Chart-Object Support and Resistance Trading with Market Structure Shifts

Summary

The article describes an Expert Advisor that links manually drawn chart rectangles to automated trading. A user identifies support or resistance zones, and the EA reads object coordinates to determine the zone's price boundaries. Since rectangle anchors can be drawn in either order, the EA must compare both prices to establish the upper and lower limits. The article also discusses reading object names and adapting to changes made on the chart.

For resistance, the proposed rule waits for price to reach the zone and then looks for a bearish change of character: after an upswing structure, price breaks below a prior higher low. At support, the mirrored bullish shift requires a break above a prior lower high. Trades are triggered near the respective zone after the structure change. The examples teach MQL5 chart-object handling and rule implementation, not a validated edge. The author explicitly frames it as a project exercise and provides no results demonstrating profitability in live markets.

Key ideas

• Manually drawn chart objects can supply price zones to an EA when their names and coordinates are accessible.
• Rectangle boundaries should be derived by comparing both anchor prices.
• The resistance setup waits for a bearish structure break near the marked zone.
• The support setup waits for a bullish structure break near its marked zone.
• The article demonstrates implementation concepts but gives no evidence of live trading profitability.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.