B-Bands Range Trader

Description

The B-Bands Range Trader EA buys and sells depending on the relationship of the instrument’s bid price and the Bollinger Band indicator’s value. The Bollinger Band indicator measures price volatility by providing a relative definition of the high and low price. When price moves closer to either of the outer bands, it indicates a rise in volatility.

Buying Logic

When the instrument’s bid price crosses above the “lower” Bollinger Band a buy trade is opened.

Note: Trades are closed with a stop or a limit, whose price is defined by the user. Trades can open at anytime (i.e. intra-bar). Only one trade at a time is opened, regardless of the number of crossovers that occur.

Selling Logic

When the instrument’s bid price crosses below the “upper” Bollinger Band a sell trade is opened.

Note: Trades are closed with a stop or a limit, whose price is defined by the user. Trades can open at anytime (i.e. intra-bar). Only one trade at a time is opened, regardless of the number of crossovers that occur.

Inputs

The following inputs are available in the EA’s properties window and can be defined by the app user:

1. Money Management Inputs
   • MagicNumber: A unique identifier that allows the EA to account for and manage its trades
   • LotSize: The number of lots traded
   • MaxDeviation: The maximum slippage allowed (in pips)
   • StopLoss: The stop price, as defined by a number of pips away from the open price
   • TakeProfit: The take profit price, as defined by a number of pips away from the open price
2. Indicator Inputs
   • Bollinger_Band_Period: The number of periods used to calculate the Bollinger Band’s moving average line
   • Bollinger_Band_Deviations: The number of standard deviations above and below the moving average, which defines the “upper” and “lower” Bollinger Bands.

Risk Disclaimer

The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results.

Requirements

This Expert Advisor (EA) is only compatible with FXCM MetaTrader 4 software. It does not operate on MetaTrader 4 software provided by any other brokerage. Additionally, an FXCM account is required (including free FXCM demo accounts).