The article provides a step-by-step guide to creating an Expert Advisor (EA) in MetaTrader 5 using MQL5, based on the PIRANHA strategy, which leverages Bollinger Bands for market volatility analysis. The PIRANHA strategy is dynamic, designed to exploit market fluctuations by identifying potential entry and exit points. Key to its approach is the use of a 12-period Bollinger Band with a 2-standard deviation setting for efficient price movement tracking. The article details the coding process, focusing on creating indicator handles, initializing data arrays, and incorporating risk management through systematic stop-loss and take-profit settings. This comprehensive guide assists developers and traders in efficient EA development.
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The Bollinger Bands Squeeze is a significant technical signal indicating potential changes in market volatility. Bollinger Bands consist of a middle band (20-period Simple Moving Average) and upper and lower bands calculated as the middle band plus or minus two standard deviations. The squeeze phenomenon occurs when the bands narrow significantly, suggesting an impending volatility shift.

During a squeeze, the market enters a consolidation phase, with low price fluctuations as buying and selling pressure balance. This scenario is a precursor to a breakout with substantial price movement, though the direction—upward or downward—remains uncertain.

Signs of an impending breakout include increased trading volume and other technical indicators like candlestick patterns and RSI. Thus, recognizing a Bollinger Bands Squeeze allows traders to anticipate...

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