fibo wave expert advisor
Info
The fibo wave expert advisor is a Script for MetaTrader 4 that fibo wave is an expert advisor designed for trading based on fibonacci levels. it operates by identifying new waves based on their size and direction, with minimum and maximum wave sizes configurable in the settings.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Scripts folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use fibo wave expert advisor
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
fibo wave is an expert advisor designed for trading based on fibonacci levels.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Script works on MetaTrader 4. Place the file in the MQL4/Scripts folder and restart the terminal.
Description & Settings
Related: karpenko: fibonacci, sma, and atr trend indicator - another powerful script for MetaTrader 4 traders.
fibo wave is an expert advisor designed for trading based on fibonacci levels. it operates by identifying new waves based on their size and direction, with minimum and maximum wave sizes configurable in the settings.Also recommended: fibo modification - similar script with strong performance on MetaTrader 4.
a pending order is placed at a specified level from the wave's peak, in the direction of the wave's movement. stop loss and take profit levels are also set as a percentage relative to the current wave.
if a new wave maximum is formed, the existing order is removed and a new one is placed at the specified level based on the new wave size.
if a new wave forms and the pending order has not been triggered, it is removed.
trading exits are managed via stop loss, take profit, or trailing stop.
the zigzag indicator, available in all terminals, is used for constructing waves.
expert advisor parameters:
magic - unique identifier for ea orders.
lots - fixed lot size for trades.
mm - enable/disable money management.
mmrisk - risk factor, defining the percentage of deposit loss based on the set stop loss.
lotdigits - number of decimal places for lot values.
wavemin - minimum length of a wave to be considered.
wavemax - maximum length of a wave to be considered.
fiboopen - fibonacci level for placing limit orders (pullback percentage).
fibostop - fibonacci level for setting stop loss (pullback percentage).
fibotake - fibonacci level for setting take profit (expansion percentage).
tral - enable/disable trailing stop.
tralstartlevel - profit level at which trailing stop becomes active.
tralstop - trailing stop distance.
info - enable/disable information display.
levels - enable/disable level display.
extdepth, deviation, extbackstep - zigzag indicator parameters.
values are set in points for 4-digit quotes; for 5-digit quotes, they are recalculated automatically.
the ea can be used with any period and currency pair.
default ea parameters for eurusd, d1 (2000-2026):
the ea has not been configured or optimized for other pairs and periods.
You may also like: Модификация fibo lines - excellent alternative for script users on MetaTrader 4.
Source Code
#property copyright "RobotFX"
#property link "https://robotfx.org"
#property version "2.20"
#property description "Educational code - RobotFX www.robotfx.org"
input int Magic=10001; //магик для торговли на разных парах
input double Lots = 0.1; //Фиксированный лот
input bool MM=false; //Включение ММ
input double MMRisk=0.03; //Риск-фактор, процент депозита при расчёте лота
input int LotDigits=2; //количество разрядов в значении лота
input string WaveSet= "--- Waves length and Fibo levels ---";.......
⚠ 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.