The Expert Advisor is based on Fibonacci levels. It uses a virtual trailing stop for tracking trades. The Fibonacci levels are based on the ZigZag indicator. The EA trades using pending orders, type of trading can be configured in parameters. When the wave of Fibonacci levels expand, pending orders are modified according to the new price. The trading is performed both on roll back from a Fibo level (Rebound level) and on level breakthrough (Breakout level). Orders are placed above and below the price level depending on the EA settings. If the Fibonacci trend line changes, unused orders are removed.
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For example, with levels 100 to 0 trading will look like this:
- Rebound level — if the price is below FiboLevel set in the EA parameters, a pending SELLLIMIT order is placed at this level, if the price is above FiboLevel, a SELLSTOP order is placed.
- Breakout level — if the price is below FiboLevel set in the EA parameters, a pending BUYSTOP order is placed at this level, if the price is above FiboLevel, a BUYLIMIT order is placed.
The EA can work on any currency pair. All timeframes are supported. The EA opens deals in Market Execution mode. Take Profit and Stop Loss are placed after order execution and modified in accordance with the EA settings.
- Action — type of trade. Rebound level = roll back from the level, Breakout level = level breakthrough;
- OrdersType — the type of orders. Stop and Limit (all Stop and Limit are used), Only Stop orders, Only Limit orders;
- MM — traded lot is calculated based on risk per trade;
- EquityRisk — risk percentage per deal for trading lot calculation;
- ManualLots — traded lot;
- TakeProfit — take profit;
- StopLoss — stop loss;
- Magic — magic number;
- Com — a comment to trades;
- FiboLevel — Fibo level for opening trades;
- Backstep — minimum number of candles between connected points (ZigZag);
- Deviation — minimum distance between local extrema in percentage % (ZigZag);
- Depth — shortest distance (in candles) a new maximum or minimum will be drawn at;
- TrailingStop — number of points to start trailing stop;
- TrailingStep — trailing stop step;
- ShowInfo — display/hide information on the trading;
- Languages — language of the displayed trading data;
- TextColor — displayed data color.