Number of messages : 67 Points : 3257 Date of Entry : 2015-05-08 Year : 43
VTL Support Resistance breakout EA open trade when a Support or Resistance level is broken. Enter the support and resistance level into the EA and open position when that level is broken. It can manage the risk through stop loss, take profit and trailing stop loss etc. When the EA is attached to the chart, it will draw the support and resistance levels in the chart. The green line is the support level and the red line is the resistance level. Breakouts are based on the bid price because this is the price usually displayed in the chart.
The EA has a built-in feature to limit trading time. This makes the EA able to auto trade only during London Session, US Session open etc. It helps in avoiding times when there is usually rangebound trading like the Asian session. Another key feature is the breakout level filter. Sometimes price just touches the support or resistance level and then reverse. To avoid such situations, the filter parameters add some pips to these levels. This makes the EA open a trade when the price is clearly trading above/below the levels.