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Version: 3.0

Example G7: Buy stop and support and resistance for pending price

caution

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 utilizes chart analyzer support and resistance for pending order placement. The analyzer identifies key levels automatically, placing pending orders at these psychological price points. This aligns entries with levels where significant trading activity typically occurs.

Support and resistance levels often act as magnets for price, attracting order flow from many market participants. Placing pending orders at these levels increases fill probability while ensuring entry at significant price points. The 75-bar expiration prevents outdated levels from triggering trades.

Visual display of support and resistance helps traders understand the chart analyzer's decision process. This transparency builds confidence in automated level selection while educating traders about market structure.

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

Pending Order Settings

  • Mode = Stop
  • Price calculation method = Support/resistance from chart analyzer
  • Used chart analyzer = Chart Analyzer
  • Expiration = 75

Signal Generation - Indicators - STD

  • Signal in use = On
  • Signal used for = Forward
  • Selected indicator = STD
  • Draw in chart = Off
  • Forward adjustment = 3.50

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 2 cross value 1

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 = Indicator
  • Used indicator = STD

Initial Take Profit

  • Selection = Risk ratio
  • Risk ratio = 1.40

Screenshots​

Example G7: Buy stop and support/resistance for pending price.webp