BB Stops - Multiple Stops - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resources
Bollinger Stop Loss uses Bollinger Bands as a standard to determine whether the trend has changed and determine the direction of the trend. A common way to find the stop loss line is to calculate the risk based on the deviation. However, in many cases, simply coming up with a suggested stopping line is not enough.
It calculates 3 stop lines at once and proposes the riskiest one as the "final" stop line. The two additional stop lines can be used as lower risk stops or as early warning of market changes.
You can use the color change as an indicator of the current trend direction, and you can use any stop loss line as a stop loss for your order.
The usual "big picture example":
Attachment download
📎bb_stops_2.mq5 (23.68 KB)
Source: MQL5 #22635
BB Stops - Multiple Stop Loss - MetaTrader 5 Script | Trading Script Download - MT4/MT5 Resource Usage and Screening Suggestions
BB Stops - Multiple Stop Loss - MetaTrader 5 Script | Trading Script Download - MT4/MT5 resources are trading script related resources. Before downloading or referencing, it is recommended to confirm the platform version, transaction type, time period, whether DLL is required, whether source code is included, parameter description and historical update records.
Both automated trading tools and foreign exchange indicators should first undergo backtesting, simulated account observation, and small capital verification. Pay special attention to spreads, slippages, maximum drawdowns, position opening frequency, stop loss methods, trading periods and broker rules, and avoid direct real-time execution based only on titles or short-term profit descriptions.
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