Explore the latest free tools from the MQL5 community. Here's a new indicator, expert advisor, or script for MetaTrader.
The original trading strategy is described here.
The EA was written in order to test the efficiency of the trading strategy described by the author. You can find the obtained result and the description of the EA parameters in the latest issue of the magazine.
Short Description of the EA Algorithm:
1. Timeframes: H1-D;
2. Tool: Bollinger Bands with the shift of 1,2,3. Period: 20; Volume: integer lot; (0.2,0.4,0.8,1.0, etc.).
3. Indicator: RSI, period 14.
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Searching for a buying signal:
1. Relative Strength Index (RSI) must be below 30.
2. Price must reach the lowest Bollinger Band.
3. Wait until the candlestick on the one-hour chart moves to above the second lowest Bollinger Band.
4. As soon as the first candlestick closes above the second line, you should buy.
5. StopLoss must be located 10 pips below the latest local minimum.
6. The first target for a half of the position is equal to the value of StopLoss; as soon as it is reached, you should move the Stop level to the break-even point.
7. The second target is the level of the second upper Bollinger Band.
Searching for a selling signal:
1. RSI must be above 70.
2. Price must reach the highest Bollinger Band.
3. Wait until the candlestick on the one-hour chart moves from the upper line down behind the second line.
4. As soon as the first candlestick closes below the second line, you should sell by market.
5. StopLoss must be located 10 pips above the latest local maximum.
6. The first target for a half of the position is equal to the value of StopLoss; as soon as it is reached, you should move the Stop level to the break-even point.
7. The second target is the level of the second lower Bollinger Band.
Testing the EA with standard parameters:
After optimization of parameters:
Full analysis of the strategy with a forward test can be found in our magazine.
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