An Expert Advisor, based on Bollinger Bands ®
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use An 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.
Description & Settings
This Expert Advisor is based on Bollinger Bands. It uses trend-following strategy (DEMA) and
Bollinger Bands ®
indicator.
It shows a stable profit in Strategy Tester during last 17 years (EURUSD M30).
The Strategy:
Open long position:
DEМА is growing up and white (bull) candle crossed the Lower Bollinger Band from below to above.
Open short position:
DEМА is falling down and black (bear) candle crossed the Upper Bollinger Band from above to below.
Close long position:
Black candle crossed the Upper Bollinger Band from above to below.
Close short position:
White (bull) candle crossed the Lower Bollinger Band from below to above.
Input parameters:
bands_period -
Bollinger Bands
period;
dema_period-
DEMA
period;
bands_shift- Bands shift;
deviation- Standard deviation;
Lot - Trade volume (in lots).
Recommendations:
Use this Expert Advisor as a base of your own strategy only.
