bands 2

Related: bollinger bands ®-based expert advisor - another powerful expert for MetaTrader 5 traders.

idea by
: .
mql5 code by
: .
this strategy is based on analyzing the values of indicator ibands (bollinger bands, bb) at bar #0 relative to the close price of bar #0. where the close price of bar #0 is within indicator bollinger bands and there are no pending orders, place three buy stop and three sell stop orders with a step of

Also recommended: Exp Bbands Stop Expert Advisor - similar expert with strong performance on MetaTrader 5.

step between pending orders
.
at the same time you can set for each pair of orders your own take profit level (
first take profit
,
second take profit
, and
third take profit
). stop loss can be placed either by indicator bollinger bands or by indicator moving average - this will be the responsibility of parameter
stop loss trailing
.
the orders may be placed within the time interval from
hour start
to
hour end
. each order is assigned with a life time equal to parameter
hour end
: if, for instance,
hour end
is 23, it means that all pending orders will be automatically deleted at 11 p.m. all pending orders will also be removed at each new bar - thus, at each new bar, orders buy stop and sell stop will be placed at the changed prices of indicator bollinger bands.
you can enable trailing in the ea - for this purpose, parameter
trailing stop
must be greater than zero. you can also use the trailing feature to place a stop loss order to a breakeven. for this, you should select the
stoploss none
value for parameter
stop loss type
. at the same time, you should keep in mind that there will be hanging positions with losses. therefore, you will have to close such positions manually.
input parameters

lots
- pending order volume;

hour start
- starting hour of the working time interval;

hour end
- ending hour of the working time interval;

stop loss type
- selecting the type of placing the stop loss, i.e., by moving average, by bollinger bands, or disable them at all;

first take profit
- take profit for the first pair of orders in the series;

second take profit
- take profit for the second pair of orders in the series;

third take profit
- take profit for the third pair of orders in the series;

trailing stop
- trailing;

trailing step
- trailing step;

step between pending orders
- step between pending orders.

magic number
- unique identifier for the ea.
moving average indicator parameters

moving average: averaging period
- averaging period;

moving average: horizontal shift
- horizontal shift of the indicator;

moving average: smoothing type
- type of the averaging method;

moving average: type of price
- the type of price to calculate the indicator;
bollinger bands indicator parameters:

bands: period for average line calculation
- average line calculation period;

bands: horizontal shift of the indicator
- horizontal shift of the indicator;

bands: number of standard deviations
- number of standard deviations;

bands: type of price
- price type.

You may also like: XMA Range Bands - excellent alternative for expert users on MetaTrader 5.

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• 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.