How do I install this Expert on MetaTrader 5?

Download the file, open MetaTrader 5 -> File -> Open Data Folder, copy the file to the correct folder (Experts / Indicators / Scripts / Libraries), then restart the terminal.

How do I activate / load this Expert?

Drag the Expert Advisor from the Navigator panel onto a chart, enable AutoTrading, and allow live trading in the settings.

Is this compatible with MetaTrader 5?

Yes, this Expert is built specifically for MetaTrader 5.

Is this Expert safe to use with real money?

All tools are provided for educational and testing purposes. We strongly recommend testing on a demo account first. Trading involves significant risk of loss.

Can I use this Expert on multiple charts?

Yes, but each chart can only run one Expert Advisor at a time. You can run multiple EAs on different charts.

Can I customize the settings of this Expert?

Yes. Right-click on the chart and select properties to open and adjust parameters.

Free Fibo Candles Trading System Expert for MetaTrader 5

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Fibo Candles Trading System

Info

The Fibo Candles Trading System is a Expert Advisor for MetaTrader 5 that a trading system based on indicator signals. A trade signal is generated at the close of a bar when the indicator candlesticks change color from pink to green or vice versa.

Usage

This tool is typically used for automated trading on major forex pairs and gold.

Platform

This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).

Setup

Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.

How to Install and Use Fibo Candles Trading System

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

A trading system based on indicator signals.

Typical Use Case

This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.

Compatible Platform & Setup

This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.

Description & Settings

Related: trade signals using reversal candlestick patterns in mql5 - another powerful expert for MetaTrader 5 traders.

A trading system based on indicator signals. A trade signal is generated at the close of a bar when the indicator candlesticks change color from pink to green or vice versa.

Also recommended: Trade Signals Based on Bullish/Bearish Harami Candlestick Patterns Confirmed by MFI Indicator using MQL5 Wizard - similar expert with strong performance on MetaTrader 5.

The Expert Advisor requires the fibocandles.ex5 indicator file. Save this file to the \mql5\indicators directory within your terminal's data folder.

The tradealgorithms.mqh library file supports trading with brokers offering non-zero spreads and the ability to set stop loss and take profit upon position opening. Additional library variants are available.

Default Expert Advisor input parameters were utilized for the tests. Stop loss and take profit were not employed during these tests.

Figure 1 displays examples of trades on the chart.

Testing results for EURUSD H12 in 2015 are shown in Figure 2, illustrating the testing results chart.

Testing results for 2015 at EURUSD H12:
Figure 2. Chart of testing results.

You may also like: MQL5 Wizard: Trade Signals Based on Hammer/Hanging Man Candlesticks with CCI Confirmation - excellent alternative for expert users on MetaTrader 5.

Source Code

#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#property version   "1.00"
#property indicator_chart_window 
#property indicator_buffers 5
#property indicator_plots   1
#property indicator_type1   draw_color_candles
#property indicator_color1  teal, magenta
#property indicator_label1  "fibocandles open; fibocandles high; fibocandles low; fibocandles close"

.......

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⚠ 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.