Bollinger Scalper EA

The Bollinger Scalper EA is a fully automated Expert Advisor that trades based on Bollinger Band and RSI entry signals. The EA trades using market orders and uses averaging to safely turn otherwise negative trades positive. This EA works best on EURUSD using the M5 timeframe. A VPS is advisable when trading this system. Check the comments for back test results and optimized settings.

Forward testing signals - https://www.mql5.com/en/signals/author/robots4forex

Features

• Fully automated
• Not sensitive to spread
• Always a stop loss in place
• All you need is a VPS

Input Settings

Order Settings

• MagicOrderNumber - Unique number for the EA to identify its trades. Any integer.
• Lots - Number of lots for the first trade in a group. Values from 0.01 to 50.0.
• LotsPer10K - Number of lots for the first trade in a group per 10000 account balance (Setting to 0 disables). Values from 0.01 to 50.0.
• Slippage - Slippage in pips. Values from 1 to 10.
• AllowNewTrades - Turn this of to disable new trade groups, true/false.
• ProfitPerLot - Target profit in account currency per lot. Values from 1.0 to 1000.0.
• PositionComment - Allows you to set the position comment.

Entry Settings

• TimeFrame - Timeframe drop-down selection to lock EA to a timeframe so that selection of the chart timeframe doesn't affect the EA. When testing ensure the tester timeframe is set to the same value.
• MaxSpread - Maximum spread in pips that the EA will trade. Values from 1.0 to 10.0.
• StopLoss - The fixed stop loss - Values 25 to 200 depending on the pair being traded.
• BBPeriod - The Bollinger Band period used as entry signal - Values 1 to 40.
• BBStd - The Bollinger Band standard deviation used as entry signal - Values 1.0 to 3.0.
• RSIPeriod - The RSI period used as entry signal - Values 1 to 40.
• RSIThreshold - The RSI threshold used as entry signal - Values 1 to 40.
• Averaging - If turned on averaging is used to recover negative trades, true/false.
• AveragingStep - The negative move in pips against the current trade to trigger the next averaging trade. Values 5 to 100.
• AveragingMultiplier - The lot multiplier for averaging trades. Values 1.0 to 2.0.

Optimization & Defaults

Default input values are for EURUSD M5. If optimizing, optimization of RSIPeriod, RSIThreshold, BBPeriod, BBStd,ProfitPerLot  and AveragingStep are needed to find the best results.