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With MQL5 for Metatrader 5 we create an automated trading Expert Advisor for the Bollinger Bands indicator. This was actually my first profitable EA in 2013 and it can actually trade automated signals – directly on your Forex chart…
In this video we are going to create a Bollinger Bands standalone Expert Advisor that is going to actually trade the Bollinger Band signals. We have already made sell trade here and now we want to find out how we can do that in MQL5.
To do that please click on the little button here or press F4 in your Metatrader, now you should see the Metaeditor window and here you want to click on: “File/ New/ Expert Advisor (template)” from template, “Continue“, I will call this one: “SimpleBollingerBandsStandalone”, click on “Continue”,
“Continue“ and “Finish”, and now you can delete everything that is above the “OnTick” function and we will also remove the two command lines here.
First we need to include the Trade.mqh file; it will enable us to create a “CTrade” instance that will be called: “trade” and we are using it later to open a position.
In the “OnTick“ function we first need to create an empty string, we will call it: “entry” and we don’t assign a value because we are going to calculate that now.
…but before we do that we need to get the Ask price and the Bid price that is done by using “SymbolInfoDouble” for the current symbol and we use: “SYMBOL_ASK” to get the Ask price and “SYMBOL_BID” to get the Bid price.
The “NormalizeDouble” function in combination with “_Digits” will help us to get the number of digits for the current symbol of the current chart because we have currency pairs with only 3 digits and other ones with 5 digits behind the dot.
We also need to create an array for the prices that will be called: “PriceInfo”, we use “MqlRates” format and cure rate stores the information about prices like open, high, low and close.
Now we sort the price array (PriceInfo) from the current candidate downwards by using “ArraySetAsSeries“ for our “PriceInfo” array that we have created here and after we have done that we use “CopyRates” for our “PriceInfo” array to fill the array with price data for the current symbol and the currently selected period on the chart from the current candle 0 (zero) for 3 candles and we store the result in our “PriceInfo” array.
We also need to create an array for several prices for the upper and lower band of the Bollinger Bands; this is the upper band, this is the lower band and whenever the price breaks out here and re-enters into the Bollinger Bands that would be a signal. When it does it from below that’s a buy signal and when it does it from above like here that would be a sell signal.
Let’s also use “ArraySetAsSeries” to sort the upper band array (UpperBandArray) and the lower band array (LowerBandArray) and now we actually define the Bollinger Bands by using the built-in “iBands” definition for the current symbol on the chart and the currently selected period. We will use 20 candles and if you click on “Insert/ Indicators/ Trend/ Bollinger Bands” you will see that we use a period of 20 candles, we have a shift value of 0 (zero) and the deviation value is 2, also what we use here and the calculation will be based on the close price.
Let’s copy the “PriceInfo” into that array by using “CopyBuffer” for the Bollinger Bands definition (BollingerBandsDefinition) that we have created here.
Buffer 1 and buffer 2 are used to calculate the upper and the lower band from the current candle 0 (zero) for 3 candles and the result will be stored in the upper band array (UpperBandArray) or the lower band array (LowerBandArray).
Let’s calculate the Expert Advisor for the current candle; my upper band value (myUpperBandValue) will be the value for candle 0 (zero) in the upper band array (UpperBandArray), the lower band value will be the value for candle 0 (zero) in the lower band array (LowerBandArray) and to calculate a crossover we would also need to calculate the Expert Advisor for the candle before – that is candle 1 – and we store the results in the variable: my last upper band value (myLastUpperBandValue) and my last lower band value (myLastLowerBandValue).
Now we want to check if we have a re-entry from below; that would be true if the close price for candle 0 (zero) – that’s the current price – is above my lower band value (myLowerBandValue) and if the close price for the candle before was below my last lower band value (myLastLowerBandValue) and in that case we would have a buy entry so we assign the word: ”buy” to our entry.
In the other case; if we have a re-entry from above that would happen if the current price is below my upper band value (myUpperBandValue) and if the price for candle 1 was above my last upper band value (myLastUpperBandValue) and in that case we assign the word: “sell” to our entry.
Bollinger Bands Squeeze Indicator, LEARN MQL5 TUTORIAL BASICS – 129 SIMPLE BOLLINGER BANDS EXPERT ADVISOR.
Tips For Forex Newbies – A Quick Evaluation Of The Most Reliable Indicators
Must not cost more than a thousand dollars and continuous expenses should be very little. Channels show where to anticipate support and resistance in the future. Let’s handle the very first issue of positioning stop orders too close.
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Three Problems You Have That The Forex Autopilot System Does Not
I recommend starting with any system that based on a breakout method. You will just be analyzing day-to-day charts to discover your trades. Low tech however consistent, this sign delivers.
The straddle method is an option strategy that’s based upon purchasing both a call and put of a stock. Note that there are numerous types of straddles, however we will just be covering the basic straddle method. To initiate a Straddle, we would purchase a Call and Put of a stock with the exact same expiration date and strike price. For instance, we would initiate a Straddle for business ABC by buying a June $20 Call as well as a June $20 Put.
Bollinger Bands can be an excellent addition to your forex trading method if you have a plan to utilize them profitably. They permit you to act without feeling and avoid expensive errors. A tool, that when used properly, can assist you read the marketplace and find entries. In this article, we will think about using them to get in breakouts after a price squeeze.
You can recognize the patterns through different indications like setting your charts with using candlesticks, and likewise can include the Bollinger Bands together with the Stochastic Oscillator. They will assist you to have a correct track and time when the price may come to the bottom level. For this you have to follow each stock for numerous days so that you will catch the appropriate development of the candlestick.
Enter your trade as rate moves past your Bollinger Bands Trader get in point and set a stop loss and profit target. See the trade and change your stop loss to break even as quickly as possible. Always try to find affordable profit targets and change them based upon your previous outcomes. The most essential goal is to manage the trade and not lose cash.Even the best entries can lose money if you don’t have a solid plan to manage the trade.
The charm of scalping is that, it permits traders to trade even when other strategies would make you sit with your PC for long without trading. Scalping is best utilized in combination Bollinger Bands with or as a supplement to other trading techniques – so keep trading your regular method that you are used to and add scalping to your trading toolbox.
So what we wish to do is simply select a few that you are really comfy with, then disregard everything else. The point of these indications is to help investors determine if it’s a buy or a sell. They all say the same thing but in their own way. So it is very important to deal with what you are comfy utilizing and discard the extra fluff.
When you ought to lock in revenues or when you need to put an order to buy or offer, stochastics can help you if you want to identify. However, don’t just rely on one of these indicators. Use several of them and change your trading technique according to what you see.
A trend that hugs one band signals that the trend is strong and most likely to continue. Charts like the candlestick, utilized with bollinger bands are the most common way to track price motion gradually.
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