Bollinger Bands-RSI Expert Advisor for MetaTrader 5 uses the Bollinger Bands indicator and the RSI indicator and can successfully trade according to the price interaction with the BB bands.
In the volatile world of Forex and CFD trading, having a robust strategy backed by reliable indicators is crucial. Today, we're unveiling the RobotFX Bollinger/RSI Expert Advisor (EA), a sophisticated automated trading system designed to harness the power of two classic yet highly effective indicators: Bollinger Bands and the Relative Strength Index (RSI).
This EA combines these tools with advanced risk management and execution controls to create a truly professional trading experience for MetaTrader 5 users.
The Synergy of Bollinger Bands and RSI
Bollinger Bands are a volatility indicator consisting of a middle moving average and two standard deviation lines. The bands expand and contract based on market volatility. The Relative Strength Index (RSI) is a momentum oscillator that measures the speed and change of price movements, identifying overbought or oversold conditions.
How RobotFX Bollinger-RSI Works:
- Trend Following: Identifies potential trends when prices break out of the Bollinger Bands during periods of high volatility.
- Reversal Trading: Looks for exhaustion when prices move outside the bands, confirmed by RSI extreme readings (Overbought/Oversold).
- Volatility Filter: Uses the Bollinger Band "Squeeze" logic to avoid entering trades during choppy, sideways markets.
RobotFX Bollinger-RSI: Settings
Money Management
| Setting | Description |
|---|---|
| UseAutoLot | If true, the EA calculates lot size based on your risk percentage. If false, it uses a fixed Lot_size. |
| RiskPercent | The percentage of your account equity to risk per trade (e.g., 1.0 for 1%). |
| UseEquityProt | Equity Protection: Automatically reduces risk by 50% if the account hits a 10% drawdown from the starting balance. |
Account Guard (The "Emergency Exit")
This section allows you to set a hard target for profit or a hard limit for loss in your account currency ($) to protect your daily balance.
- TargetProfit: The dollar amount at which the EA will close all trades and stop (e.g., $200.0).
- LimitLoss: The maximum dollar amount you are willing to lose. Must be entered as a negative number (e.g., -200.0).
Execution & Protection
| Setting | Description |
|---|---|
| Slippage | Measured in Points. Sets how much the price can move against you during execution before the trade is canceled. (30 points = 3 pips). |
| MaxSpread | Measured in Pips. If the broker's spread is higher than this limit, the EA will refuse to enter a trade. |
| Breakeven | Moves the Stop Loss to your entry price once the trade hits a profit target, securing a "risk-free" position. |
| Trailing Stop | Automatically moves the Stop Loss behind the price as it moves into profit to lock in your gains. |
Trading Filters
- UseTimeFilter: Restricts trading to specific hours (e.g., London or New York sessions) to avoid low-liquidity "dead" zones.
- UseSqueezeFilter: Only enters breakout trades if the Bollinger Bands are expanding, confirming that volatility is entering the market.
- UseRsiFilter: Ensures reversal trades only trigger when the RSI confirms the market is truly overextended (above 70 or below 30).
Core Strategy & Indicator Setup
| Setting | Description |
|---|---|
| Distance | The number of points the price must travel past the Bollinger Band to trigger a valid entry. |
| TP / SL | The fixed Take Profit and Stop Loss levels in points for every new position. |
| Max Buys / Sells | The maximum number of simultaneous trades allowed. (e.g., set to 3 to allow a maximum of 3 Buy trades at once). |
| BB Period / Deviation | Standard Bollinger settings. Higher deviation (e.g., 2.5) makes the bands wider and signals more "rare." |
Logic Toggles (Choose Your Strategy)
You can turn different entry conditions on or off depending on the market environment:
- TradeUpper / TradeLower: Designed for standard breakout and trend-following strategies.
- TradeUpperR / TradeLowerR: Designed for reversal and mean-reversion trading (selling the ceiling/buying the floor).
- TradeMiddle: Trading based on the price returning to the center Mean Average.
The RobotFX Bollinger/RSI built-in protections like the Spread Filter and Equity Guard make it a versatile tool for any trading chart.
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