A selective range assistant with four independent filters
TF Bollinger RSI Range Assistant waits for price to return inside a Bollinger envelope, confirms the prior RSI extreme, requires a low-ADX regime and applies an ATR-based stop. It is supplied as its own individual download.
Includes .mq5 source, .ex5 binary, individual README and SHA-256 checksums.
How a completed-bar signal is formed
- On H1, the prior completed candle must have closed outside a 20-period Bollinger Band set to 2 standard deviations.
- That outside candle must have RSI 14 below 30 for a potential long or above 70 for a potential short.
- The latest completed candle must close back inside the relevant band and ADX 14 must be at or below 22.
- The spread, 06:00–20:00 server-time window, daily-loss lock and one-position rule must pass.
- The stop uses 1.8 ATR. The moving middle band is the target, but the trade is rejected unless projected reward/risk is at least 1.2.
Default safeguards
| Control | Default | Purpose |
|---|---|---|
| RiskPercent | 0.25% | Balance-based risk estimate; code rejects more than 1.00%. |
| StopATR | 1.80 | Scales initial distance with recent volatility. |
| MinimumRewardRisk | 1.20 | Rejects middle-band targets that are too close. |
| DailyEquityLossLimit | 1.50% | Blocks new entries after the daily threshold. |
| MaximumSpreadPips | 1.50 | Avoids new entries during wide spreads. |
| Position guard | One per symbol | No concurrent EA or manual position on the same symbol. |
No grid, martingale, averaging down or recovery multiplier is used. A daily entry lock is not a guaranteed daily loss cap.
What is documented
Bollinger Bands are a moving-average envelope scaled by rolling dispersion. RSI supplies a momentum-extreme condition and ADX is used as a simple regime screen. Research discusses the statistical basis of Bollinger Bands; it does not prove this combined rule or its defaults are profitable.
When the filters can fail
ADX lags and may still be low as a trend begins. RSI can remain extreme. Price can ride an outer band, the middle-band target moves, and spread can expand precisely when volatility returns. Treat correlated pairs as portfolio exposure, not independent bets.
Installation and test protocol
- Extract this EA’s ZIP and copy its .ex5—or both code files—to
MQL5/Experts. - Refresh Navigator, attach the EA and confirm that its 06:00–20:00 window matches broker server time.
- Test the intended pair and session using realistic variable spread, commission and slippage, including strong trend and news periods.
- Keep separate development, out-of-sample and demo-forward periods. Examine drawdown, consecutive losses, trade count and parameter stability.
- Enable only after you understand every input and have a written aggregate-risk limit.
Source, binary and checksum
Version 1.00 compiled with 0 errors and 0 warnings. ZIP SHA-256: 41f1ca164f12ff989dab4e30353828c17747f44f471a6e2098ad9ed55c55ba44. Source is included so the rules and risk logic can be audited.
Volume estimation uses MetaTrader’s account-currency OrderCalcProfit method.
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