bands r-squared
Info
The bands r-squared is a Expert Advisor for MetaTrader 5 that good afternoon. the expert advisor is based on bollinger bands and donchian channel.
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 r-squared
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
good afternoon.
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: bollinger bands ®-based expert advisor - another powerful expert for MetaTrader 5 traders.
good afternoon. the expert advisor is based on bollinger bands and donchian channel.
Also recommended: Exp Bbands Stop Expert Advisor - similar expert with strong performance on MetaTrader 5.
sell signal: the donchian channel is falling over the period, the opening price is above the upper boundary of the bollinger, and the closing price is below.buy signal: the donchian channel is rising over the period, the opening price is below the lower boundary of the bollinger and the closing price is above.
the deal is closed either by stop and take or when the donchian channel is broken.
there is also a function of r-square calculation in the code of the expert advisor.
here is the eurusd test from 01/01/2020 to 01/04/2025
You may also like: XMA Range Bands - excellent alternative for expert users on MetaTrader 5.
Source Code
яю//+------------------------------------------------------------------+
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "1.00"
#include <Trade\Trade.mqh>
CTrade trade;
input ulong Magic = 123; // 038: >@45@0
input double Lots = 0.1; // 1J5< A45;:8
input int BPeriod = 100; // 5@8>4 4;O Bollinger Bands
input double BDeviation = 1; // B:;>=5=85 4;O Bollinger Bands.......
⚠ 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.