PZ Bollinger Bands EA
This EA trades using the Bollinger Bands indicator. It offers many trading behaviors and flexible position management settings, plus many useful features like customizable trading sessions and a martingale mode.
- Easy to use and supervise
- Fully customizable indicator settings
- Customizable break-even, SL, TP and trailing-stop
- Works for ECN/Non-ECN brokers
- Works for 2-3-4-5 digit symbols
- Trading can be NFA/FIFO Compliant
- Implements multi-timeframe filters
- Filter trading by forex sessions
- Built-in money management
The EA implements four different trading behaviors:
- Regular: The EA will sell over the upper band and buy below the lower band
- Inverse: The EA will buy over the upper band and sell below the lower band
- Only Buy: The EA will buy below the lower band and ignore the upper band
- Only Sell: The EA will sell above the upper band and ignore the lower band
Additionally, it implements four different money management modes:
- Trade manual lotsize: The EA will trade a fixed lotsize on each trade
- Auto-calculation of lotsizes: The EA will risk % of the account on each trade
- Martingale: The EA will double the lotsize after a losing trade
- Inverse Martingale: The EA will double the lotsize after a winning trade
When loading the expert to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks. Each functional parameter is explained below.
- Trading Settings - Choose trading direction (regular, inverse, only long, only short) and if the EA should trade at bar closing only, or if it should instead execute every tick and trade before the bar closes.
- Bollinger Bands - This parameter group holds the bollinger bands settings.
- Trading Settings - You can enable or disable timeframes on which bollinger bands are evaluated as filters. For example, if you enable M1, M5, M15 and M30, trades will be taken when the price is overbought or oversold in all those timeframes simultaneously.
- Session Settings - Enable or disable trading for the Asian, European or American sessions.
- Position Management - This group of settings applies to trading decisions and trade management. You can select trading direction, break-even in pips, trailing-stop in %, trailing-step in pips, stop-loss in pip and take-profit in pips. Additionally, choose if trade should be closed when the price goes back to the bollinger bands average.
- Money Management - In this settings block you can set the lotsize for the first trade, or allow the EA to calculate it by itself. It also implements a martingale behavior. Entering a manual lot size is recommended.
- EA Settings - You can select the magic number for the trades, custom comment and manual pip value if you need to override the one the default one. Do not change these unless you know what you are doing.
Arturo Lopez Perez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.