Daily Pivot Entries with Support and Resistance Stops and Targets
Summary
This expert advisor calculates a central pivot and three support and resistance levels from daily bars, then looks for entries when a closed bar’s price reaches the pivot. It is intended for chart timeframes below the daily interval. Stop loss and take profit are placed at support or resistance levels; if the selected levels are too close to permit an order, the advisor tries the next levels. When price reaches the first level while the target is farther away, an optional rule moves the stop to the entry price adjusted for spread.
The document describes configurable trade size or risk-based sizing, target-level selection, optional end-of-day closure, and a lot-reduction setting after losses. It mentions a strategy-tester visual but gives no numerical results, test conditions, or evidence of profitability. It also does not specify the exact pivot formula or explain how the sizing and loss-reduction parameters should be calibrated, so implementation and risk behavior require further validation.
Key ideas
- Daily bars supply a pivot point and three support and resistance levels.
- Entries are considered when a closed bar reaches the pivot on a timeframe below daily.
- Stops and targets use support or resistance levels, with an alternate level choice when the initial pair is too close.
- An optional rule moves the stop toward breakeven, adjusted for spread, after the first level is reached.
- Trade settings include fixed or risk-based volume, target selection, end-of-day closure, and lot reduction after losses.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.