ZZ FiboTrader Light
The ZZ FiboTrader Light Expert Advisor is a free version of the ZZ Fibotrader EA.
As the name implies, the EA utilized the algorithm used as the basis for the SimplZigZag indicator presented earlier.
At the same time the EA does not use the indicator itself, the algorithm is embedded directly into the EA code.
The undeniable advantages of the Simple ZZ indicator, for example, compared to the standard ZigZag included in the standard delivery of the MetaTrader 5 terminal, is the fact that the algorithm:
- does not contain embedded loops. All calculations are performed as soon as new price data becomes available,
- does not repaint itself (e.g., a detected reversal will not turn into something else over time),
- contains only one parameter - typical retracement depth.
The EA opens deals in continuation of the trend, right after a retracement from the user-defined Fibonacci level is complete (multiple levels can be selected at once).
For opening a position, the price must first break the level with the bar body (that is, the bar should open before the level and close beyond the level) in the retracement direction, and then break this level in the opposite direction (in the trend direction).
Once the bar closes beyond the level in the direction of reverse breakout, a deal is opened.
The EA uses predefined SL and TP.
The lot size can not be changed by user in the free version. In addition, there is no parabolic system of trailing stop losses after the deal is moved to breakeven.
Nevertheless, even the free version of the EA showed good profitability during testing for 10 years on the EURUSD pair.
The EA uses the following parameters (optimal values are for the EURUSD on the H1 timeframe):
- Min Fibo base - the minimum leg of the ZigZag, on which a grid can be built (optimal value = 150 points)
- Min ZigZag leg - the minimum retracement, after which the ZigZag forms a new leg (optimal value = 30 points)
- Stop loss level (points) - stop loss level in points (optimal value is 150 points or more)
- Take profit level (points) - take profit level (optimal value = 90 points)
- 23.6% retracement - if true - the level is used
- 38.3% retracement - if true - the level is used
- 50.0% retracement - if true - the level is used
- 61.8% retracement - if true - the level is used
- 76.4% retracement - if true - the level is used
- Grid Color - color of the grid