This MetaTrader 4 expert advisor is a scalper designed for the five-minute timeframe across several Forex pairs. It utilizes three strategies based on overbought and oversold market conditions to execute trades. Risk management features include a fixed hard stop loss, a virtual take profit and stop loss derived from an
Trading robot · MT4
Bollinger Band Strategy 1
This MetaTrader 4 expert advisor implements a mean-reversion strategy using Bollinger Bands and the Relative Strength Index (RSI).
GitHub stars3
Forks0
Last update5 years ago10 Oct 2020
LicenceNone stated
Overview
Intended as an educational starting point for programmers, it enters trades when the price crosses specific standard deviation bands while RSI confirms overbought or oversold conditions. The robot manages exits through dynamic price levels derived from separate Bollinger Band standard deviations for profit and loss targets. It includes automated lot sizing based on a fixed percentage of account risk per trade. The README notes it is a demo for backtesting and learning.
- Multi-band Bollinger entry and exit
- RSI indicator signal filtering
- Dynamic volatility based stop loss
- Equity percentage lot sizing
Details
Author
Nabeel-etx on GitHub
Type
Trading robot
Platform
MetaTrader 4 (MQL4)
Strategy
Mean reversion
Markets
Forex
Timeframes
M15-H1, H4 and above
Risk profile
No grid, martingale or hedging logic was found in its code or README. That says nothing about how it performs: backtest it first.
EA files
Topics
algotrading-bottrading-strategiesmetatrader-4
Input parameters
Read from BBStrat1.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
bbPeriod | int | 50 | |
bandStdEntry | int | 2 | |
bandStdProfitExit | int | 1 | |
bandStdLossExit | int | 4 | |
rsiPeriod | int | 14 | |
riskPerTrade | double | 0.02 | |
rsiLowerLevel | int | 30 | |
rsiUpperLevel | int | 70 |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone Nabeel-etx/AlgoTrdingMT4 from GitHub, and unzip it.
- 2Open the data folderIn MetaTrader choose File, then Open Data Folder, and go to MQL4/Experts.
- 3Copy the filesCopy the .mq4 file into Experts, and any .mqh files into the Include folder the code expects.
- 4Compile in MetaEditorOpen the file in MetaEditor and press Compile. Fix any missing includes the compiler reports.
- 5Test before you tradeRun it in the Strategy Tester, then attach it to a demo chart and allow algorithmic trading.
Third-party code. ForexR did not write, test or endorse this EA, and the summary above was generated automatically from its README and code. ForexR lists only repositories with readable source code and never hosts files. Read the code, backtest it and use a demo account first; automated trading can lose money quickly.
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