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My idea about Bollinger Band Squeeze - Any suggestions are welcomed
Hello dear traders.
Here are attached an indicator and an expert for MT3. I think that they fully discribe my idea about BBands Squeeze. Please attach them on 30 min TF and do a test / the best performer is CHF with original settings/. In short:
1. Buy/Sell 3 lots when indicator Bollinger BWidth passes thru 3 % line from below and price is above/below middle Bollinger band. Initial stop 23+ pips.
2. If long: First lot out when Bollinger BWidth passes thru 5% and move stoploss on remaining lots to -10pips from entry price, second lot out at 10% line and move stoploss to Bid-25pips, third lot out at 15% line. Reverse for shorts. Trailing stop 45+ pips.
3. Trades are taken 7-17 GMT.
Most of You know that often there are false breakouts from the squeezed bands. My suggestion is to enter in the opposite direction at initial stoploss point if the price is reversing direction, but only once per signal.
The results of tests are promising, but I couldn't program an expert to close those three lots at different levels in MT3. I wold like somebody to program this into MT4and share it with us to see the full potencial of the system.
Thank You in advance and many pips in trading.
Last edited by kamenn; 07-30-2006 at 02:09 PM.
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