Bollinger Bands EA Basic


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About the Bollinger Bands

The Bollinger Bands indicator was invented by John Bollinger in the 1980s. The Bollinger Bands consist of a Moving Average, an Upper and a Lower Band and is included in Metatrader 4 and 5. The default settings are 20 for the period and 2 for the deviation.
Trade logic of this forex robot

The Bollinger Bands EA is a forex robot which uses Bollinger Bands to enter a trade. It has 2 different entry strategies.
BreakOut: If the last bar closes above the upper band it enters a Sell Order. If the close of the last bar is below the lower band a Buy Order is generated.
BreakIn: If the last bar crosses the upper band from above it enters a Sell Order. If the last bar crosses the lower band from below a Buy Order is generated.
Exit strategies (only MT4 Advanced and MT4 Pro)

The Bollinger Bands EA has 2 different exit strategies.

  • Close on middle Band: The trade will be closed if the middle Bollinger Band gets crossed.
  • Close on opposite Band: The trade will be closed if a candle closes below/above the opposite Band.
Parameters for the Bollinger Bands EA

Timeframe = The timeframe on which the EA should work regardless of what timeframe your chart is set to.
Averaging Period = Averaging period to calculate the main line (default is 20)
Standard Deviation = Deviation from the main line (default is 2)
Bands Shift = The indicator shift relative to the chart (default is 0)
Applied Price = The price values on which calculations will be performed