Simple EA Project To Place an Order With Bill Williams Fractal and Fib

EA Requirements: FibTrader

1.     Summary

When I drag the EA on the chart, if there is new bill Williams Fractal appears, a Fib indicator should be drawn & a trade should be taken.

2.     Logic

Step 1: Drag EA on chart

Step 2: If Bill Williams Fractal is newly forming do steps 3 and 4 below

Step 3: Draw a FIB indicator using the last 3 finished candles.  If the BWF is above the candle, draw the fib from the minimum to the maximum of the last 3 fully formed candles (Sell trade signal).  Alternatively, If the BWF is below the candle, draw the fib from the maximum to the minimum of the last 3 fully formed candles (Buy trade signal). 

Step 4:

·       Place an order, according the FIB that has been drawn.  For a Buy trade (buy limit or buy stop), place the entry at 61.8 (Fib number).  Set the stoploss at 0 (Fib number).  Set the take profit at 161.8 (Fib number). 

·       For a Sell trade (sell limit or sell stop), place the entry at 61.8.  Set the stoploss at 0.  Set the take profit at 161.8.

·       For the volume calculation, take the risk percentage as .75; take the stopLoss as the number of pips form 0 to 61.8 (fib numbers)

3.     Trade Management:

·       When the price moves to 123.6 (Fib number), move the stop loss to the entry point

·       When a new BWF appears in the opposite direction of the trade that has been taken, close the trade.

·       If BWF fractals are forming on both sides of the candle, do not take a trade.