EBolligerBands Trading Advisor Review |
Bollinger Bands are one of the classic technical analysis tools that traders love. It reflects the current standard deviation of the price from the simple moving average. The indicator borders form a channel in which the main price movement takes place. A stochastic oscillator is added to the indicator as a confirmation signal and candlestick analysis. As soon as a candlestick (the timeframe is set at least 5-minute) closes beyond the upper boundary of the channel and the opposite candlestick starts to form, a reversal signal appears. If at this time the stochastic is in the overbought zone (above the level of 80) and turned down, open a sell position.
A similar strategy is implemented in the eBolligerBands trading advisor, provided free of charge to every trader on the website of FxCash’s partner, FreshForex broker. The EA’s equity is fairly flat, there are no large drawdowns. The robot is universal, but the choice of a currency pair depends on the market situation, there are no uniform rules.
- Bands_Period – moving average period;
- Bands_Deviation – the number of standard deviations from MA;
- MoneyRisk – the percentage of the deposit for 1 transaction;
- extern double Lots – amount of deals;
- Slippage – slippage;
- TrailingStop – the length of the trailing stop loss;
- MinProfitForClose – the minimum income to close a position.
Rules for working with eBolligerBands
There are no universal advisors. Therefore, in order not to be left without a deposit and not to complain about the broker (who is absolutely not to blame for the fact that the advisor was used incorrectly), follow our advice.
Tips for working with eBolligerBands and other free advisors:
- do not run the robot on a real account until after testing. As a result of testing on the relevant period, you should answer the questions about the maximum drawdown, the number of losing or profitable trades in one series, the ratio of winning to losing trades. Multi-testing will show the best periods and the best currency pairs;
- don’t be afraid to experiment with the settings. If the robot “drains” the deposit, change the settings and watch the equity correction;
- follow the rules of money management: risk per trade – up to 2%, total risk for all transactions – up to 20% of the deposit (parameters are adjusted in the settings);
- follow the work of the advisor, it is often better to close positions manually. Stop its work at the time of market volatility (release of reports, publications of news from central banks, etc.);
- if the equity of the demo account is very different from the equity offered by the broker (whose advisor is downloaded), ask the broker’s support service. The company’s analysts will help you eliminate the error. In exceptional cases, they can give an investment password for MyFxBook.
If you have any questions, ask in the comments. And earn on the return of the spread together with the rebate service FxCash and its partners!