Bands
This is a Bollinger Bands indicator implementation for MetaTrader 5, not an Expert Advisor. It calculates and displays the upper, middle, and lower Bollinger Bands on the chart based on a specified period and deviation multiplier, serving as a technical analysis tool for identifying overbought and oversold conditions.
Open the interactive view (equity curve, symbol switch)Key facts
Backtest results (H1, about 1 year)
Not backtested yet — this EA could not be converted automatically.
Strategy analysis
This file is a Bollinger Bands technical indicator rather than an automated trading EA, so it does not contain automatic entry and exit logic. The middle band is typically a simple moving average (SMA), with upper and lower bands set at N standard deviations above and below. Traders can manually implement mean reversion strategies by selling when price touches the upper band and buying when it touches the lower band. The indicator itself does not include position sizing or money management features, providing only visual reference. The deviation multiplier and period parameters allow users to adjust band width and sensitivity. As a pure indicator tool, it executes no trades and risk depends entirely on the user's manual decisions.
Strengths
- Classic technical indicator with solid theoretical foundation, widely used across markets
- Configurable parameters allow flexible adjustment for different instruments and timeframes
- As a standalone indicator it executes no trades, eliminating capital risk from the tool itself
Weaknesses
- Only provides signal reference without automatic trade execution, requiring manual intervention
- Lacks integration with trading systems, cannot be directly used for automated strategies
- Single indicator signals prone to false breakouts, requiring confirmation from other indicators
Possible improvements
- Add multi-timeframe Bollinger Bands synchronization display feature
- Add alert functionality to send notifications when price breaks above or below the bands
Risk assessment
Overall risk: Safe
- No trading risk from the indicator itself, but users relying solely on Bollinger Band signals face false breakout risk
- Lacks stop-loss and position sizing guidance, novice traders may over-rely on indicator signals
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
BandsPeriod | 20 | Bollinger Bands calculation period |
BandsShift | 0 | Bollinger Bands offset |
BandsDeviations | 2.0 | standard deviation multiplier |
AppliedPrice | PRICE_CLOSE | Applied price type |
Similar Mean Reversion EAs
Backtests are historical simulations and do not guarantee future results. Not financial advice.