RSI and Bollinger Bands Trading Strategy
Info
The RSI and Bollinger Bands Trading Strategy is a Expert Advisor for MetaTrader 5 that a trading strategy that utilizes the relative strength index (rsi) and bollinger bands indicators. Bollinger Bands are calculated using the RSI indicator.
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 RSI and Bollinger Bands Trading Strategy
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 that utilizes the Relative Strength Index (RSI) and Bollinger Bands indicators.
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.
A trading strategy that utilizes the Relative Strength Index (RSI) and Bollinger Bands indicators. Bollinger Bands are calculated using the RSI indicator. Trailing stops are managed using the Parabolic SAR indicator.Also recommended: GDS Renko Bollinger 4-Mode EA - similar expert with strong performance on MetaTrader 5.
Entry Conditions:
- RSI breaks the upper Bollinger Band.
- The price must be below the Fractal indicator level.
- A buy signal is generated when the price breaks through the Fractal level.
Trade Management:
- Positions are trailed using Parabolic SAR values.
Order Cancellation:
- If a pending order has not yet been triggered and the RSI moves below the level of 30, the buy order should be deleted.
This strategy is designed for the 2026 trading year.
You may also like: bollinger bands ®-based 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.