Support and Resistance Levels Expert Advisor Setup - Support and Resistance Levels EA

Support and 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 and Resistance Levels Expert Advisor rules can be combined with other Forex trading indicators to come up with other EA Robots that trade using rules based on two or more indicators combined to form a trading system.

Support and Resistance Technical Analysis & Support and Resistance Signals

Support & Resistance is one of the widely used concepts in Forex trading. Most traders plot horizontal lines to show these levels.

There is also an indicator used to plot these levels automatically and indicate the resistance and support levels.

Support and Resistance Levels Expert Advisor Setup

When it comes to these levels price can either bounce off these levels or break these levels.

If a resistance level is broken price will move higher and 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 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 level.

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.

Forex Technical Analysis & 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

Upwards Trend - Support and Resistance Levels Expert Advisor Setup

Downward FX Trading Trend

In a downward trend the resistance & support will generally head downwards

Downwards Forex Trading Trend - Forex Support and Resistance Levels Expert Advisor Setup