Expert advisor based on Fibonnaci

MQL5 Experts

Specification

Introduction:
The Enhanced Fibonacci Trader EA is an advanced trading tool meticulously designed to empower traders with the execution of Fibonacci-based trading strategies within the MetaTrader 5 platform. This detailed document presents a comprehensive set of specifications, encompassing various features, functionalities, and operational guidelines for the development of the EA.

Key Features and Functionalities:

1. Fibonacci Sequences and Customization:
- The EA harnesses the power of customizable Fibonacci sequences to guide the strategic placement of pending trades.
- Users have the flexibility to define the parameters of the Fibonacci sequence, including the sequence type, step size, and iteration count.
- The sequence dictates the locations of pending trades relative to the user's trade position and take profit level, providing a systematic approach to trading decision-making.

2. Mother Trade and Child Trades Operation:
- The EA operates on the concept of a mother trade and two child trades, forming a hierarchical trading structure.
- The mother trade represents the user's initial trade position, serving as the foundation for subsequent trading activity.
- Child trades are strategically placed at predefined locations along the Fibonacci sequence, offering additional trading opportunities within the established trend.
- Child trade 1 is positioned at 11.5% along the Fibonacci sequence from the mother trade, with a lot size equal to 2 times the lot size of the mother trade (2X).
- Child trade 2 is positioned at 50% along the Fibonacci sequence from the mother trade, with a lot size equal to 12 times the lot size of the mother trade (12X).
- Child trades' locations and lot sizes are fully customizable, allowing users to add additional child trades beyond the default two.
- Users have the flexibility to define the parameters for each child trade, including its location along the Fibonacci sequence and lot size.
- Each child trade expands the trading strategy's scope, providing enhanced flexibility and adaptability to evolving market conditions.

3. Risk Management and Trade Execution:
- The EA incorporates robust risk management mechanisms to safeguard capital and minimize trading risks.
- Risk management features include the calculation of available lot size based on account equity and margin requirements.
- A predefined stop loss mechanism is implemented to limit potential losses to a specified percentage of the available lot size.

4. User Interface and Transparency:
- The EA boasts a user-friendly interface that offers intuitive navigation and clear visibility of trade-related data.
- Pending trades, including mother trade and child trades, are prominently displayed on the screen, enabling users to monitor trade activity and performance with ease.
- Transparent reporting and visualization of trade-related data enhance user confidence and facilitate informed decision-making.

Requirements and Implementation Details:

1. MetaTrader 5 Platform Compatibility:
- The EA is meticulously crafted to seamlessly integrate with the MetaTrader 5 trading platform, leveraging its advanced features and functionalities.

2. Access to Account Information:
- The EA necessitates access to critical account information, including balance and margin requirements, to execute accurate risk management calculations and facilitate trade operations effectively.

3. Customizable Parameters and Sequences:
- Users are granted the autonomy to customize various parameters, including trade position, take profit level, Fibonacci sequences, and parameters for child trades.
- Parameters such as sequence type, step size, and trade locations should be configurable to accommodate diverse trading strategies and market conditions.

4. Error Handling and Reliability:
- The EA must exhibit resilience and reliability under various market conditions, incorporating robust error handling mechanisms to address unforeseen circumstances promptly.
- Comprehensive error reporting and logging functionality should be implemented to facilitate efficient troubleshooting and debugging processes.

Conclusion:
The Enhanced Fibonacci Trader EA represents a pinnacle of excellence in algorithmic trading, offering traders an indispensable tool for executing Fibonacci-based trading strategies with precision, flexibility, and efficiency. By adhering to the exhaustive specifications outlined in this document, developers can embark on the journey of creating a world-class EA that meets the exacting standards and diverse requirements of traders operating in today's dynamic forex markets.

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Project information

Budget
30 - 50 USD
For the developer
27 - 45 USD