line)
- Signal in use = On
- Signal used for = Entry
- Selected indicator = MACD
- Line index = Signal line
- Draw in chart = On
- Drawing slot = 2
Signal Generation - Indicator Combinations (MACD Main line & MACD Signal line)
- Signal in use = On
- Signal used for = Entry
- Input indicator 1 = MACD (Main line)
- Input indicator 2 = MACD (Signal line)
- Value relation = Value x cross value x
Signal Generation - Chart Analyzer
- Signal in use = On
- Signal used for = Forward
- Draw boundaries = Off
- Draw extrema = Off
- Draw supports and resistances = On
- Draw swing phase = Off
- Supports and resistances forward = ALL
- Support multiplier = 1.00
- Resistance multiplier = 1.00
Initial Stop Loss
- Selection = Support/resistance from chart analyzer
- Used chart analyzer = Chart Analyzer
- Minimum value in fix pips = Off
- Minimum value in rate of change = 0.00250000
- Maximum value in fix pips = Off
- Maximum value in rate of change = Off
Stop Loss Trailing - Support/resistance from chart analyzer
- Activation position = 0
- Type = Support/resistance from chart analyzer
- Used chart analyzer = Chart Analyzer
- Support/resistance fix pips minimum = Off
- Support/resistance rate of change minimum = Off
- Support/resistance fix pips maximum = Off
- Support/resistance rate of change maximum = Off
Initial Take Profit
- Selection = Support/resistance from chart analyzer
- Used chart analyzer = Chart Analyzer
- Minimum value in fix pips = Off
- Minimum value in rate of change = 0.00300000
- Maximum value in fix pips = Off
- Maximum value in rate of change = Off
Dynamic Take Profit - Support/resistance from chart analyzer
- Activation position = 0
- Type = Support/resistance from chart analyzer
- Used chart analyzer = Chart Analyzer
- Support/resistance fix pips minimum = Off
- Support/resistance rate of change minimum = Off
- Support/resistance fix pips maximum = Off
- Support/resistance rate of change maximum = Off
Screenshots
