Bollinger and RSI
- Experts
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Aleksandr Zakhvatkin
I am writing Expert Advisors for MT4 and MT5 trading platforms
https://www.mql5.com/ru/users/z.a.m/seller - Version: 1.0
- Activations: 5
A trending strategy using a combination of two popular indicators Bollinger Bands and RSI provides reliable signals.
The logic of the advisor
Entering a short position is carried out when the price touches the upper Bollinger band, while the RSI indicator should be in the overbought zone, i.e. above level 70. Entering a long position is carried out when the price touches the lower Bollinger band, while the RSI indicator should be in the oversold zone, ie below level 30. It is possible to transfer an open position to breakeven when a certain profit is reached, as well as to use a trailing stop.
Advisor settings:
- input group "Trading settings" - block of general parameters
- FixedLot = 0.1; // lot size
- StopLoss = 1700; // stop loss *
- TakeProfit = 3500; // take profit *
- input group "Breakeven & Trailing settings" - block of settings for breakeven and trailing
- Breakeven_level = 950; // breakeven trigger level, 0 - do not use **
- Breakeven_SL = 10; // how far to move the stop loss from the opening price, 0 - do not use **
- Trailing_level = 2000; // trailing trigger level, 0 - do not use **
- Trailing_step = 0; // trailing step, 0 - do not use
- input group "Bollinger Bands settings" - block of settings for the Bollinger Bands indicator (standard settings)
- Bands_period = PERIOD_H4; // working time-frame of the indicator
- Bands_line_period = 20; // period for calculating SMA (middle line)
- Bands_shift = 0; // horizontal shift of the indicator
- Bands_deviation = 2.0; // standard deviation of the upper and lower band
- Bands_applied_price = PRICE_CLOSE; // price calculation method
- input group "RSI settings" - block of RSI indicator settings (standard settings)
- RSI_period = PERIOD_H4; // working time-frame of the indicator
- RSI_line_period = 14; // indicator period
- RSI_applied_price = PRICE_CLOSE; // price calculation method
* Stop loss, take profit and trailing settings are indicated in five-digit quotes.
** A value of 0 in any of the two breakeven parameters turns off its operation. The same applies to the two trailing parameters.
Summary
This EA is well suited for calm and unhurried trading. The parameters are optimized for the GBPUSD / PERIOD_H4 currency pair.
