Introduction
There's no shortage of trading robots on the market, and today our focus is one such creature, the Bollinger Bands Stops robot. Our friend Vance Fill (aka financetrader1) is all over it, calling it a 'great product'. A perfect 5-star rating. Impressive! But, wait a minute, let's not get carried away. We're all aware that the devil is in the detail, right? So let's take our analyst's magnifying glass to this one, shall we?Description of functions
First things first, the Bollinger Bands Stops robot is based on the Bollinger Bands indicator. This cunning little bot reportedly uses the indicator to determine optimal entry and exit points, and to set stop loss levels. According to the description on the vendor's website, the robot is also equipped with a money management system. Apparently, it's an all-in-one tool for the discerning trader. Well, if that's true, it's no wonder financetrader1 is so smitten.Analysis of results
Now, here's where things get interesting: the robot's performance over the past year. The vendor's website shows a fancy equity curve, suggesting it's been making consistent profits. But, we've all heard the saying, past performance is not indicative of future results, right? So, don't jump in headfirst just yet. As always, extensive independent testing is necessary before you entrust your hard-earned cash to an automated trading system.Pros and Cons
From the available information, it seems the Bollinger Bands Stops has the potential to be a handy tool, if it indeed works as advertised. The use of Bollinger Bands indicator could help capture volatile market moves while the integrated money management could limit downside risk. But, let's remember that every rose has its thorns. The lack of disclosed trading strategy details and real live trading results from the vendor is a bit concerning.The Source Code of Bollinger Bands Stops
Regrettably, we don't have access to the actual source code of the Bollinger Bands Stops robot being sold on MQL5. However, we've whipped up a code based on the description provided on the MQL5 website. Any questions about it? Fire away on the forum. Keep in mind that this is a creation by the EASY Trading Team, not the original Bollinger Bands Stops robot. Also, to clear the air, we don't sell the Bollinger Bands Stops robot.
Code:
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Why not try out Bollinger Bands Stops robot yourself using the sample code provided by our team? You can find it at easytradingforum.com. We'd appreciate your experiences and feedback. Just remember, trading involves risk, and the use of automated trading software is no guarantee of earnings.In conclusion, the Bollinger Bands Stops appears to be a potentially useful tool but, as with all trading robots, thorough testing is essential. So, traders, let's discuss this robot on our forum, shall we?