Support and resistance (SR) levels are one of the main tools for both fundamental and technical analysis used by both beginners and quite experienced traders besides many other tools even if the trader has extensive trading experience. So why have these simple lines become so widely used by investors? Let's think about this together.

These SR levels individually allocated conditional areas on a certain currency timeframe, bounded by price extremes; highs and lows, often represented as lines, but it should be represented on the chart itself to calculate all the risks and correctly place orders. SR level shapes will be completely different if represented on different timeframes of the same currency and period of time. On large timeframes, such as H1, H4, D1, and larger, SR lines are more reliable and less likely to be fake or misleading, not like those on M1, M5, or M15. They can be drawn either by candlestick bodies or by their shadows and no specific rules exist about that, there is still dispute among experts about which of them is better and more accurate.

Support and Resistance Levels Trading

The psychological component of support & Resistance levels is the key to understand how they are formed and how to they can be used. One of the following three conditional groups if prevailed in the market, would form a trend in it:

  1. Bears (open sell positions)
  2. Bulls (open buy positions)
  3. Undecideds (not yet on the market)

On a certain chart when the price touches pre-drawn support or resistance line, it probably either turn back away from that line or passes through it, and by refining the expected possibilities in this situation, 3 types of trading can be relied on guided by the Support / Resistance levels:

  1. Assuming a rebound from levels (range trading).
  2. Assuming a level breakout (breakout trading).
  3. A mixed type of trading (using both strategies alternatively, depending on the current market condition).

Each of these 3 Support / Resistance levels guided Forex trading strategies has been transformed into automated forex systems by Forex robot developers, and below are reviews of some of them that proved to be profitable:

Last Updated On: Sat, 18 Mar 2023

The cornerstone principles for Power Trader take into account price action, market volatility, and short-term trending.

Currency Pairs Multiple.
TimeFrame Any.
4.9/5
13 total votes.
Last Updated On: Tues, 7 Mar 2023

XFXEA calculates an entry point by evaluating a certain number of bars in a unique way and then forms a critical range. Based on this range, determines how and when to start trading.

All this is done without using the principle of Martingale.

Currency Pairs AUDUSD and EURUSD
TimeFrame H1.
5/5
27 total votes.
Last Updated On: Sun, 5 Mar 2023

The strategy of the Trader's Sun EA, embodied in the algorithm, is based on determining support and resistance levels, as well as identifying the behavior and direction of the Market’s movement, in order to assess the strength of the movement impulse and the probability of its continuation.

Trader's Moon EA is an Expert Advisor that uses the Martingale principle, but with a number of significant improvements and benefits.

Currency Pairs Trader's Dun: EURUSD, USDJPY, EU ...
TimeFrame H1.
5/5
47 total votes.
Last Updated On: Wed, 11 Jan 2023

Jet Trader Pro's calculate is based on the EURUSD highs and lows, making it the ideal tool for profiting from this currency pair.

Last Updated On: Wed, 11 Jan 2023
Volatility Factor Pro trades by opening a basket of 4 positions maximum depending on market volatility, taking profit at 20 pips with hard StopLoss of 50 pips, this means that touching the SL for the 4 basket trades would mean a drawdown (4 * 50 = 200), this is a so much safer if compared to the older version which drawdowns could be in excess of 1500 pips of (380 * 4 = 1520) pips.
Currency Pairs GBPUSD, EURUSD and it also trade ...
TimeFrame M15.
4.9/5
1002 total votes.
Last Updated On: Wed, 11 Jan 2023
No exotic or speculative techniques are applied in Forex Trend Detector and it's not a slippage or spread dependent.
It detects the final moments of a volatile market trend or session, identifies the volatility limits below which the dominant market trend is, and don't ignore the special situations when those volatility limits occur near important market levels, predict price levels that should capitalize when the market is readjusted after the volatility breakout has occurred, and finally it sets an order based on that prediction.
Currency Pairs EURUSD, GBPUSD
TimeFrame M5.
4.72/5
125 total votes.
Last Updated On: Mon, 19 Dec 2022

DAX Day Trader is a Forex day trading volatility system.

