Onyx Wave EA Source Code

This page gives you the Onyx Wave EA free source code, the .mq5 file itself and not a compiled robot you have to trust. It is a Bollinger Bands robot, and the file shows every rule it follows.

• Platform: MetaTrader 5, a single .mq5 file
• Strategy: Bollinger Bands
• Price: free, a free account is all you need
• Licence: study it, edit it and, if you want, rebrand it

In short, you get exactly the file we publish, and therefore nothing stops you from rebuilding any part of it.

How the Onyx Wave strategy works

Bollinger Bands draw a moving average with two lines above and below it, placed at a distance measured in standard deviations. The bands therefore widen when the market gets nervous and squeeze when it calms down, which tells the robot both where price is extended and how much it is moving.

The whole decision lives in one function, so you can follow it from the first condition to the order that gets sent.

What is inside the Onyx Wave EA free source code file

• The Bollinger block, the average period and the deviation that sets the width.
• The risk block, with the lot sizing, the stop loss and the take profit.
• Finally, every input with its default value, so you can compare it against your own broker.

How to compile and run it

1. First, download the .mq5 file from the button at the end of this page.
2. Then open MetaEditor 5 from MetaTrader 5, with F4 or the editor button.
3. After that, save the file inside MQL5 and then Experts, and press Compile.
4. Finally, refresh the Navigator and drag Onyx Wave onto a chart.
5. Run it on a demo account first, and read every input before you go live.

If the compiler complains, our guide on compiling MQL source covers the usual causes. In most cases it is simply a missing include or the wrong folder.

What you can change

The deviation is the knob to study first. A larger value keeps the robot away from the ordinary swings, a smaller one turns every minor push into a signal.

Before any of that, however, look at the risk block. After all, a good entry with the wrong lot size still empties an account, and therefore the sizing deserves the first pass rather than the last.

More robots like this one are in the free EA source code library, and the paid catalogue with documentation and support lives in the MT5 source code section. The idea behind Bollinger Bands is explained well on this reference page.

Questions about the Onyx Wave EA free source code

Which platform is it for? MetaTrader 5, one .mq5 file with no dependencies to hunt down.

Can I run it on several pairs? Attach it to one chart per pair and give each one its own magic number.

Can I change the logic? That is the whole idea. The entry and the exit sit in separate functions.

Is there support? The free library comes as it is. The paid catalogue is the one that ships with documentation.

Download the Onyx Wave EA free source code

The file below is the complete .mq5. First of all, create a free account or log in. Then download it and, finally, open it in MetaEditor 5.