The game-changing feature of TradeWise EA: Automatic Support and Resistance Zones – My Trading – December 21, 2023
Tradewise EA A powerful tool designed to simplify Forex trading at MetaTrader. One of its outstanding features is the automatic identification of support and resistance (S/R) areas. This feature is especially useful for traders as it provides valuable market insights and helps them make informed trading decisions.
Upcoming version v3.56
What’s new:
- Stealth Take Profit and Stop Loss: This feature allows traders to set hidden Take Profit (TP) and Stop Loss (SL) levels that are not visible to the broker. This can help prevent brokers from manipulating prices to cover losses or take early profits.
- Stealth benefits from reaching TP. Once the market price reaches the Take Profit level, this feature will start to stop tracking profits by 60% from that point. This allows you to keep the trade open and lock in a predetermined profit, and you can continue trading to profit as long as the price moves in your favor.
- Risk management based on percentage or dollar value: Risk management is very important in trading. This feature allows traders to specify risk per trade as a percentage of their account balance or as a fixed dollar amount. This ensures that traders do not risk more than they are willing to lose on a single trade.
- Maximum lot calculation based on risk management: This feature automatically calculates the maximum lot size for each transaction based on predefined risk parameters. This helps traders keep their risk exposure within an acceptable level.
- Automatically close all open positions at the break-even price If the “B” button is activated: When the “B” button is activated, this feature automatically closes all open positions when the market price reaches the breakeven point. It helps you secure your positions and prevent losses when market prices change unexpectedly.
- Added profit locking for automatic break-even closing. This feature locks profits based on the EA’s “PIPS-based profit breakeven lock” setting once the market price reaches the breakeven point. This not only protects your initial investment, but also ensures that you can generate profits regardless of subsequent market movements.
Understand support and resistance areas
In a trading zone, support and resistance zones are important price reference levels that traders use to make decisions. A support zone is a price level at which a stock or currency is frequently purchased, creating demand and causing the price to stop falling and potentially rise. Conversely, a resistance zone is a price level where a stock or currency is frequently sold off, creating supply and causing the price to stop rising and potentially fall.
How TradeWise EA identifies S/R areas
TradeWise EA automatically identifies these S/R areas 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.
S/R areas are identified by analyzing the maximum number of price contacts. Touches are considered extreme levels in price, and the more touches a level has, the stronger the support or resistance at that level.
Benefits of TradeWise EA’s Automatic S/R Zones
Automatic identification of S/R zones offers several advantages:
- time efficiency: Manually drawing S/R areas can be time-consuming. TradeWise EA does this automatically, saving traders valuable time.
- Informed Decision Making: TradeWise EA provides a clear visual representation of S/R areas, helping traders make informed decisions about when to enter and exit trades.
In conclusion, TradeWise EA’s automatic support and resistance zones feature is a powerful tool that can greatly enhance a trader’s ability to navigate the forex markets. It provides valuable insights and saves time by automatically identifying these critical areas based on daily, weekly and monthly data, making it an indispensable feature for both beginners and experienced traders.
Risk Disclaimer: These features make MT4 EA a powerful tool for fast-paced long-term trading, allowing you to make informed decisions and manage your trades effectively. Remember that EA can assist with trading but does not guarantee profits. Always use it as part of a broader trading strategy.
