Discussing the article: "MQL5 Wizard Techniques you should know (Part 38): Bollinger Bands"
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Check out the new article: MQL5 Wizard Techniques you should know (Part 38): Bollinger Bands.
Bollinger Bands are a very common Envelope Indicator used by a lot of traders to manually place and close trades. We examine this indicator by considering as many of the different possible signals it does generate, and see how they could be put to use in a wizard assembled Expert Advisor.
We are using up to 8 patterns, and as can be seen from the table shared above, the input map (used pattern input) for the second pattern is 2. This ensures when we are checking for long and short conditions, we use only this pattern, the bouncing off of the upper and lower bands. We perform test runs on the pair USDCHF at the daily timeframe for the year 2023 and get the following results:
The trading implications and possible strategies that can be developed to work with this setup could include limit-stop order use. Since prior to touching these extreme bands one has an indication of what price level the upper or lower band is at, this information, together with a suitable stop price that is triggered once the reversal is hit, can be used to place these trades.Author: Stephen Njuki