Free Envelopes Expert Advisor (EA) Download

The moving average envelope is a technical analysis indicator, showing lines above and below a moving average. The starting point is a simple or exponential N-period moving average which is calculated as the average of the currency pair price for each of the previous N periods (usually days).

Price envelopes (or percentage bands) are plotted at a set percentage above and below a moving average. They are used to indicate overbought and oversold levels and can be traded on their own or in conjunction with a momentum indicator.

The direction of the moving average determines the direction of the envelopes. When the envelopes are moving higher, the price is in an uptrend. When the envelopes are moving lower, the price is in a downtrend. When the envelopes are moving sideways, the price is neither in an uptrend or downtrend.

The most popular ways to use the envelopes indicator is for reversals in a ranging market and breakouts in a trending market. However, it can be tricky for the trader to try and determine if the market is trending or ranging, which is why I would only use on of the Envelopes EA strategies depending on the current market situation.

What is the free Envelopes EA?

If you are a fan of the Envelopes indicator and don’t want to constantly be sifting through multiple charts and timeframes for Envelopes signals, then this free Envelopes 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 Envelopes EA work?

When the Envelopes 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 Envelopes 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.

Envelopes EA Trading Strategy

I have built this free Envelopes EA for MT4 (MQL4) so that you can use it to generate signals and automatically trade based on the Envelopes trend trading strategy. I have left the Envelopes expert advisor settings available as external inputs for you to adjust depending on your preferred trading style. This includes the Envelopes periods and deviations.

You can choose between two separate envelope trading strategies, for breakouts and reversals. If you wish to trade both strategies, you can simply load the Envelopes expert advisor on separate charts and use different magic numbers.

Envelopes Breakout Strategy

  • Buy Signal: Price goes above the upper envelope
  • Sell Signal: Price goes below the lower envelope
Envelopes EA Breakout Strategy
Envelopes EA Breakout Strategy

Envelopes Reversal Strategy

  • Buy Signal: Price goes below the lower envelope
  • Sell Signal: Price goes above the upper envelope
Envelopes EA Reversal Strategy
Envelopes EA Reversal Strategy

Envelopes EA Features

  • All of the Envelopes EA settings are customisable
  • The Envelopes robot can send Envelopes signals and trade automatically
  • Keep full control over your money management
  • The Envelopes EA MQL4 is developed for the MT4 platform
  • The Envelopes MT4 EA can be used on any MT4 forex broker
  • The Envelopes EA is free to use without any restrictions at all
  • Includes easy to understand setup instructions

Envelopes 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
  • Lots
  • 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
  • Envelopes Reversal
  • Envelopes Breakout
  • Envelopes Periods
  • Envelopes Deviations
Envelopes EA Settings
Envelopes EA Settings

Conclusion: Is this free Envelopes EA for me?

If you are looking to get automated Envelopes 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 Envelopes 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:

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.