Breakout expert advisor drawing bollinger bands tunnel with custom settings. Breakout candle size can be filtered out, enabling us to look for statistically best possible breakout entry. Expert advisor uses trailing stop instead of predetermined take profit and stop loss.
This expert advisor has a lot of adjustable features enabling us to use it to test various breakout approaches, across all currency pairs and timeframes. It can be used both as a scalping forex strategy but also for swing forex strategies.
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Used forex indicators and features
Bollinger bands. It is possible to adjust calculation period and deviation of volatility dependent tunnel. Breakout is done on candle with specific size closing outside of tunnel boundaries (entry on new candle open). This type of breakout is considered to be a signal in many bollinger bands bases forex strategies.
Signal candle size can be adjusted and filtered (min, max inputs). Statistically , less frequent, tall candles provide better entry than narrow candles.
Trailing stop loss. Initial stop loss is placed above / below the breakout candle. Trailing stop is then adjusted after each candle close. Distance between the candle and stop loss can be adjusted (trail stop extra deviation).
Notes to input:
BB period: calculation period for bollinger bands indicator
bb dev: deviation setting for bollinger bands forex indicatoer
Take profit: Take profit in points for each postion
trailstop deviation: distance between last closed candle high/low and trailstop
max: specify maximum signal candle body size
min: specify minimum signal candle body size
We recommend you to use this forex strategy with one of our trusted forex brokers (STP/ECN with MT4 bridge).
To win you must trade with broker on your side.
Dislaimer: Expert advisor was tested for profitability on historical data. All screen shots provided are displaying real results of the test. However past data will never guarantee future success. Every expert advisor needs to be tested properly on demo account. LIVE use only on your own risk. Read full disclaimer.
TheForexKings Team does not give any financial advice. TheForexKings does not take any responsibility for any user’s investments and investment decisions. All rights reserved. Strictly for personal use.