Forex Collector delivers automated MT5 grid trading with Bollinger signals and verified results

This review evaluates Forex Collector in 2026 with a focused performance analysis using live-account snapshots, backtests provided by the author, and empirical trade logs. Developed by Mike Bischoff for MetaTrader 5, the EA combines a classical grid approach with Bollinger Bands to identify extremes and to add on pullbacks; the system seeks to profit as price reverts to the mean. What makes the strategy unique is the hybridization of volatility filters with systematic position scaling, which reduces random exposure typical to naïve grid systems and provides clearer trade exit criteria. The algorithm opens initial positions at Bollinger Band extremes and layers additional lots as the market retraces, using configurable spacing and volatility thresholds to control entry cadence and trade frequency. In volatile but range-bound environments the Forex Collector strategy tends to deliver its best performance, while persistent trending markets can extend recovery time and increase drawdown. The parameter set allows traders to tighten stop behavior, limit max simultaneous orders, and set account-level risk controls, enabling adaptation across different currency pairs and broker conditions. Risk management is implemented through adjustable lot sizing, maximum drawdown limits, and optional session filters; however, the core grid mechanism still carries inherent exposure to extended trends. Expected performance characteristics include moderate monthly returns in favorable conditions, variable win rates depending on settings (commonly 40–70%), and drawdowns that require sufficient equity buffer. For those running MT5 instances, Forex Collector can be deployed across multiple pairs and tested in strategy tester or on a demo account before live use.