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I came up with an idea for an EA, so let’s put it in English.
Here’s the logic:
First, wait for a candlestick to touch either the upper or lower Bollinger Band.
When it touches, don’t enter immediately.
For a SELL entry, wait for the price to touch the upper band, then if the closing price moves inside the upper band, initiate the SELL order.
For a BUY entry, it’s the opposite.
The default number of orders to hold simultaneously is set to 5.
In other words, all orders will close at a total profit of 10 pips.
If you use Multiple order, these orders distance is Bolinger Band range pips.
For example, Bolinger Band upper and lower line distance is 10pips, then your BUY order is placed 10pips distance.
This is to avoid many orders in the very short distance.
Now, how do we set the stop-loss?
Well, this EA incorporates a specific idea.
It sets the stop-loss as the distance between the upper and lower bands of the Bollinger Band, in other words, the range width.
It’s automatically calculated and you can input Multiple for Range (Stoploss)
For example. Bolinger Band Range=10pips and Multiple=2, then Stoploss = 20pips
No complicated settings are required.
Let’s go out and find the best pair and the best timeframe every time!
