Unlock Your Trading Potential: The ExpWPRBB Expert Advisor for MetaTrader 5

Hey fellow traders! Today, I want to introduce you to the ExpWPRBB Expert Advisor, a nifty tool designed for MetaTrader 5 that employs a straightforward trading strategy using two powerful indicators: the Williams' Percent Range (WPR) and Bollinger Bands (BB). This EA only opens positions when both indicators align, making it a reliable choice for those looking to streamline their trading.

How It Works

Here’s the lowdown on how the ExpWPRBB operates:

Buy Signal: The WPR exits the oversold zone, and the opening price of the bar is below the average BB line.
Sell Signal: The WPR comes out of the overbought zone, and the opening price of the bar is above the average BB line.

The width of the Bollinger Bands, combined with the ATR (Average True Range), is used to set your Stop Loss and Take Profit levels. A key point to remember is that this EA works exclusively on hedging accounts. Plus, it features a non-trading mode where you can display signal labels, allowing you to monitor signals visually in the strategy tester.

Input Parameters

Let’s dive into the specifics:

WPR (Williams' Percent Range)

InpPeriodWPR: This is the period for WPR calculation, representing the number of bars for the indicator's value.
InpOverboughtWPR: The overbought level for WPR, usually set between -20 to 0.
InpOversoldWPR: The oversold level for WPR, typically ranging from -80 to -100.

BB (Bollinger Bands)

InpPeriodBB: The period for calculating the Bollinger Bands.
InpDeviationBB: This is the standard deviation multiplier for determining the bands' width.
InpShiftBB: The shift of the Bollinger Bands relative to the current bar.
InpPriceBB: The price type used for calculating the Bollinger Bands.

ATR (Average True Range)

InpPeriodATR: The period for calculating the ATR, based on the number of bars.

Trading Settings

InpSignalsOnly: If true, the EA will only place signal labels without executing trades.
InpVolume: This refers to the position volume, or lot size, for opening trades.
InpDeviation: Slippage in points, indicating the maximum allowable price deviation when executing an order.
InpMagic: A unique identifier for the EA's positions, useful for tracking.
InpStopLoss: The Stop Loss level in points; set to 0 if not used, or -1 for automatic calculation based on Bollinger Bands width.
InpTakeProfit: The Take Profit level in pips; set to 0 if not used, or -1 for automatic calculation based on ATR value.
InpSLMltp: A multiplier for adjusting the Stop Loss size if it's set to -1.
InpTPMltp: A multiplier for adjusting the Take Profit size if it's set to -1.