MQL5 PROJECTS: Code A Support & Resistance BreakOut Strategy

Learn to implement a two-buffer, two-plot support and resistance indicator with preprocessor directives in mql5, using on initialization and on calculate to plot arrowed lines on price data.

Initialize the MQL5 indicator by creating upper resistance and lower support buffers, setting an odd number for the period, and configuring wingding arrows to display the plots.

Set the calculation range for an MQL5 indicator: perform calculations on launch, then update only new data to save CPU; reverse high/low arrays for easier access and a 31-bar range.

Compute the resistance level by looping through the calculation range, testing the current high against neighbors on both sides, and updating the upper buffer when found.

Compute support values by looping through lows to identify true support and resistance, update findings, and visualize historical support and resistance lines on the chart.

Learn to set general parameters for an MQL5 expert advisor by defining inputs like the magic number, symbol, time frame, and max slippage, and adjust chart appearance.

Set the calculation interval by tracking old versus new bar counts and triggering code only when a bar closes, while initializing digits, point, and a tuple for ask and bid.

Connect your expert advisor to the indicator and fetch support and resistance data into dedicated buffers, using the sr handle and copy buffer to populate resistance and support series.

Create an expert advisor with objects to access key classes like trait, position info, and deal info for trades and pending orders, with initialization and memory management.

Count open traits and pending orders to regulate trading activity, using dynamic function parameters and filters by symbol, position type, and position comment to guide decisions.

Develop a lot size function in mql5 to calculate risk per trade using balance-based scaling, risk inputs, and lot constraints with max, min, and step.

Create pending orders in mql5 course: choose buy only, sell only, or both via enum trait type; enter buy stop and sell stop at resistance and support, with trade comments.

Modify pending buy stop and sell stop orders when new support or resistance appears, by detecting changes and updating entry prices while not altering stop loss or take profit.

Set a trailing stop loss for both buy and sell trades in the breakout strategy, and configure inputs for when to trade and trail distance in pips.

Develop two functions to compute the next buy price and the next sell price for cost averaging trades, using prices from buy and sell positions and enforcing 50-pip spacing.

Learn to implement a cost-averaging trading routine with buy and sell limits, dynamic lot sizing, and conditional order execution based on support and resistance levels in MQL5.

Modify cost averaging trades by updating buy limit and sell limit orders when support and resistance change, adapting existing buy stop and sell stop logic to the new price levels.

Develop and implement a void function to delete all pending orders by iterating through orders, verifying each order's type, and reporting any deletion errors using the last error code.

Calculate a weighted average price for trades with different lot sizes by weighting open prices by volume and dividing by total lots to find the break-even price.

Implement trailing take profit for cost averaging trades with buy and sell trailing take profit functions, updating take profit from average price and trail points.

Put the final touches on the ontick function by deleting buy limit cost-averaging pending orders before reentry. Implement trailing stops and per-tick resets.

Test the support and resistance expert advisor on the hourly chart in visual mode, review backtest results, and validate profit, drawdown, and risk metrics using quant analyzer.

Conclude the course by recognizing the value of support and resistance concepts for trading strategies and expert advisors, while noting the material is educational and not investment advice.