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If all these conditions are met at the occurrence of Pattern 1, the following code will place a BUY market order.


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This order will have a 0. Alternatively, in order to place a SELL market order, the conditions will be changed to allow for a bearish pattern similar to Fig. Also, the OrderSend function parameters will differ accordingly. Similar code will be used to place market orders when instances of Pattern 2 and Pattern 3 occur. Lastly, Pattern 3 has the following conditions for both bullish and bearish setups, respectively:. Now it is time to combine the price action code with additional code that monitors support and resistance prices as your reference levels.

The EA will watch for the market to reach a certain price level. Once this level is reached, it will look for the types of price action represented by Patterns It can be all of those three patterns, bullish or bearish, or only one or a small number of them. The following code uses two more variables to check if the market has reached a certain price, in this case 1. The variable ref denotes a reference price level support, resistance, or midpoint that is being watched.

The other variable, refhit , describes the current market state as having hit the reference price level, or not having reached it yet. Refhit is an integer having a value of 0 or 1. The default value is 0, it indicates that the reference price level has not been hit. The conditions shown below the variables would, if met, register the market immediately hitting the reference level if and when that occurs. These two variables will now be added to the previously described price action code. Remember that the market is trading below 1.


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  4. The last two new conditions that were added require both candles of Pattern 3 to close above the ref variable of 1. For the last example, Fig. At the far right section of the image, you can see that the market is trading almost halfway between the two levels. A long entry will be watched for, near the support level of 1.

    Support and Resistance, Part I

    Because markets do not always reach the exact prices used for support or resistance, a nearby price will be used as a reference level. In this case it will be 1. Bullish setups utilizing Patterns 1 through 3 will be watched for. All of the code sections for the bullish patterns require that the market reaches down to 1. Also, the Take Profit levels were doubled from the previous examples. This caused refhit to change to a value of 1. Soon after reversing back upwards, a bullish Pattern 3 formed. This is where a market BUY order was placed and a position opened at 1.

    At the opening of Candle 3, the Bid was 1. Due to an allowed slippage of 5, the order was filled at 1. From that point, the market began a strong trend upwards as shown in Fig. The Stop Loss price was never hit and the position was closed at the Take Profit of 1. As can be seen by the examples included here, the use of price action in combination with the monitoring of support and resistance levels can be extremely effective in determining trade setups.

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    The MQL4 code that is included and explained is obviously partial and in and of itself does not constitute an EA. These code examples are to be used as building blocks for a complete Expert Advisor. The primary goal was to illustrate the concepts behind the trading methodology. Other price action patterns can be coded for both market entry and exit. Good luck in all your trading endeavors.


    1. Price Action Strategies.
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    4. It's like that or it's an error?? The article provides a review of an idea based on the analysis of prices' movement direction and their speed. We have performed its formalization in the MQL4 language presented as an expert advisor to explore viability of the strategy being under consideration. We also determine the best parameters via check, examination and optimization of an example given in the article.

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      Breaking through Dynamic Support and Resistance

      Table of Contents Introduction 1. Looking at Support and Resistance 2. Looking at Support and Resistance If you look at any price chart, for any market, having any timeframe, two facts will become apparent that are based on characteristics which consistently appear. Support, resistance, and midpoint The bottom purple line indicates support at 1.

      Support and Resistance price ranges Fig. Figures show a bull market and figures show a bear market. Wide bull market Fig. Narrow bull market Fig. Wide bear market Fig. Narrow bear market These reference price levels indicate areas to watch for specific types of price action. Identifying High-Probability Setups from Price Action There are a variety of double candlestick patterns that provide a high probability trade setup.

      Support and Resistance Basics

      Bullish Pattern 1 Fig. Bearish Pattern 1 Figure 7 shows a bullish pattern and Fig. Bullish Trend The second pattern, Pattern 2, consists of two candlesticks where the second candle has a body that is virtually the same length as the first candle's body. Bearish Pattern 2 Fig. Bullish Pattern 2 Fig. Bearish Trend The last pattern, Pattern 3, is more of a general pattern in that it consists of virtually any type of candlestick in the first position and a second candlestick that closes completely past the first.

      4 Wins And 1 Loss Using The Best Forex Strategy -- BackTesting -- Pure Analysis

      Bullish Pattern 3 Fig. Bearish Pattern 3 Fig. Bullish Trend When you look at a pair of 1-minute candlesticks that form one of these three patterns, you should consider one other factor in choosing whether or not to enter the market at that point in time. MQL4 Code for Price Action Setups Now that the methodology behind the trading system's entries has been covered, the code for its implementation will be explained.

      The following code block is an example of these variable definitions. EURUSD At the far right section of the image, you can see that the market is trading almost halfway between the two levels. Conclusion As can be seen by the examples included here, the use of price action in combination with the monitoring of support and resistance levels can be extremely effective in determining trade setups.

      Attached files Download ZIP. Warning: All rights to these materials are reserved by MetaQuotes Ltd. Copying or reprinting of these materials in whole or in part is prohibited. Last comments Go to discussion Oliver Jaschok : Hi,. No not manually. It's an EA ; The EA looks at H4 SandR and additionaly it looks that it is opening in direction of trend for long it compares the last 20 candles low with the last low. So its not opening against a bigger trend. Not all the time. Oliver Jaschok 15 Sep at And thank you author for sharing great informations. Diego Reynoso 24 Feb at Oliver Jaschok :.

      Ricardofs84 5 Apr at There are many ways to find support and resistance.

      8 Price Action Secrets Every Trader Should Know About

      But for the best results, you should concentrate on price action and volume. Hence, the five methods here are mainly derived from price action and volume. When you track market swings, you are following the turning points of price action. Each turning point is the result of the market being supported or resisted. Hence, observing market swings is fundamental to identifying support and resistance levels.

      The example below shows how swing pivots acted as support before flipping into a resistance level. Many novice traders had only a vague introduction to drawing swing highs and lows. As a result, they lack precise rules for marking out swing highs and lows. This subjectivity is a huge problem. On historical charts, you can mark out swings that perform well as support and resistance.

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      But you will find it tough to replicate the same results on a real-time chart. To ensure consistency, you must learn an objective method for marking market swings. One standard method for marking out swings is the percentage method. In my course , I cover another swing analysis method based on bar highs and lows. When the market congests within a price range, it means that the market is interested in that price range. And market interest is not quickly forgotten. Thus, past congestion areas become significant support and resistance.