Chester B's Bollinger Band System II

This is a 15 minute bollinger band system designed to catch price
as it reverses direction.

1. Trade any pair on 15M.

2. Watch for trends (price "walking the bands" between middle
line and outer ) , and you should see price pierce the
outer band multiple times.

for a SELL:

3. Look for an uptrend, then wait for a high to pierce the bands, followed by a 15 minute candle that is completely within the bands.
4. Wait exactly 30 min - 2 more bars will form!
5. If the 3 bars each show lower lows AND lower highs
than the previous candle, go short.

for a BUY:
3. Look for a downtrend, then wait for a low to pierce the bands, followed by a 15 minute
candle that is completey within the bands.
4. Wait exactly 30 min - 2 more bars will form!
5. If the 3 bars each show higher lows AND higher highs
than the previous candle, go long.

6. Always trade in the direction of the DAILY chart trend.

7. SL/TP depends on pair. For most pairs and conditions, use 10-15 pip stoploss and take profit 10-20 pips. Do not be afraid to exit the trade early if things are looking bad. Do not be afraid to stay in the trade longer
if things are looking good.

8. As always, use discretion, common sense and take this in the context of all other information available to you. Good luck!

here's a picture... I put arrows on an entry in red, but actually there is another entry , do you see it??

Hi Chester,

It looks like your on a roll here. What are your settings for the bands?

Thanks for sharing

Band settings I think are shown on the chart, 14,2. 14 period with 2 standard deviation perhaps.

thats's right, i use 14, 2, but any settings will work.

The settings are less important than your correct interpretation
of what price action is doing around the bands.

Another good strategy with this system, is when you are setting your stop loss, set it just below or above the most recent swing high/swing low assuming its not too many pips.

And when have many spike in the news out of bands?how do you filter this ?


Best Regards,
Marcelo Marques

dont trade during the news!

In general , if you see lots of spiky , choppy action, its a perfect
time to do some range-bound trading on the Bands.... Buy at the bottom
sell at the top...

Enter on a touch of the band only in direction of trend.

Hi there,

looking for upper and lower band ExperAdvise in MQ4.

if price(close) > upper band
if price(close) < lower band

can we program in MetaTrader to send alerts

Please help.