Forex Moola Fibonacci
Forex Moola expert advisor is based on Grid pattern trading. It alternately opens Buy & Sell positions, so it doesn't require huge margin amount like martingale/averaging technique.
Following are some important points regarding this EA:
- Time frame must be Minute-5 for this EA.
- EURUSD is recommended.
- Distance between successive positions is determined by Fibonacci levels, instead of fixed pips. So it gives better results.
- This is fully automatic. So you don't need to worry about lots size, TP & SL. You just have to set the Account Equity percentage which you want to use to open trades, and then Fx-Moola will calculate Lots size, TP & SL values accordingly.
- It doesn't use explicit TP & SL. TP & SL are hidden from brokers, so broker can't be aware that when EA is going to close position in Profit or Loss; so it gives good results in spite of few broker's discrepancies.
- This EA uses magic number, so it can be used with other EAs.
Following parameters are used in Forex-Moola EA:
- Magic Number: This EA can be used with other EAs by using this parameter.
- Comments: The text specified for this parameter is being attached to each trade as comment.
- EquityUsed: Default is 0.20. It means that 0.20% of account equity will be used to open first position.
- Lots: If Lots=0 then EA will calculate it automatically accordingly above parameter EquityUsed. But if want to specify your own lots size then you can set this parameter instead of 0, say Lots=0.50.
- LotsMultiplier: Default is 2. It means successive position will be opened such as: 1, 2, 4, 8, 16......
- Profit: If it is 0, then EA will calculate it automatically, otherwise you can specify as per your need.