Support and Resistance Levels Expert Advisor Setup - Support and Resistance Levels EA
Support & Resistance Levels Expert Advisor Setup - Setting Up Support and Resistance Levels Expert Advisor - A trader can come up with an Support and Resistance Levels Expert Advisor based on the Support and Resistance Levels indicator explained below.
Support & Resistance Levels Expert Advisor rules can be combined with other Forex indicators to come up with other EA Robots that trade using rules based on two or more indicators combined to form a system.
Support and Resistance Analysis & Support and Resistance Signals
Support & Resistance is one of the vastly used concepts in Forex. Most traders draw horizontal lines to show these levels.
There is also an indicator used to plot these levels automatically and indicate the resistance & support levels.
Support & Resistance Levels Expert Advisor Setup
In these levels price can either bounce off these levels or break these levels.
If a resistance level is broken price will move higher & the resistance level will turn to a support.
If a support level is broken price will move lower and this level will turn to a resistance.
Price where the majority of investors believe that the prices will move higher, while resistance levels indicate the price at which a majority of investors feel prices will move lower.
Once price has broken through a support or a resistance then it is likely that the price will continue moving in that particular direction until it gets to the next support or resistance area.
The more often a support or resistance level is tested or is touched by the price and bounces, the more major that particular level becomes.
FX Analysis and How to Generate Signals
These levels are calculated a trend lines method.
Upward Forex Trading Trend
In an upwards trend the resistance & support will generally head upward
Up-wards Trend - Support and Resistance Levels Expert Advisor Setup
Downward Trading Trend
In a downward trend the resistance and support will generally head downwards
Downwards Trading Trend - Forex Support and Resistance Levels Expert Advisor Setup
