Bands 2 – expert for MetaTrader 5

Idea by: Scriptor.

MQL5 code by: Vladimir Karputov.

This strategy is based on analyzing the values of indicator iBands (Bollinger Bands, BB) at bar #0 relative to the close price of bar #0. Where the Close price of bar #0 is within indicator Bollinger Bands and there are no pending orders, place three Buy Stop and three Sell Stop orders with a step of Step between pending orders.

At the same time you can set for each pair of orders your own Take Profit level (First Take Profit, Second Take Profit, and Third Take Profit). Stop Loss can be placed either by indicator Bollinger Bands or by indicator Moving Average – this will be the responsibility of parameter Stop loss trailing.

The orders may be placed within the time interval from Hour start to Hour end. Each order is assigned with a life time equal to parameter Hour end: If, for instance, Hour end is 23, it means that all pending orders will be automatically deleted at 11 p.m. All pending orders will also be removed at each new bar – thus, at each new bar, orders Buy Stop and Sell Stop will be placed at the changed prices of indicator Bollinger Bands.

You can enable trailing in the EA – for this purpose, parameter Trailing Stop must be greater than zero. You can also use the trailing feature to place a Stop Loss order to a breakeven. For this, you should select the StopLoss NONE value for parameter Stop loss type. At the same time, you should keep in mind that there will be hanging positions with losses. Therefore, you will have to close such positions manually.

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Input parameters

  • Lots – pending order volume;
  • Hour start – starting hour of the working time interval;
  • Hour end – ending hour of the working time interval;
  • Stop loss type – selecting the type of placing the Stop Loss, i.e., by Moving Average, by Bollinger Bands, or disable them at all;
  • First Take Profit – Take Profit for the first pair of orders in the series;
  • Second Take Profit – Take Profit for the second pair of orders in the series;
  • Third Take Profit – Take Profit for the third pair of orders in the series;
  • Trailing Stop – trailing;
  • Trailing Step – trailing step;
  • Step between pending orders – step between pending orders.
  • magic number – unique identifier for the EA.

Moving Average indicator parameters

  • Moving Average: averaging period – averaging period;
  • Moving Average: horizontal shift – horizontal shift of the indicator;
  • Moving Average: smoothing type – type of the averaging method;
  • Moving Average: type of price – the type of price to calculate the indicator;

Bollinger Bands indicator parameters:

  • Bands: period for average line calculation – average line calculation period;
  • Bands: horizontal shift of the indicator – horizontal shift of the indicator;
  • Bands: number of standard deviations – number of standard deviations;
  • Bands: type of price – price type.

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