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Bollinger Bands as Support & Resistance - expert for MetaTrader 5

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Published by:
Mohammad Soubra
Views:
4506
Rating:
votes: 25
Published:
2017.03.07 17:01

Bollinger Bands as Support & Resistance Using Pending Orders:

  • It will use the upper BB edge as Sell pending order & lower BB edge to place the Buy pending order.
  • The central SMA line of the BB will be used to close the opened positions as enough.

It is not profitable, it is just an example for coding Forex robots.

It is trading only on time frame 15 minutes as you can see in the code below:

//+------------------------------------------------------------------+
//|   expert OnTick function                                         |
//+------------------------------------------------------------------+
void OnTick()
  {
   BB_UPPER   = iBands(NULL ,PERIOD_M15 ,BB_period ,BB_dev ,0 ,PRICE_CLOSE ,MODE_UPPER ,0);
   BB_SMA     = iBands(NULL ,PERIOD_M15 ,BB_period ,BB_dev ,0 ,PRICE_CLOSE ,MODE_SMA   ,0);
   BB_LOWER   = iBands(NULL ,PERIOD_M15 ,BB_period ,BB_dev ,0 ,PRICE_CLOSE ,MODE_LOWER ,0);
............
.
.
.
  }

You can change the period above from PERIOD_M15 to PERIOD_CURRENT or by using the ENUM_TIMEFRAMES

Recommendations

  • This example is only for coders who are interested in automated trading source codes.
  • Using this example in real account is not recommended.
  • Take care!
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