The RSI Bollinger Bands Metatrader 4 Forex Robot is an algorithmic trading software that utilizes overbought (OB) and oversold (OS) regions within the Relative Strength Index space to create automated sell and buy market alerts.
The RSI Bollinger Bands forex robot works on the M15, H1 and H4 time frames.
However, the 15-Minute EUR/USD currency pair was deployed for the sake of our back testing.
Two triggers are being used to show a comparison of alternate OB/OS methods.
The first method uses fixed numbers for setting the overbought and oversold regions while the second method establishes Bollinger Bands around an average RSI for a defined time span.
Free Download
Download the “RSI_BollingerBands.mq4” MT4 robot
Strategy Tester Report
Find below the RSI_Bollinger Bands forex robot strategy tester report for the EUR/USD forex pair on the 15-Minute chart.
Overall Performance
The EA made a total profit of $7725.00 from a total of 764 trades. The largest winning trade generated $150.00 in profits while the largest losing trade generated a loss of-$70.00.
Statistics:
Bars in test: 268109 ticks modelled
Initial deposit: $10000.00
Total net profit: $7725.00
Total trades: 764
Largest profit trade: $150.00
Largest loss trade: -$70.00
Consecutive wins: 2
Consecutive losses: 2
Download
Download the “RSI_BollingerBands.ex4” Metatrader 4 robot
MT4 Forex Robot Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Expert advisor
Input Parameters: ActvSymbol, TriggerOne, TriggerTwo, Note Trigger1, BBSpreadH4min_1, BBSpreadM15Max_1, RSIPer_1, RSILoM15_1, RSIHiM15_1, RSILoH1_1, RSIHiH1, RSILoH4_1, RSIHiH4_1, RSIHiLmH4_1, RSILo…
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: RSI | Bollinger Bands
Installation
Copy and paste the RSI_BollingerBands.mq4 into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)