Intraday Expert Advisor Based on Bollinger Bands
Info
The Intraday Expert Advisor Based on Bollinger Bands is a Expert Advisor for MetaTrader 4 that this document describes an expert advisor (ea) developed for intraday trading, utilizing bollinger bands as its core indicator. The EA's foundation was built using an MQL4 code builder, with subsequent manual modifications.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Intraday Expert Advisor Based on Bollinger Bands
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
This document describes an Expert Advisor (EA) developed for intraday trading, utilizing Bollinger Bands as its core indicator.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: e-trailing2: enhanced trailing stop expert advisor - another powerful expert for MetaTrader 4 traders.
This document describes an Expert Advisor (EA) developed for intraday trading, utilizing Bollinger Bands as its core indicator.Also recommended: e-signal of trade expert advisor - similar expert with strong performance on MetaTrader 4.
The EA's foundation was built using an MQL4 code builder, with subsequent manual modifications. While backtesting has been performed, the logic for entering and exiting trades according to specific conditions requires further refinement.
The trading strategy is derived from a standard Bollinger Bands indicator (period 20, deviation 2,2) applied to a 15-minute chart.
Buy Entry Condition:
A buy trade is initiated when the price falls below the (20,2.4,2.4) Bollinger Band. The entry is triggered when the price retraces back to the (20,1,1) Bollinger Band.
Take Profit for Buy Trades:
The profit target for buy trades can be set manually. An initial suggestion is 100 pips, with a preference to test with 50 pips.
Stop Loss for Buy Trades:
The stop loss for buy trades can also be set manually, initially at 100 pips, with a preference to test with 50 pips.
Sell Entry Condition:
A sell trade is initiated when the price rises above the (20,2.4,2.4) Bollinger Band. The entry is triggered when the price retraces back to the (20,1,1) Bollinger Band.
Take Profit for Sell Trades:
The profit target for sell trades can be set manually. An initial suggestion is 100 pips, with a preference to test with 50 pips.
Stop Loss for Sell Trades:
The stop loss for sell trades can also be set manually, initially at 100 pips, with a preference to test with 50 pips.
Observed Issue:
When running the current EA, there are instances where trade entries are delayed by one or more bars, or entries are missed entirely. This indicates a potential issue with the entry logic implementation.
Assistance Request:
The developer is seeking assistance from experienced MQL4 programmers to resolve this entry timing issue. Any feedback or suggestions for improvement are highly appreciated.
This EA is intended for use with MetaTrader 4 and was last updated in 2026.
You may also like: e-news-lucky$ - automated news trading expert advisor - excellent alternative for expert users on MetaTrader 4.
Source Code
#define signal_none 0
#define signal_buy 1
#define signal_sell 2
#define signal_closebuy 3
#define signal_closesell 4
#property copyright "robotfx"
#property link "https://robotfx.org"
extern int magicnumber = 0;
extern bool signalmail = false;
extern bool eachtickmode = false;.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.