About the Bollinger Bands
The Bollinger Bands indicator was invented by John Bollinger in the 1980s. The Bollinger Bands consist of a Moving Average, an Upper and a Lower Band and is included in Metatrader 4 and 5. The default settings are 20 for the period and 2 for the deviation.
Trade logic of this forex robot
The Bollinger Bands EA is a forex robot which uses Bollinger Bands to enter a trade. It has 2 different entry strategies.
BreakOut: If the last bar closes above the upper band it enters a Sell Order. If the close of the last bar is below the lower band a Buy Order is generated.
BreakIn: If the last bar crosses the upper band from above it enters a Sell Order. If the last bar crosses the lower band from below a Buy Order is generated.
Exit strategies (only MT4 Advanced and MT4 Pro)
The Bollinger Bands EA has 2 different exit strategies.
- Close on middle Band: The trade will be closed if the middle Bollinger Band gets crossed.
- Close on opposite Band: The trade will be closed if a candle closes below/above the opposite Band.
Parameters for the Bollinger Bands EA
Timeframe = The timeframe on which the EA should work regardless of what timeframe your chart is set to.
Averaging Period = Averaging period to calculate the main line (default is 20)
Standard Deviation = Deviation from the main line (default is 2)
Bands Shift = The indicator shift relative to the chart (default is 0)
Applied Price = The price values on which calculations will be performed
All versions have variable Magic Number, Take Profit, Stop Loss, Lot Size and Slippage.
|Trade on new Bar|
|MA Trend Filter|
|Trade max. once per Bar|
|2 exit strategies (MT4 only)|
|Reverse on opposite signal|
MT4 Basic v1.05
MT5 Basic v1.03
MT4 Advanced v1.06
MT5 Advanced v1.02
MT4 Pro v1.06
Apr 11, 2016:
Added: BreakIn strategy
Jan 13, 2016:
Minor updates and fixes in all MT4 versions
Nov 17, 2015:
Added: ATR Trail (MT4 Pro)
Added: Reverse on opposite signal (MT4 Pro)
Added: 2 exit strategies (only MT4 Advanced and MT4 Pro)
Mar 17, 2015:
Initial release MT4 Pro
Apr 11, 2015:
Some improvements in all MT4 versions
Added “Max once per Bar” function to all MT4 Advanced and Pro versions
Feb 07, 2015:
Initial release MT4/MT5 Basic and Advanced
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