The fully automated trading system "RESonANCE EA" is based on the original method of determining the support/resistance levels using the Bollinger Bands indicator. This EA was designed specifically for the H1 timeframe of the GBPUSD currency pair, but it can be used on any trading instrument at discretion, provided the parameters are adjusted and optimization on history data is performed.

If certain conditions are met, the EA calculates the estimated level of position entry and sends the limit order to the broker. The limit order is deleted if the price has already reached the BB channel, but had not triggered yet. The trading is always performed inside the channel. The EA uses a fixed stop loss level and two dynamic take profit levels (the middle of the channel and the opposite border). Therefore, the recommended minimal lot for trading using this EA is the double minimal lot allowed by your broker.

Advantages

• The EA does not sit out the positions to achieve a positive result.
• The EA does not use the Martingale method for moving losing trades to breakeven.
• This is not a grid system, only one position may be opened at a time. Thus, you can control the risk and run other EAs at the same time, without the fear of stop-outs.
• The EA always uses stop orders.
• As a rule, the stop loss size is less than the take profit levels.
• This is not a scalper, so you will not see numerous short trades. Thanks to this, the brokers will be unable to affect the trading of the EA through standard means (increase of the slippage, spread).
• The position entries are performed only by limit orders. You will always get the best price.

Description of Settings

• BBperiod - Period of the BollingerBands indicator (parameter optimization range: 40-60);
• Trigger - The distance from the current price to the estimated position entry level in points for placing the limit order (parameter optimization range: 60-300 for 5-digit quotes, 6-30 for 4-digit quotes);
• FixLot - Fixed trading lot if (parameter is ignored when FixPrc>0.0);
• FixPrc - Dynamic trading lot, proportional to the account equity (1.0 = 100%, 0.1 = 10%, respectively);
• BElvl - Secondary parameter that shows the level, at which the position is forcibly moved to breakeven, in case it did not happen before by dynamic levels;
• MaxSL - The parameter for protection against abnormal volatility. If, as a result of calculations, the position needs a stop loss greater than this parameter, then sch situation will be ignored and the trading on the current symbol will not be performed;
• MinSL - The parameter for protection against market noise. If, as a result of calculations, the position needs a stop loss less than this parameter, then the position will be opened with a stop loss equal to MinSL;
• AvgSpread - Secondary parameter. Specify the approximate average spread of the instrument at your broker;
• Order_ID - Unique ID of the orders placed by the EA. Used to prevent conflicts during simultaneous operation of experts.

It is recommended to optimize the first two parameters on history data over the last year with a periodicity of 2 times a year.