Electric Ealge EA
Bollinger Bands (MT4)

Demonstration 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.

Principle of operation

The Electric Eagle EA 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

All others Parameters are described in the functions page.


02.05.2014 - The BandsDeviation is now a double and no more a int. This means it is now possible to use this variable with a decimalpoint like 0.382 or 1.55. And there is now a ReverseOnSignal function in it.