Bollinger Bands Reversal EA for MetaTrader 5 Settings/Inputs Guide

Bollinger Bands Expert Advisor Documentation

This Expert Advisor (EA) utilizes a Bollinger Bands-based trading strategy for informed entry and exit decisions. Alongside this core strategy, it incorporates optional advanced features, including a Moving Average filter on a higher timeframe, grid recovery, hedge, martingale strategies, position sizing based on profit, and day and time filters. These features provide flexibility and adaptability for diverse market conditions.

We divide our input sections into two parts. The first part is indicator-related settings, which you can find at the bottom side of the EA inputs. All other settings are common for every EA we make. We call these additional features. You can find the detailed documentation of these settings in this link.

MT4 version is available here  Bollinger Band Reversal Ea Mt4

MT5 version is available here  Bollinger Band Reversal Ea Mt5

1. Bollinger Bands Settings

Bollinger Bands Input Parameters

• BOLLINGER_BANDS1_SETTINGS_1 - Divider text for visual clarity in the input section. (Not important for EA calculation)
• BOLLINGER_BANDS1_SETTINGS - Text label for Bollinger Bands settings. (Not important for EA calculation)
• BOLLINGER_BANDS1_SETTINGS_2 - Divider text for visual clarity in the input section. (Not important for EA calculation)
• BOLLINGER_BAND1_TIMEFRAME - Selects the timeframe for Bollinger Bands calculation. Default: PERIOD_CURRENT .
• BOLLINGER_BAND1_PERIOD - Defines the period for Bollinger Bands calculation. Default: 20 .
• BOLLINGER_BAND1_DEVIATION - Sets the standard deviation for the Bollinger Bands. Default: 2 .
• BOLLINGER_BAND1_SHIFT - Specifies the shift value for the Bollinger Bands. Default: 0 .
• BOLLINGER_BAND1_APPLIED_PRICE - Chooses the price type for Bollinger Bands calculation. Default: PRICE_CLOSE .

Entry Strategy Options

1. ENTRY_STRATEGY1 - Buys on reversal at the lower band and sells on reversal at the upper band.
2. ENTRY_STRATEGY2 - Buys when the price crosses above the upper band and sells when the price crosses below the lower band.

Exit Strategy Options

1. EXIT_STRATEGY1 - Buys exit on reversal at the upper band and sells exit on reversal at the lower band.
2. EXIT_STRATEGY2 - Buys exit when the price crosses below the lower band and sells exit when the price crosses above the upper band.
3. EXIT_STRATEGY3 - Buys exit when the price crosses below the middle band and sells exit when the price crosses above the middle band.
4. EXIT_STRATEGY4 - Disables automatic exits.

Note: Only one entry or exit strategy can be active at a time. If you are using grid, hedge, or martingale strategies alongside the base strategy, it is recommended to disable the exit strategy to avoid interfering with these loss recovery mechanisms.

2. Additional Features

Moving Average (MA) Filter on Higher Timeframe

The MA filter enables trades that align with the broader trend based on a higher timeframe moving average:

• Uptrend Condition - Allows buy trades when the close price is above the moving average.
• Downtrend Condition - Allows sell trades when the close price is below the moving average.

Loss Recovery Strategies

There are couple of loss recovery strategies popular in the market. Grid, Hedge and Martingale is most popular among them. In this EA, we have these strategies inbuilt. But only one loss recovery strategy can be active at a time. EA will not load, if we enable more than one loss recovery strategies. There is one important point regarding these strategies, we can not set stoploss if you enable Grid or Hedge strategy. It will close trades earlier and will compromise the purpose of these strategies. All of these strategies are by default disabled.

Grid Recovery Strategy
In a losing position, the EA places additional trades in a grid pattern, averaging down the entry price to capitalize on retracements.
Hedge Strategy
To balance exposure during a losing position, the EA opens opposing trades (hedges), allowing profit potential in countertrend movements.
Martingale Strategy
Increases lot size after a loss on each subsequent signal, aiming for overall profitability.

Position Sizing Based on Profit
This feature adjusts the position size dynamically based on cumulative profit, aiming to optimize gains in favourable conditions. As profit accumulates, the EA increases the position size, allowing for scaled growth and larger potential returns.

Day Filter
Specifies trading days to avoid trading during specific days of the week, aligning with your strategy’s optimal market conditions. You can disable the entire day filter.

Time Filter
Limits trading to specific times, preventing trades during low-liquidity periods or other non-ideal market conditions. You can disable entire time filter.

Download Optimized set files here