Experts: RSI Bollinger Bands EA

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RSI Bollinger Bands EA:

RSI Bollinger Bands are used to establish overbought and oversold RSI regions for generation of short and long trading signals.

Author: raposter

 
its not working at all, I dont get any trades if I backtest it
 
Are there any errors reported in the log?  Make sure you're using the M15 EURUSD chart. The EA also needs the H1 and H4 data.  I've backtested this EA on several different databases including Metaquotes.  You could also try setting: BBspreadH4Min =0 and BBSpreadM15Max = 9999999 to disable these tests.  
 

Will it work on other pairs too? What is the logic behind Trigger 2?

Thanks. 

 
ForexTrader17:

Will it work on other pairs too? What is the logic behind Trigger 2?

Thanks. 

Trigger 2 will work on other pairs, after optimization of the external parameters.  The primary externals are  (RSIM15_Sigma_2, RSIH1_Sigma_2, RSIH4_Sigma_2).  The OverSold region occurs when the RSIs for the M15, H1 and H4 timeframes are below the respective oversold lines which are calculated from: OSLine = RSIxxAvg - (RSIxx_Sigma_2*RSiIxxSigma).   RSIxxAvg and RSIxxSigma are calculated from the RSI distribution over 60 periods. (xx=M15, H1 or H4)  The RSI must also be above the RSI Limit lines which are calculated using the RSIxxSigmaLim external parameters.    OSLimLine = RSIxxAvg - (RSIxx_SigmaLim_2*RSiIxxSigma).   This creates a OverSold band .   A buy signal is generated in this case.  Similar logic is used for the  Sell signals in the OverBought region . 
 

Thanks. And where do the Bollinger Bands and Stochastic fit in this? So you look for price to be in OB or OS territory say for example over 70 or under 30 in all 3 time frames at the same time, correct?

Thanks. 

 
ForexTrader17:

Thanks. And where do the Bollinger Bands and Stochastic fit in this? So you look for price to be in OB or OS territory say for example over 70 or under 30 in all 3 time frames at the same time, correct?

The EA is not actually using Bollinger Bands.  But, the concept of Bollinger Bands is being applied to RSI data. There is an  average RSI (ie Main), Upper RSI and Lower RSI, which are computed in much the same way Bollinger Bands are used with the SMA of price data.   However Bollinger Bands commonly use 2 standard deviations, where we are using, for example,  RSIM15_Sigma standard deviations.  This replaces the commonly used 30/70 RSI levels.  The Stochastic tests are just an additional filter that is used to improve the performance.  Yes, all three time frames must be in OB or OS territory.  Thanks for your interest.

 

I have downloaded and tried to compile it but, it has 67 Errors. how it working. please let it check it again something missing or not. thank's for you are trying to help all form members.

Error Details are as under :

'WinUser32.mqh' WinUser32.mqh 1 1

'iTime' - function not defined rsi_bollingerbands.mq5 178 21

'TimeHour' - function not defined rsi_bollingerbands.mq5 179 17

'TimeMinute' - function not defined rsi_bollingerbands.mq5 180 21

'TimeSeconds' - function not defined rsi_bollingerbands.mq5 181 21

'MODE_POINT' - undeclared identifier rsi_bollingerbands.mq5 190 33

'MarketInfo' - function not defined rsi_bollingerbands.mq5 190 14

'MODE_BID' - undeclared identifier rsi_bollingerbands.mq5 191 36

'MarketInfo' - function not defined rsi_bollingerbands.mq5 191 17

'MODE_ASK' - undeclared identifier rsi_bollingerbands.mq5 192 36

'MarketInfo' - function not defined rsi_bollingerbands.mq5 192 17

'MODE_DIGITS' - undeclared identifier rsi_bollingerbands.mq5 193 36

'MarketInfo' - function not defined rsi_bollingerbands.mq5 193 17

'MODE_SPREAD' - undeclared identifier rsi_bollingerbands.mq5 194 36

'MarketInfo' - function not defined rsi_bollingerbands.mq5 194 17

'MODE_LOW' - undeclared identifier rsi_bollingerbands.mq5 195 36

'MarketInfo' - function not defined rsi_bollingerbands.mq5 195 17

'MODE_HIGH' - undeclared identifier rsi_bollingerbands.mq5 196 36

'MarketInfo' - function not defined rsi_bollingerbands.mq5 196 17

'MODE_UPPER' - undeclared identifier rsi_bollingerbands.mq5 214 72

'iBands' - wrong parameters count rsi_bollingerbands.mq5 214 21

'MODE_LOWER' - undeclared identifier rsi_bollingerbands.mq5 215 72

'iBands' - wrong parameters count rsi_bollingerbands.mq5 215 21

'iBands' - wrong parameters count rsi_bollingerbands.mq5 217 18

'iBands' - wrong parameters count rsi_bollingerbands.mq5 218 18

'MODE_MAIN' - undeclared identifier rsi_bollingerbands.mq5 219 65

'iBands' - wrong parameters count rsi_bollingerbands.mq5 219 15

'iATR' - wrong parameters count rsi_bollingerbands.mq5 224 14

'DayOfWeek' - function not defined rsi_bollingerbands.mq5 260 41

possible use of uninitialized variable 'Stop_Loss' rsi_bollingerbands.mq5 272 40

possible use of uninitialized variable 'Take_Profit' rsi_bollingerbands.mq5 272 50

