Trade signal based on simple Bollinger bands
Info
The Trade signal based on simple Bollinger bands is a Library for MetaTrader 5 that i created it because there is no bollinger bands in the mql 5 wizard for some reason. It is not the purpose to make profit on this program alone.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Library works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Libraries folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Trade signal based on simple Bollinger bands
1. Storage: Place library files in the MQL/Libraries directory to ensure they are accessible to your projects.
2. Implementation: Include the library in your code using the #import directive, ensuring you match the exact function names and parameters.
3. Compilation: Ensure the library is present in the directory before you compile your main EA or script, as the compiler links them during this phase.
4. Management: Keep libraries organized in sub-folders if you manage many custom functions to maintain a clean project structure.
Frequently Asked Questions
Q: What is a library file used for? A: Libraries store reusable code modules, allowing you to centralize common logic used by multiple EAs or indicators.
Q: Is a library executable? A: No, libraries are non-executable files containing functions; they must be imported into an EA, indicator, or script to function.
Q: Can I update a library while the platform is running? A: You should compile your EA or script after updating a library to ensure the latest code changes are integrated.
What this tool does
I created it because there is no Bollinger bands in the MQL 5 wizard for some reason.
Typical Use Case
This Library excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Library works on MetaTrader 5. Place the file in the MQL5/Libraries folder and restart the terminal.
Description & Settings
Related: AS Q Trade Frequency Controller - another powerful library for MetaTrader 5 traders.
I created it because there is no Bollinger bands in the MQL 5 wizard for some reason.
Also recommended: Asynchronous Institutional Trade Engine (Library) - similar library with strong performance on MetaTrader 5.
It is not the purpose to make profit on this program alone.It is a purpose to incorporate it into the MQL 5 Wizard.
The trade signal is very simple.
For basic usage of the MQL 5 wizard, see " ".
1. Trade signal
The trade signal consists of two patterns.
pattern 1
Buy signal: If the closing price before two is lower than the low bands two before and the close price before one is higher than the low bands one before ago
Selling signal: the closing price before two is higher than the upper bands in two front and the closing price in the previous one is lower than the closing price upper bands in the previous one
Pattern 2
Buy signal: If the closing price before two is lower than the upper bands in front two and the closing price in the previous one is higher than the one in front one
Selling signal: When the closing price before two is higher than the low bands two before and the closing price before two is lower than the low bands one before
2.
Create an expert advisor using the MQL 5 wizard
Once you compile SignalBands.mqh you will be able to use it with the MQL5 wizard.
To generate a transaction robot based on this logic, select Signals of indicator 'Bollinger Bands' in the signal property of the MQL 5 wizard.
3.
Test result
Let's examine back test of expert advisor's history data (USDJPY H4, test period: 01.01.2018 - 01.11.2018, PeriodBands = 120, Shift = 0, Deviation = 1.6, Applied = closing price, Weight = 1.0) .
Attachment: The SignalBands.mqh of the SignalBands class must be placed in terminal_data_folder \ MQL5 \ Include \ Expert \ Signal \ MySignal.
The ExpertsBands.mq5 file contains the expert advisor code that was created using the MQL 5 wizard.
You may also like: To Close All Open Trades of Different Symbols - excellent alternative for library users on MetaTrader 5.
⚠ 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.