Bollinger Bands for Support and Resistance with Pending Orders
Info
The Bollinger Bands for Support and Resistance with Pending Orders is a Expert Advisor for MetaTrader 5 that bollinger bands as support & resistance using pending ordersthis tool utilizes the upper bollinger band edge to place sell pending orders and the lower bollinger band edge to place buy pending orders. The central Simple Moving Average (SMA) line of the Bollinger Bands will be used to close opened positions when sufficient profit is achieved.
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 Bollinger Bands for Support and Resistance with Pending Orders
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
Bollinger Bands as Support & Resistance Using Pending OrdersThis tool utilizes the upper Bollinger Band edge to place sell pending orders and the lower Bollinger Band edge to place buy pending orders.
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.
Bollinger Bands as Support & Resistance Using Pending OrdersAlso recommended: GDS Renko Bollinger 4-Mode EA - similar expert with strong performance on MetaTrader 5.
This tool utilizes the upper Bollinger Band edge to place sell pending orders and the lower Bollinger Band edge to place buy pending orders.
The central Simple Moving Average (SMA) line of the Bollinger Bands will be used to close opened positions when sufficient profit is achieved.
Please note: This tool is not designed for profitability and serves purely as a coding example for Forex robots.
It operates exclusively on the 15-minute timeframe, as indicated in the provided code. The period can be adjusted from 'period_m15' to 'period_current' or by using enum_timeframes.
Recommendations
This example is intended for coders interested in automated trading source codes.
Using this example on a live trading account is not recommended.
Proceed with caution!
You may also like: bollinger bands ®-based expert advisor - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
#include <stdlib.mqh>
input int bb_period = 20;
input double bb_dev = 2;
double bb_upper, bb_sma, bb_lower;
void ontick()
{.......
⚠ 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.