Fibonacci Retracement Trader
Info
The Fibonacci Retracement Trader is a Expert Advisor for MetaTrader 5 that this expert advisor demonstrates the potential of trading with fibonacci levels. It utilizes the standard Zigzag indicator from MetaTrader to establish a grid.
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 Fibonacci Retracement Trader
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
This expert advisor demonstrates the potential of trading with Fibonacci levels.
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: Elite Fibo Trader: Fibonacci-Based Grid Trading Tool - another powerful expert for MetaTrader 5 traders.
This expert advisor demonstrates the potential of trading with Fibonacci levels. It utilizes the standard Zigzag indicator from MetaTrader to establish a grid.Also recommended: ea fibonacci potential entry - mt5 - similar expert with strong performance on MetaTrader 5.
The EA identifies the trend direction by comparing the two most recent highs and lows. If a higher high and higher low are present, it indicates an uptrend; conversely, a lower high and lower low signal a downtrend. The Fibonacci grid is constructed based on this trend analysis.
Once the grid is set, the EA waits for a retracement to a specific level and then trades the breakout in the opposite direction.
Parameters:
- Zigzag Depth: Adjusts the depth of the Zigzag indicator.
- Zigzag Deviation: Controls the deviation of the Zigzag indicator.
- Zigzag Backstep: Sets the backstep value for the Zigzag indicator.
- Trade Volume: Specifies the working lot size.
- Stop-Loss Level (Points): Defines the stop-loss level in points.
- Take Profit at Fibo Extension: Sets the take-profit levels as a Fibonacci extension (e.g., 0.38 for a 138% expansion).
- Next Bar Close Distance from Level (Points): Determines the distance from the level along the trend for trade entry.
- Next to Previous High(Low) Distance: Specifies the minimum distance between subsequent highs and lows for trend identification.
- Pause from Close to Trade (Bars): Sets the number of bars to wait after closing a trade before opening a new one.
- Fibo Levels Colors: Allows customization of the Fibonacci grid levels' colors.
The EA employs Fibonacci levels plotted using the trend based on the standard Zigzag indicator for its trading strategy.
You may also like: Pro Auto SL Dynamic TP: Institutional Risk Manager - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#define expert_magic 123456 // magicnumber
input int extdepth = 12; //zigzag depth
input int extdeviation = 5; //zigzag deviation
input int extbackstep = 3; //zigzag backstep
input int tradevalue = 1; //trade volume
input int stoplosslevel = 15; //stop-loss level (points)
input double takeprofitat = 0.2; //take profit at fibo extension.......
⚠ 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.