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Fibonacci Channel Trading Station

This utility needs the user to draw a Fibonacci channel and save to HDD first (using another free script of mine: https://www.mql5.com/en/market/product/4786), and it does not support "strategy test" because it uses the manually drawn "Fibonacci channel".


Parameters

  • HowManyMinLot: How many do you want buy or sell (minimum permitted amount of the symbol).   
  • Round: How many rounds do you want the EA to buy or sell. 0 - no buy or sell permitted. 1-9999 - buy or sell rounds, then using the strategy tester for optimization.
  • BuyOrSell: Buy or Sell command. The command list is as below: 0 - do nothing.
  • FCSupport: What is the period of the Fibonacci Channel you want to buy or sell.
    • 1: 1 minute
    • 5: 5 minutes
    • 15: 15 minutes
    • 60: 1 hour. For memorization, 1 hour = 60 minutes
    • 4: 4 hours
    • 24: 1 Day. For memorization, 1 day = 24 hours 
    • 7: 1 Week. For memorization, 1 week = 7 days 
    • 31: 1 Month. For memorization, 1 month = 31 days 
  • FCStopLoss: what is the period of StopLoss Price that you want to use.
    • 1: 1 minute
    • 5: 5 minutes
    • 15: 15 minutes
    • 60: 1 hour. For memorization, 1 hour = 60 minutes
    • 4: 4 hours
    • 24: 1 Day. For memorization, 1 day = 24 hours 
    • 7: 1 Week. For memorization, 1 week = 7 days 
    • 31: 1 Month. For memorization, 1 month = 31 days 
  • FRTrailing: 3 ways of using algorithm of Fibonacci Retracement to calculate the stop loss of the order.
    • 0: not using the algorithm of Fibonacci Retracement, only use the default algorithm. The default algorithm is using StopLoss pips as the trailing stop pips. This algorithm is the most effective if the trend is right.
    • 1: use algorithm of Fibonacci Retracement to calculate the stop loss of the order (focus on good gain, lost less than "0").
    • 2: use algorithm of Fibonacci Retracement to calculate the stop loss of the order (focus on securing the profit, potential gains may not be too much, however, the losses are also not so much).
  • 7. VolumeCheck: The algorithm of using Volume to double check buy or sell.
    • 0: not using the algorithm of Volume, only SAR price is used.
    • 1: using the algorithm of Volume to double check whether a position is open or not.
  • 8. StopLoss: setup the stop loss. 1-655535: interger value. -1: read from FiboChannel.csv (default).

Example 1

AUDUSD H4 Fibonacci channel is up-trend, the current price is between FC line 3 and line 4. You want to buy 0.01 lots of AUDUSD, when the price drops to FC line 1. Using the same period stop loss, you can input:
  • HowManyMinLot = 1
  • Round = 1
  • BuyOrSell = 10
  • FCSupport = 4
  • FCStopLoss = 4
  • FRTrailing = 0
  • VolumeCheck = 1
  • StopLoss =-1

Example 2

AUDUSD D1 Fibonacci channel is up-trend. If you are not sure if AUDUSD is uptrend or downtrend and the current price is between FC line 3 and line 4, you want to buy 0.01 lots when the price retraces to 1 Day Fibonacci channel line 1 (and take profit at line 3), or sell 0.01 lots when the price goes up to the line 7 (and take profit at line 4), and you want to use 300 spread stop loss as your stop loss, buy or sell 1 round total, not using Fibonacci Retracement, and do the volume check, you can input:

  • HowManyMinLot = 10
  • round = 1
  • BuyOrSell = -7413
  • FCSupport = 24
  • FCStopLoss = 0
  • StopLoss = 300
  • FRTrailing = 0
  • VolumeCheck = 1
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