Bands 2
Info
The Bands 2 is a Expert Advisor for MetaTrader 5 that this strategy utilizes the values of the ibands (bollinger bands, bb) indicator at bar #0 relative to the close price of bar #0. When the close price of bar #0 falls within the Bollinger Bands and there are no pending orders, the strategy places three buy stop and three sell stop orders with a specified step between them.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Bands 2
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 strategy utilizes the values of the iBands (Bollinger Bands, BB) indicator at bar #0 relative to the close price of bar #0.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: Fx Craft Example EA: Bollinger Bands Mean Reversion - another powerful expert for MetaTrader 5 traders.
This strategy utilizes the values of the iBands (Bollinger Bands, BB) indicator at bar #0 relative to the close price of bar #0.Also recommended: bollinger bands ®-based expert advisor - similar expert with strong performance on MetaTrader 5.
When the close price of bar #0 falls within the Bollinger Bands and there are no pending orders, the strategy places three buy stop and three sell stop orders with a specified step between them.
Additionally, you can set individual take profit levels for each pair of orders (first, second, and third take profit). The stop loss can be determined by either the Bollinger Bands or the Moving Average indicator, as specified by the 'stop loss trailing' parameter.
Orders are placed within a defined time interval, from 'hour start' to 'hour end'. Each order has a lifetime equal to the 'hour end' parameter, ensuring automatic deletion at the specified time. All pending orders are removed at each new bar, and new orders are placed based on the updated Bollinger Bands prices.
Trailing can be enabled by setting the 'trailing stop' parameter to a value greater than zero. This feature can also be used to set a stop loss order to breakeven by selecting the 'stoploss none' value for the 'stop loss type' parameter. However, this may result in hanging positions with losses, requiring manual intervention.
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: Select the method for placing the stop loss (Moving Average, Bollinger Bands, or disable).
- First Take Profit: Take profit for the first pair of orders.
- Second Take Profit: Take profit for the second pair of orders.
- Third Take Profit: Take profit for the third pair of orders.
- Trailing Stop: Trailing parameter.
- 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.
- Moving Average: Horizontal Shift.
- Moving Average: Smoothing Type.
- Moving Average: Type of Price.
Bollinger Bands Indicator Parameters:
- Bands: Period for Average Line Calculation.
- Bands: Horizontal Shift of the Indicator.
- Bands: Number of Standard Deviations.
- Bands: Type of Price.
You may also like: Exp Bbands Stop Expert Advisor - excellent alternative for expert users on MetaTrader 5.
Source Code
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⚠ 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.