Bollinger Bands Trading Strategy
for MetaTrader 4^®

The Idea Behind the Expert Advisor

The Expert Advisor checks the formed bars and current price position.

The trading robot allows selecting the trade opening point.

There are several operating modes in the Cross Type parameter:

• Current price and BB line crossing (Current Breakout)
• Closing of the last bar that is located above or below the line (Close Above/Below)
• The lately closed bar and price crossing (Bar Cross)

You can choose the BB line (Top/Bottom) and the crossing type for every trade.

Crossing types:

• Above — the bar closing price is above the selected line for the bar closing mode. The price should cross the chosen line from bottom to top for the price tracking mode. This parameter does not affect the line and bar crossing mode.
• Below — the bar closing price is below the selected line for the bar closing mode. The price should cross the chosen line from top to bottom for the price tracking mode. This parameter does not affect the line and bar crossing mode.

If the selected conditions of the in-parameters are met, the Expert Advisor will enter the position.

The EA Capabilities 

The trading robot has all the required functions to manage positions.

In addition to the StopLoss and TakeProfit, you can choose whether you should close a position by a counter signal or operate several positions of the same type.

Moreover, the trading robot will allow you to calculate all risks for the position. You can choose the lot calculation based on a fixed amount or a percentage of the balance/equity you are not afraid to lose.

If you are afraid of a price reverse, the BreakEven function is a must-have. It will place the StopLoss level on the opening price after overcoming the distance. In this case, your trade will not lose.

The EA has the Trailing Stop function allowing StopLoss to follow the price.

Input Parameters

Input Parameters

The EA parameters are divided into several specific categories.

Bollinger Bands Parameters

• Period — the BB Indicator period.
• Applied Price — the price at which the calculation will take place.
• Deviation — the standard parameter of the Bollinger Bands indicator.

Alerts

• Do Alerts — enables or disables alerts in the MT® terminal at the time of trade opening.
• Do Notifications — activates or deactivates a push notification at the time of trade opening.
• Do Mails — enables or disables sending emails at the time of trade opening.

Trade Parameters

• Magic Number — the position identifier. You can launch several EAs, and their positions will not conflict.
• StopLoss (in pips) — the StopLoss value applying for positions (in pips). If we set 0, the StopLoss will not be set.
• TakeProfit type — the possibility to choose a calculating TakeProfit method. You can select either a fixed TakeProfit in pips or a RiskRatio based on the StopLoss.
• TakeProfit value — a numerical value applied for the TakeProfit calculation.
• Close on the opposite signal — the possibility to enable or disable closing a position on the opposite signal. If the option is enabled, the EA will close the long position when a signal is received. In this case, a short position will open.
• Only one trade in one direction — the ability to enable the opening of several unidirectional positions. If this option is disabled, the EA will not process signals for the opened position.
• Cross Type — allows selecting one of the signal tracking modes.
• Buy Cross Direction — allows choosing a crossing direction of the selected line.
• Buy Cross Line — the choice of the BB line to check the opening conditions of the long position.
• Sell Cross Direction — allows choosing a crossing direction of the selected line.
• Sell Cross Line — the choice of the BB line to check the opening conditions of the short position.

Lot Size Parameters

• Lot type — the lot calculation method. You can choose to use a fixed lot, the calculation from the percentage of the balance/equity, or a fixed amount.
• Risk/Fixed Lot Size — a numerical value for lot calculating.
• Risk % from — the ability to choose under what amount the percentage will be calculated. It is either the balance or equity. It is used if Percent Lot is selected in Lot Type.
• Max Lot Size — the ability to limit the maximum lot size for calculations. It is used if Percent Lot or Fixed Amount is selected in Lot Type.

Breakeven Parameters

• Use Breakeven — the ability to enable or disable this function.
• Breakeven Trigger — the value in pips. The EA will move the StopLoss of the position when its profit reaches this value.
• Breakeven Value — the value in pips added to the original opening price when the StopLoss is moved.

Trailing Stop

• Use Trailing Stop — the ability to enable or disable the function.
• Trailing Start — the distance from the opening price towards profit (in pips), after which Trailing Stop will function.
• Trailing Distance — the distance (in pips) from the current price at which the StopLoss will be kept during Trailing Stop operating.

Daily Trading

• Daily Trading — enables or disables trading function on certain days of the week.
• Trade On “Day of Week” — allows/prohibits trading on the specified days.

Work Time

• Use Work Time — enables or disables the trading function at a specific time of the day.
• Start time — trading start time.
• End time — trading end time.

Close Trades

• Use Daily Close Trades — enables or disables order closing function at a specific time of the day.
• Use Friday Close Trades — activates or deactivates the order-closing function on Fridays.
• Daily Close Trades Time — daily order closing time.
• Friday Close Trades Time — Friday order closing time.

An Example of the Work 

Technical Requirements

Here is what you need to run this EA:

• A computer capable of running the MetaTrader 4® desktop version.
• MetaTrader 4® installed on your computer or laptop.

Frequently Asked Questions

• What is your refund policy? All sales are final since downloadable products cannot be returned. Please be sure that you are using MetaTrader 4® before buying. If you are having issues with your EA, contact 4xDev Support. We are happy to help.
• Will it work with my broker? This EA will work with any broker that uses the MetaTrader 4® platform.
• Should I use a demo account? It is highly recommended that you use this EA in a demo account before you trade live. Then you will get a feel for how it works.
• Can this EA be used on more than one computer? You can use the EA on any computer you own.
• Does this EA track all timeframes and currency pairs? No, it will only track down currency pairs and chart timeframes on opened charts (and on which the EA is attached and correctly configured).

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