About Lesson
The Bollinger Reversal Pro EA offers various settings that let traders customize its behavior to match their trading strategy and risk management preferences. Below is an overview of the key settings and their significance.
1. Bollinger Band Parameters
- Bollinger Period (Default: 20):
Defines the number of periods for calculating the moving average. A shorter period (e.g., 10) makes the bands more sensitive, while a longer period (e.g., 50) smooths out price fluctuations. - Deviations (Default: 2.0):
Controls the width of the upper and lower bands. Higher deviations (e.g., 3.0) make the bands wider, while lower deviations (e.g., 1.5) tighten them. - Trade Sensitivity:
Determines how sensitive the EA is to the distance between the upper and lower bands. Larger values mean fewer trades, while smaller values lead to more frequent trades.
2. General Settings
- Initial Lot Size (Default: 0.01):
The lot size for the first trade. Adjust based on your account balance and risk tolerance. - Take Profit (Default: 5.0 pips):
The number of pips for the first order to take profit. - Stop Loss (Default: 0.0 pips):
The stop-loss level. Setting it to 0 disables the stop-loss feature, which could be risky. - Minimum Recovery Distance (Default: 15.0 pips):
The minimum number of pips required before the EA places a recovery order. - Recovery Take Profit (Default: 5.0 pips):
The take profit level for recovery trades.
3. Recovery Settings
- Recovery Strategy (True/False):
Allows the EA to place recovery trades when the market moves against you. - Lot Size Calculation (Manual/Multiplier):
- Manual Entry: You can manually specify lot sizes for each recovery order.
- Multiplier: Automatically increases the lot size for recovery trades, multiplying the previous lot size by a set value (default: 2.0).
4. Recovery Lot Size Manual Entry
- Allows you to manually set the lot size for each recovery trade. The EA can handle up to 30 recovery orders, each with a pre-defined lot size.
- 1st Recovery Lot Size (Default: 0.02 lots):
The lot size for the first recovery order.
- 1st Recovery Lot Size (Default: 0.02 lots):
5. Risk Management Settings
- Max Drawdown (Default: 0.0):
Sets the maximum percentage of account equity the EA can risk. When the limit is hit, the EA stops trading. - Maximum Number of Trades (Default: 30):
Limits the total number of trades the EA can open at once. - Profit Target – Remove EA (Default: False):
If enabled, the EA will remove itself after hitting a set profit target.
6. Trading Filters
- Spread Filter (Default: False):
Prevents trades when the spread is higher than a set value (Default: 5.0 pips). - Trading Time Filter (Default: False):
Restricts trading to specific hours of the day. If enabled, you can set the trading start and stop times.
Conclusion
By adjusting the Bollinger Reversal Pro EA settings, you can align it with your trading style and risk tolerance. Whether using manual lot sizing for a conservative approach or a lot size multiplier for faster recovery, these settings give you the flexibility to trade in various market conditions.