Currency Pairs GER30., US30, US30.S, & USDCHF
TimeFrame Any.
5/5
23 total votes.
Last Updated On: Wed, 21 Sep 2022

No grid, No hedging, No arbitrage, and No martingale.

Currency Pairs EURUSD, GBPUSD, USDJPY, GBPJPY, ...
TimeFrame M30 / H1.
3.8/5
13 total votes.
Last Updated On: Sun, 15 May 2022

No Grid, No Hedging, No Martingale, and No Massive StopLoss. But a strong evolved Money Management System.

Currency Pairs GBPUSD
TimeFrame Any.
4.7/5
19 total votes.
Last Updated On: Wed, 4 May 2022

FX Classic Trader swings between Support/Resistances with continuous indicators analysis & calculations by a really unique trade algorithm to decide when to close and open transactions.

Last Updated On: Wed, 16 Mar 2022

As the name suggests, Forex Combo System is a collection of several subsystems, four to be clear. The most accurate description that fits it is "four different EAs joined together". The result of such an EA could be considered "Pleasant" as you will discover this yourself after some further reading, It's an easy-to-use EA and is one of the most solid automated trading systems that I've ever seen.
 

Currency Pairs EURUSD, GBPUSD, EURAUD and EURCA ...
TimeFrame M15.
4.7/5
462 total votes.
Last Updated On: Sat, 30 Jan 2021
FX Secret Immortal runs three Forex trading strategies combined in one system with perfect synergism and harmonical interaction.
Currency Pairs EURUSD
TimeFrame Any.
4.9/5
333 total votes.
Last Updated On: Thurs, 12 Nov 2020
The base core of Professional Breakout Trading System is the market model Volatility Breakout, it opens and closes trades within one daily session. It captures large daily movements in the short-term trend direction that is determined by a built-in Trend Filter.
Currency Pairs EURUSD
TimeFrame H1.
4.8/5
372 total votes.
Last Updated On: Wed, 20 Dec 2017
Professional Trading Portfolio is a merge of both Professional Breakout Trading System and Professional Reversal Trading System to work together, they are totally automated Forex systems coded for Metatrader4 platform.
Currency Pairs EURUSD
TimeFrame H1.
4.78/5
242 total votes.
Last Updated On: Mon, 8 Aug 2016
Forex RobinVOL trades volatility breakouts and their retracements. It's not a scalper and opens additional trades whenever matching the first entry conditions, up to a preset count of trades which is 8 by default, and just trades at bar open.
Currency Pairs AUDJPY, AUDUSD, CADJPY, EURAUD, ...
TimeFrame M1, non-standard timeframes are supported..
4.77/5
377 total votes.
Last Updated On: Fri, 22 Apr 2016
Manhattan FX is a breakout based Forex robot without any martingale, arbitrage or grid strategies involvement.
Currency Pairs EURUSD only for the Basic Versio ...
TimeFrame M1.
3.83/5
199 total votes.
Last Updated On: Thurs, 3 Dec 2015
Forex Steroid is a breakout and trend detecting trader searching all the time for market's exploitable opportunities by the use of its unique adaptive trading logic to make as much profits as it can from them.
No martingale, grid, averaging or arbitrage tactics are involved. Its trading frequency average is about 4-5 trades a day.
Currency Pairs EUR/USD
TimeFrame M1.
3.81/5
145 total votes.
Last Updated On: Fri, 9 Oct 2015
It employs a micro channel breakout strategy and scans the lower timeframes, so once a breakout occurs, the robot automatically opens a trade with a 200 pip SL and carefully manages it until its closure on average win of 11 pips or average loss of 21 pips. The EA sends its trading signals via a MySQL database.
Channel Trader PRO not a high frequency scalper as on average it trades about 200 to 300 times a year. It focuses on short term trades to smartly enter and leave the market harvesting its profits with limited exposure to rapid market movements.
It implements the successful Forex trading behaviors including emotion, verifications, trade management, money management, and market awareness into its trading strategy.
Currency Pairs AUD/USD, EUR/JPY, AUD/CAD
TimeFrame All.
4.72/