This MetaTrader 5 expert advisor implements a box breakout strategy designed for the foreign exchange market. The robot identifies price ranges during specific time windows and enters trades upon a breakout. It features a trend filter using fast and slow moving averages to align entries with broader market direction. R
Trading robot · MT4
RSI Bands Breaker
This MetaTrader 4 expert advisor implements a breakout strategy using Bollinger Bands, the Relative Strength Index (RSI), and a Simple Moving Average (SMA).
GitHub stars2
Forks0
Last update2 years ago23 Oct 2023
LicenceNone stated
Overview
Optimized for AUD/JPY, it identifies periods of low volatility through a Bollinger Band squeeze before entering trades on a price breakout confirmed by RSI momentum and SMA trend direction. The EA manages risk through percentage-based lot sizing and sets take-profit levels based on a reward-to-risk ratio. Stop losses are dynamically calculated based on the opposite Bollinger Band or previous candle extremes.
- Bollinger Band squeeze detection
- RSI momentum confirmation filter
- 50-period SMA trend alignment
- Dynamic risk-based position sizing
- Automatic reward-ratio take profit
Details
Author
visualxl on GitHub
Type
Trading robot
Platform
MetaTrader 4 (MQL4)
Strategy
Breakout, Trend following
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
bollinger-bandsexpert-advisorrsisimple-moving-average
Input parameters
Read from RSI Bands Breaker.mq4. Defaults are the author's; change them in the EA's Inputs tab.
| Name | Type | Default | Description |
|---|---|---|---|
bb_period | int | 20 | |
bb_standard_deviation | int | 2 | |
bb_squeeze_pips | int | 20 | BB squeeze distance between the upper and the lower band. |
rsi_period | int | 14 | |
ma_period | int | 50 | |
magicNumber | int | 21102023 | |
risk | float | 1 | 1% risk |
reward_ratio | int | 2 | Reward Ratio as compared to risk. |
slippage | int | 10 | Slippage |
How to install it
- 1Download the sourceUse "Download source (.zip)" above, or clone visualxl/RSI-Bands-Breaker 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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