rs i and bollinger bands
Info
The rs i and bollinger bands is a Expert Advisor for MetaTrader 5 that a trading strategy based on rsi and bollinger bands. bollinger bands is calculated using the rsi indicator handle.
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 rs i and 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.
What this tool does
a trading strategy based on rsi and bollinger bands.
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.
a trading strategy based on rsi and bollinger bands. bollinger bands is calculated using the rsi indicator handle. trailing stop is determined using the sar indicator (parabolic sar).
Also recommended: Exp Bbands Stop Expert Advisor - similar expert with strong performance on MetaTrader 5.
rsi breaks the upper bollinger band.
the price must be below the fractal level.
a buy signal is generated when the price breaks through the fractal level.
a position is trailed based on parabolic values.
canceling a deal — if an order has not yet triggered, and rsi moved below the level of 30, a buy order should be deleted.
You may also like: XMA Range Bands - 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.