FIBONACCI RETRACEMENT - expert for trading according to the Fibonacci Retracement method. Fibonacci levels are built according to the standard ZIGZAG indicator. At the opening of a new bar, the adviser checks to see if a new minimum / maximum has appeared on the chart, and automatically rebuild the level grid when it occurs.
With proper setup, the FIBONACCI RETRACEMENT trading strategy is quite effective.
What are the benefits:
- up to 5 levels of FIBONAcci for opening deals;
- up to 2 take-profit levels with adjustable partial closing of transactions;
- transfer of transactions to breakeven;
- Filters by opening / closing time and holding time of deals.
- filter to end trading on Friday and start trading on Monday. * Transactions are NOT TRANSFERRED for the weekend;
- spread spread control.
There are 5 main parameters for setting FIBO levels:
- TIMEFRAME_FIBO - timeframe for building FIBO levels,
- DEPTH - the number of candles on which the ZIGZAG vertex will not be built if the DEVIATION condition has not been met.
- DEVIATION - deviation (the difference between the extremes of the candles, which is considered sufficient to build a new peak. It is expressed as a percentage.
- BACKSTEP - the minimum number of candles between two vertices.
- MIN_WAVE_LENGTH - minimum length of the last ZIGZAG wave.
The FIBONACCI RETRACEMENT Advisor contains a partial closing of the volume of open positions. Upon reaching the level TAKEPROFIT_FIBO_LEVEL_1, the EA will close part of the position and transfer the stop loss to the breakeven level. At the level of TAKEPROFIT_FIBO_LEVEL_2, the EA will close 100% of the volume. The percentage of closure and the number of pips at breakeven are adjusted.
Opening takes place at the levels ENTRY_FIBO_LEVEL_1, ... ENTRY_FIBO_LEVEL_5. If you do not want to use any level, then you need to set = "-1" in the parameter. Opening deals starts at level ENTRY_FIBO_LEVEL_1.
The chart displays FIBO levels and trade statistics.
- RISK_PER_TRADE - calculation of a trading lot depending on the risk per trade. If = 0.0, then not used;
- LOTS - starting lot for each N from the balance (parameter FROM_BALANCE);
- FROM_BALANCE - N units of the base currency for calculating the lot;
The most volatile pairs are suitable for work: GBPUSD, USDCAD, EURUSD, USDJPY, USDCHF, AUDUSD, NZDUSD.
- PAUSE_BETWEEN_OPENING - a pause between the opening of new transactions;
- PAUSE_AFTER_CLOSING - pause after closing deals;
- MINIMUM_HOLDING_TIME - minimum retention time of transactions;
- STARTING_TIME_ON_MONDAY - time to start trading on Monday;
- CLOSING_TIME_ON_FRIDAY - end of trading on Friday. All positions will be closed;
- MAGIC_NUMBER - magic number of the transaction;
- ORDERS_COMMENT - advisor comments in the order;
- added new features