The BollingerBandsEA utilizes the Bollinger Bands indicator for trading decisions. It enters a buy order when the lower Bollinger Band is breached downwards and a sell order otherwise. Key integrated settings include: Magic number, Fixed volume, Percentage volume, Volume type, Risk for Position, Lots, Stoploss (in points), Trading duration after session start, and Trading end time before session closure. Additional features are available such as trailing stop, breakeven allowance, and specific profit factor criteria after stop adjustments. A condition exists for closing positions in a loss after a set duration. Usage is advised strictly on backtest or demo accounts to evaluate performance. Check for updates or revised versions before deployment.
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Unravel the potential of Bollinger Bands in trading with expert insights on its construction and strategic applications. The Bollinger Bands indicator, created by John Bollinger, offers a dynamic approach to trading, adjusting itself with the volatility of market conditions. Unlike fixed-percentage methods, it uses a standard deviation of a moving average, expanding or contracting based on market fluctuations. Discover practical strategies for uptrends, downtrends, and sideways markets, enhancing entry and exit precision. Furthermore, learn how to design an algorithmic trading system using MQL5 in MetaTrader 5, elevating your trading efficiency with automation and refined decision-making processes.

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