Bollinger Bands EA
Traders of the Foreign Exchange, who make use of technical analysis method are always reviewing their strategies and tools to maintain an unbroken streak of profitability. The market is littered with many indicators, which come with varying degrees of strengths and weaknesses. And hence, Bollinger Bands EA is amongst a very popular choice.
A trader, therefore, ought to identify a tested tool that will ensure the elimination of losses or reduction to as minimal as reasonably practicable. Bollinger band EA is a trading tool that possesses an impressive ability to boost the profit potential of a Forex trader.
The Insights Of Bollinger Band
Bollinger Band is known a popular robot that utilizes Bollinger Bands to enter trades. It opens or closes trading positions automatically due to signals received from the Bollinger Bands Indicator.
Entry Strategies; this robot comes with two (2) diverse entry strategies. They include:
Break In: a Sell Order is initiated when the last bar moves across the higher or upper band from above it. Conversely, a Buy Order is initiated when the last bar moves across the below or lower band from beneath.
Break Out: a Sell Order is initiated when the last bar ends higher than or above the higher band. Conversely, a Buy Order is initiated when the close/end of the last bar is lower than the lower band.
Exit strategies: (available only on MT4 Pro and MT4 Advanced) Bollinger Band EA possesses two diverse exit strategies.
Close/End on opposite Band: a trade will be closed when a candle finishes below or higher than the opposite Band.
Close/End on middle Band: a trade will be closed when the intermediate or middle Bollinger Band is crossed.
The EA offers several trading behaviours as well as adjustable position management settings. It includes many valuable features such as customizable market trading sessions plus a martingale mode.
Fig.1: A chart showing Bollinger band EA
Factors for Bollinger Bands EA
Bands Shift = this is indicator shift comparative to the chart (the default is zero)
Timeframe = this is the timeframe usable by the EA irrespective of the timeframe your forex chart is fixed to.
Standard Deviation = a deviation from the major line (the default is two)
Averaging Period = it is the averaging period to evaluate the main line (the default is 20)
Applied Price = this is the price figures on which mathematical computations will be made
Bollinger Band EA Features
1. It comes with completely customizable indicator settings.
2. The EA is easy to use as well as supervise; anyone with any level of experience can use it.
3. With this robot, customizable break-even can be achieved as well as take Profit, Stop Loss and Trailing-Stop.
4. It has the ability to filter trading via forex sessions.
5. It works for both ECN and Non-ECN brokers.
6. Its trading can be both NFA and FIFO Compliant.
7. It works for 2-3-4-5 number symbols.
8. It easily implements multiple timeframe filters.
9. Bollinger Band EA boasts of built-in money management. A necessary skill every trader needs, making the EA a very versatile tool for Forex trading.
10. It works on MT4 and MT5 trading platforms.
Money Management Approaches
This EA implements four diverse money management approaches:
1. Automatic calculation of lot sizes: This EA will risk percentage ( %) of the trading account on a particular trade.
2. Martingale: this EA will double the lot size following a losing trade.
3. Manual lot size trading: this robot will trade a fixed lot size on a particular trade.
4. Inverse Martingale: after a winning trade, this robot doubles the lot size.
Enhance your trading returns using the most comprehensive in the family of the EA, just like many traders have already done!
Conclusion Of Bollinger Bands EA
Bollinger Band is a Forex robot that works with the use of Bollinger Band Indicator. Therefore, it easily guides traders with varying levels of experience into making better decisions. As to simplifies what would have been complex trading sessions.
It has the potential to implement the following four different trading characteristics:
1. Only Buy: this EA overlooks the upper band and buy below the lower band.
2. Regular: this EA sells over the higher band and buys lower than the lower band.
3. Inverse: this robot buys over the higher band while it sells lower than the lower band.
4. Only Sell: the robot sells higher than the upper band while it overlooks the lower band.
This EA has been found to be quite valuable in Forex trading. Since it easily suits traders with varying levels of experience as well carrying money management tasks for the trader.
However, we strongly advise that this Forex trading tool is applied in agreement with other Technical indicators, strategies and tools to arrive at a very position. Therefore, our platform contains other Trading instruments that would be of appreciable assistance to your trading returns. So, you are welcome to visit and make use of the items therein for your trading delight.