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BollingerBandsIndi Based MO FX EA

This is an expert advisor (EA), created in Meta-Trader 4 (MT4). It is mainly based on Bollinger bands and optionally use average true range (ATR) indicator for signal entry or exit.

Signal Entry:

At the end of each bar, closing price is compared with Bollinger bands to signal an order entry. This signal entry can be restricted through following filters, whose parameters can be selected through EA’s input:

  1. Current day is one of the selected trading days of a week
  2. Current time (on MT4 terminal) lies within selected trading time duration of a day
  3. No previous market order, placed by this EA, is currently active
  4. Limit on the number of same type of market orders being placed in continuation
  5. Following options are provided to check if current bar under consideration is not undesirably huge to be skipped for signal entry:
    • Close price shouldn’t be too far away from Bollinger bands
    • Price range shouldn’t be greater than average ATR multiple
    • Check for both afore-mentioned conditions to be valid
    • If current bar is found to be huge, then it is not considered for signal entry
  6. Certain number of previous bars closed within Bollinger bands

Exit Criteria:

Various options are provided to close the market order(s):

  1. Fixed stop-loss and take-profit offsets in pips
  2. Stop-loss and take-profit offset prices can be through their respective ATR multiples
  3. Stop-loss price as offset from either highest of Highs or lowest of Lows of certain number of previous bars
  4. For all three above cases, take-profit offset can be set as certain multiple of stop-loss offset
  5. All market orders are closed, when a bar closes within Bollinger bands

Besides, the EA provides money management features of break-even stop-loss and trailing stop (dynamic or in steps). Moreover, information on trading days and time duration are displayed and updated on chart.

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