TradeWise EA’s Game-Changing Feature: Auto Support and Resistance Zones – My Trading – 21 December 2023
TradeWise EA is a powerful tool designed to simplify Forex trading in MetaTrader. One of its standout features is the automatic identification of Support and Resistance (S/R) zones. This feature is particularly useful for traders as it provides valuable market insights and aids in making informed trading decisions.
Upcoming Version v3.56
New Features:
- Stealth Take Profit and Stop Loss: This feature allows traders to set a hidden Take Profit (TP) and Stop Loss (SL) level, which is not visible to the broker. This can be beneficial in preventing brokers from manipulating prices to hit your stop loss or take profit prematurely.
- Stealth Take Profit Trailing Upon Reaching the TP: Once the market price reaches the Take Profit level, this feature will start a trailing stop the profit starting from that point by 60%. It allows the trade to stay open and locked the predetermined profit and continue the trade to profit as long as the price is moving in a favorable direction.
- Risk Management Based on Percentage or Dollar Value: Risk management is crucial in trading. This feature allows traders to specify their risk per trade either as a percentage of their account balance or a fixed dollar amount. This ensures that traders do not risk more than they are willing to lose on a single trade.
- Max Lot Calculation based on Risk Management: This feature automatically calculates the maximum lot size for each trade based on the predefined risk parameters. It helps traders to maintain their risk exposure within acceptable levels.
- Auto Close All Open Position at BreakEven Price If the “B” button is active: When the “B” button is active, this feature will automatically close all open positions once the market price reaches the breakeven point. It helps to secure your position and prevent losses when the market price changes unexpectedly.
- Added Lock in Profits for Auto BreakEven Close: This feature locks in profits based on the EA’s settings “Break-Even Lock in Profits based on PIPS” once the market price reaches the breakeven point. It not only secures your initial investment but also ensures that you make a profit, regardless of subsequent market fluctuations.
Understanding Support and Resistance Zones
In the realm of trading, support and resistance zones are crucial price reference levels that traders use to make decisions. A support zone is a price level at which a stock or currency is often purchased, creating demand and causing the price to stop falling and potentially rise. Conversely, a resistance zone is a price level at which a stock or currency is often sold, creating supply and causing the price to stop rising and potentially fall.
How TradeWise EA Identifies S/R Zones
TradeWise EA automatically identifies these S/R zones based on daily, weekly, and monthly data. This multi-timeframe approach provides a comprehensive view of the market, allowing traders to see the bigger picture and make more accurate predictions.
The S/R zones are identified by analyzing the maximum number of price touches. A touch is considered an extreme level of the price, and the more touches a level has, the stronger the support or resistance at that level.
Benefits of Auto S/R Zones in TradeWise EA
The automatic identification of S/R zones offers several benefits:
- Time Efficiency: Manually drawing S/R zones can be time-consuming. TradeWise EA does this automatically, saving traders valuable time.
- Informed Decision Making: By providing clear visual representations of S/R zones, TradeWise EA helps traders make informed decisions about when to enter or exit trades.
In conclusion, the Auto Support and Resistance Zones feature of TradeWise EA is a robust tool that can significantly enhance a trader’s ability to navigate the Forex market. By automatically identifying these critical zones based on daily, weekly, and monthly data, it provides valuable insights and saves time, making it an indispensable feature for both novice and experienced traders.
Risk Disclaimer: These features make the MT4 EA a powerful tool for fast-paced and long term trading, helping you to make informed decisions and manage your trades effectively. Remember, while EAs can assist in trading, they do not guarantee profits. Always use them as part of a broader trading strategy.
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