MACFibo EA
Info
The MACFibo EA is a Expert Advisor for MetaTrader 4 that note: trade on a real account at your own risk. This EA is not profitable in the long term.
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 MACFibo EA
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
Note: Trade on a real account at your own risk.
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: trend line by angle - another powerful expert for MetaTrader 4 traders.
Note: Trade on a real account at your own risk. This EA is not profitable in the long term.This EA is based on the MACFibo trading strategy, which utilizes the Moving Average Convergence Divergence (MACD) and Fibonacci retracement levels. The strategy aims to identify high-probability trading opportunities by combining the trend-following capabilities of MACD with the precision of Fibonacci retracements.
Also recommended: viva las vegas betting strategies ea - similar expert with strong performance on MetaTrader 4.
The MACFibo strategy involves the following rules:
Short Signal:
- When the 5-period Exponential Moving Average (EMA) crosses below the 20-period Simple Moving Average (SMA), draw two points:
- Point A: The candle close price that confirmed the downside crossover.
- Point B: The highest price of the current wave prior to the crossover.
- Profit Target: Set the profit target at the 161.8% Fibonacci retracement level of the distance between points A and B.
- Stop Loss: Set the stop loss at a maximum of 38.2% and a minimum of 78.6% of the distance between points A and B, based on your risk tolerance.
Long Signal:
- When the 5-period EMA crosses above the 20-period SMA, draw two points:
- Point A: The candle close price that confirmed the upside crossover.
- Point B: The lowest price of the current wave prior to the crossover.
- Profit Target: Set the profit target at the 161.8% Fibonacci retracement level of the distance between points A and B.
- Stop Loss: Set the stop loss at a maximum of 38.2% and a minimum of 78.6% of the distance between points A and B, based on your risk tolerance.
Exit Mechanism for Losing Trades:
- If the stop loss has not been hit, and the 5-period EMA crosses the 8-period SMA in the direction opposite to your open trade, consider exiting the trade to limit potential losses.
For more information about this strategy, refer to the Babypips forum.
You may also like: moving average grid ea - excellent alternative for expert users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#include <stderror.mqh>
#include <stdlib.mqh>
extern string trade_time="+++trade time parameters+++";
extern int starthour=0; // london open 7gmt;close 15gmt
extern int endhour=16; // ny open=12gmt;close 20gmt
extern bool fridaytrade=true; // trade on fridays
extern bool mondaytrade=true; // trade on mondays
extern string ma_params="+++ma parameters+++";.......
⚠ 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.