fibo stop
Info
The fibo stop is a Expert Advisor for MetaTrader 4 that expert advisor that moves stop loss according to fibonacci retracements or expansions. this ea will not make any trade for you, it will only move the stoploss level of your trade according to fibo levels of an expansion or retracement that you place on the chart.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Experts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use fibo stop
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
expert advisor that moves stop loss according to fibonacci retracements or expansions.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 4. Place the file in the MQL4/Experts folder and restart the terminal.
Description & Settings
Related: Quantora Trailing Stop Manager: Automatic Stop Loss for MT4 - another powerful expert for MetaTrader 4 traders.
Also recommended: e-trailing2: enhanced trailing stop expert advisor - similar expert with strong performance on MetaTrader 4.
expert advisor that moves stop loss according to fibonacci retracements or expansions.this ea will not make any trade for you, it will only move the stoploss level of your trade according to fibo levels of an expansion or retracement that you place on the chart.
to use it you just have to create an expansion or retracement and name it "fibostop". the stop loss will be moved a little below or above 2 levels from where the price is.
for example, if the price is above the 0.786 level, the stoploss will go just under the 0.5 level.
You may also like: e-moving in wl2: automated stop loss adjustment - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
int oninit()
{
eventsettimer(1);
objectcreate("fibo",obj_label,0, 0, 0); // creating obj.
objectset("fibo", objprop_corner, 0); // reference corner
objectset("fibo", objprop_xdistance, 10*1);// x coordinate .......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.