'SELECT_BY_POS' - undeclared identifier rsi_bollingerbands.mq5 300 27

'MODE_TRADES' - undeclared identifier rsi_bollingerbands.mq5 300 42

'OrderSelect' - wrong parameters count rsi_bollingerbands.mq5 300 10

'OrderType' - function not defined rsi_bollingerbands.mq5 301 10

'OP_SELL' - undeclared identifier rsi_bollingerbands.mq5 301 23

'SELECT_BY_POS' - undeclared identifier rsi_bollingerbands.mq5 309 27

'MODE_TRADES' - undeclared identifier rsi_bollingerbands.mq5 309 42

'OrderSelect' - wrong parameters count rsi_bollingerbands.mq5 309 10

'OrderMagicNumber' - function not defined rsi_bollingerbands.mq5 310 15

'OrderType' - function not defined rsi_bollingerbands.mq5 311 10

'OP_SELL' - undeclared identifier rsi_bollingerbands.mq5 311 23

'OrderSymbol' - function not defined rsi_bollingerbands.mq5 311 34

implicit conversion from 'number' to 'string' rsi_bollingerbands.mq5 311 34

'OP_BUY' - undeclared identifier rsi_bollingerbands.mq5 347 33

'OrderSend' - wrong parameters count rsi_bollingerbands.mq5 347 15

'OP_SELL' - undeclared identifier rsi_bollingerbands.mq5 364 33

'OrderSend' - wrong parameters count rsi_bollingerbands.mq5 364 15

'SELECT_BY_POS' - undeclared identifier rsi_bollingerbands.mq5 384 27

'MODE_TRADES' - undeclared identifier rsi_bollingerbands.mq5 384 42

'OrderSelect' - wrong parameters count rsi_bollingerbands.mq5 384 10

'OrderType' - function not defined rsi_bollingerbands.mq5 385 10

'OP_SELL' - undeclared identifier rsi_bollingerbands.mq5 385 23

'OrderSymbol' - function not defined rsi_bollingerbands.mq5 385 34

implicit conversion from 'number' to 'string' rsi_bollingerbands.mq5 385 34

'OrderMagicNumber' - function not defined rsi_bollingerbands.mq5 385 60

'False' - undeclared identifier rsi_bollingerbands.mq5 405 16

possible loss of data due to type conversion rsi_bollingerbands.mq5 406 14

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 494 15

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 495 15

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 496 15

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 497 15

'MODE_MAIN' - undeclared identifier rsi_bollingerbands.mq5 499 54

'iStochastic' - wrong parameters count rsi_bollingerbands.mq5 499 12

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 532 21

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 537 20

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 538 20

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 541 15

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 542 15

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 543 15

'iRSI' - wrong parameters count rsi_bollingerbands.mq5 544 15

'MODE_MAIN' - undeclared identifier rsi_bollingerbands.mq5 547 54

'iStochastic' - wrong parameters count rsi_bollingerbands.mq5 547 12

67 error(s), 5 warning(s) 68 6

 
Arvind Shah:

I have downloaded and tried to compile it but, it has 67 Errors. how it working. please let it check it again something missing or not. thank's for you are trying to help all form members.


It looks like you are trying to compile this EA on the  MT5 platform.  This  EA is a  MT4 file with a mq4 extension.  If so, try use a current MT4 platform instead.  Thanks
 
raposter:

Thanks. So you put a kind of Bollinger Band on the RSI in all 3 time frames? And if it is above the band or below the band we call that OB or OS condition? Can you please clarify as I like the concept.

Thanks.

 
ForexTrader17:

Thanks. So you put a kind of Bollinger Band on the RSI in all 3 time frames? And if it is above the band or below the band we call that OB or OS condition? Can you please clarify as I like the concept.

Thanks.

RSI Bollinger Band Figure 

Yes, you have the right concept.  Perhaps the figure above will clarify this more.  The xSigma in the figure represent the external factor for the M15, H1, H4 time frames.  External factors of the Std Dev are used for the upper/lower and the upper/Lower Limit lines. This algorithm is more robust across large time periods (11 years of M15 data) than using hard RSI limits such as  30 and 70.  Also the RSI Buy and Sell lines are not symmetric (30 and 70) because the RSI average varies over time above and below 50. So one would expect that the Upper and Lower lines would also vary over time.  Hope this clarifies the concept.

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