Bollinger Bands are envelopes plotted at a standard deviation level above and below a simple moving average of the price. Because the distance of the bands is based on standard deviation, they adjust to volatility swings in the underlying price
Bollinger bands help determine whether prices are high or low on a relative basis. They are used in pairs, both upper and lower bands and in conjunction with a moving average.
Bollinger bands take the form of three lines: The middle line is a moving average of the given market. An upper band, which is two standard deviations above the MA. A lower band, which is two standard deviations below the MA.
Bollinger Bands are among the most reliable and potent trading indicators traders can choose from. They can be used to read the trend strength, to time entries during ranging markets and to find potential market tops.
What is the free Bollinger Bands EA?
If you are a fan of the Bollinger Bands indicator and don’t want to constantly be sifting through multiple charts and timeframes for Bollinger Bands signals, then this free Bollinger Bands EA can be a great solution.
It will analyse all of the charts that you attach it to in the MetaTrader 4 (MT4) platform for buy or sell signals which can save you plenty of time and allow you to simultaneously follow lots of currency pairs or other financial instruments.
How does the free Bollinger Bands EA work?
When the Bollinger Bands EA finds a valid trading signal according to its built-in algorithm, it will send you a signal alert via SMS, email or a platform pop-up. You can choose the alerts that you wish to receive from the Bollinger Bands EA settings.
Not only can it send you alerts for manual trading, but you can set it to actually place trades on your behalf in case you are not around to do it yourself. It includes customisable settings and money management features such as stop loss, take profit, break even and a trailing stop.
Bollinger Bands EA Trading Strategy
I have built this free Bollinger Bands EA for MT4 (MQL4) so that you can use it to generate signals and automatically trade based on the Bollinger Bands strategies for reversal trading and trend trading. You can choose between the strategies or use both if you load the expert advisor on separate charts.
Bollinger Bands Reversal Strategy
- Buy Signal: Price is below the lower Bollinger Band
- Sell Signal: Price is above the upper Bollinger Band
Bollinger Bands Breakout Strategy
- Buy Signal: Price is above the upper Bollinger Band
- Sell Signal: Price is below the lower Bollinger Band
Bollinger Bands EA Features
- All of the Bollinger Bands EA settings are customisable
- The Bollinger Bands robot can send Bollinger Bands signals and trade automatically
- Keep full control over your money management
- The Bollinger Bands EA MQL4 is developed for the MT4 platform
- The Bollinger Bands MT4 EA can be used on any MT4 forex broker
- The Bollinger Bands EA is free to use without any restrictions at all
- Includes easy to understand setup instructions
Bollinger Bands EA Settings
- Expert Name
- Pop Up Alerts
- Email Alerts
- SMS Alerts
- Days Filters
- Hours Filter
- Magic Number Buy
- Magic Number Sell
- Maximum Spread
- Maximum Slippage
- Open Orders Limit
- Use Risk
- Risk Percent
- Stop Loss
- Take Profit
- Close Opposite Signal
- Use Break Even
- Break Even Point
- Use Trailing Stop
- Trailing Gap
- Close Percent
- Minimum Lot Close
- Bollinger Bands Reversal
- Bollinger Bands Breakout
- Bands Period
- Bands Deviation
Conclusion: Is this free Bollinger Bands EA for me?
If you are looking to get automated Bollinger Bands signals in MT4 then yes, this can do the job. It can send you buy or sell signal alerts and place trades without you needing to do anything. As with any automated or manual forex strategy, there is no guarantee at all on the results that you will get.
This Bollinger Bands robot has not been optimized so it does not include set files. You will need to choose your own settings. However, you do have unlimited access so you can test it as much as you want on all of your favourite currency pairs and chart timeframes.
If you manage to come up with some interesting settings that show good historical performance, please feel free to share them with me.
You might also want to check out my other free forex EA’s that you can download:
- Free RSI EA
- Free CCI EA
- Free Moving Average EA
- Free Envelopes EA
- Free ADX EA
- Free Ichimoku EA
- Free Stochastic EA
- Free Parabolic SAR EA
- Free MACD EA
- Free Price Action EA
If you are looking for a forex robot that combines multiple technical indicators along with price action analysis, please feel free to take a look at my free forex robot. Otherwise, you can download the free Bollinger Bands EA.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.