Electric Eagle EA
Bollinger Bands (MT5)

Backtest video (watch in HD)


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MT5 Version: Take a look at

If you do not already have Metatrader 4 terminal, please download it here.
If the links doesn't work go to your Terminal's Markettab and search for Tradarz

Principle of operation

The Electric Eagle EA MT5 uses Bollinger Bands to enter a trade. If the close of the last bar is above the upper band it enters a Buy Order if the close of the last bar is under the lower band a sell order is generated.

Parameters for the Bollinger Bands

BandsPeriod = Averaging period to calculate the main line (default is 20)
BandsDeviation = Deviation from the main line (default is 2)
BandsShift = The indicator shift relative to the chart (default is 0)
BandsAppliedPrice = In this parameter you can set the Applied price. It can be any value between 0 and 6. (default is 0 / Close price)

PRICE_CLOSE 0 Close price
PRICE_OPEN 1 Open price
PRICE_HIGH 2 High price
PRICE_LOW 3 Low price
PRICE_MEDIAN 4 Median price, (high+low)/2
PRICE_TYPICAL 5 Typical price, (high+low+close)/3
PRICE_WEIGHTED 6 Weighted close price, (high+low+close+close)/4