About the Fibonacci Lines Expert Advisor
The Fibonacci lines Metatrader 4 Forex Robot is an algorithmic trader that draws Fibonacci lines on the activity chart while using its price breakout characteristics to determine buy and sell market signals.
The Fibonacci lines forex robot goes a step further to adopt the Fibo lines and moving averages within its lines of code.
This combo increases the probability of winning trades.
More so, the EA functions as a filter, offering traders the possibility to limit the maximum risk for each trade (as defined by the “MaximumRisk” value within the EA’s inputs variable).
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Download the “Fibo.mq4” MT4 robot
Key Features
Fibonacci-Based Trade Entries
Utilizes Fibonacci retracement levels to identify potential reversal points, enhancing the accuracy of trade entries.
Automated Trade Execution
Executes buy and sell orders automatically based on Fibonacci levels, removing the need for manual trade placement.
Customizable Risk Management
Includes adjustable stop loss, take profit, and lot size settings, allowing traders to manage risk according to their preferences.
Multi-Currency Pair Support
Optimized for multiple currency pairs, providing flexibility for traders to diversify their portfolios.
User-Friendly Interface
Designed with simplicity in mind, making it accessible for traders of all experience levels.
Strategy Tester Report
Find below the Fibonacci lines robot strategy tester report for the EUR/USD forex pair on the Daily chart.
Overall Performance
The EA made a total profit of $27636.37 from a total of 134 trades.
The largest winning trade generated $3125.87 in profits, while the largest losing trade generated a loss of $3046.67.
Statistics:
Bars in test: 2587 ticks modelled
Initial deposit: $10000.00
Total net profit: $27636.37
Total trades: 134
Largest profit trade: $3125.87
Largest loss trade: -$3046.67
Consecutive wins: 8
Consecutive losses: 1
How the EA Works
- Identifies key Fibonacci retracement levels on the price chart.
- Monitors price action for potential reversal signals at these levels.
- Automatically places buy or sell orders when predefined conditions are met.
- Applies stop loss and take profit levels based on Fibonacci projections.
- Closes trades when exit conditions are satisfied, securing profits or minimizing losses.
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Download the “Fibo.ex4” Metatrader 4 robot
Parameters & Settings
- Lot Size: Adjustable depending on account balance and risk tolerance.
- Stop Loss: Configurable to minimize potential losses.
- Take Profit: Set to predefined levels or customized to the strategy.
- Trading Hours: Can be configured to trade during preferred market sessions.
Recommended Trading Setup
- Platform: MetaTrader 4 (MT4).
- Currency Pairs: EUR/USD, GBP/USD, USD/JPY, and other major pairs.
- Timeframes: H1 or H4 for optimal Fibonacci retracement analysis.
- Broker: ECN accounts with low spreads and fast execution.
- VPS: Recommended to ensure uninterrupted 24/5 trading.
FAQ
Is the Fibonacci Lines EA suitable for beginners?
Yes, the EA is user-friendly and easy to set up, making it accessible for traders of all experience levels.
Can I use the EA on multiple currency pairs?
Absolutely. The EA supports multiple major and minor currency pairs, offering flexibility for diversified trading.
Does it include risk management tools?
Yes, the EA includes configurable stop loss, take profit, and optional trailing stop features for effective risk control.
Is continuous monitoring required?
No, the EA operates autonomously. However, occasional monitoring is recommended to ensure optimal performance and make any necessary adjustments.
Summary
The Fibonacci Lines MetaTrader 4 Forex Robot is a powerful automated trading tool designed to simplify forex trading while improving accuracy and profitability.
By leveraging Fibonacci retracement levels, it identifies critical support and resistance zones, enabling precise trade entries and exits.
This EA runs fully automatically on MT4, removing emotional decisions and ensuring disciplined trading around the clock.
With customizable risk management options—including adjustable stop loss, take profit, and trailing stops—the EA allows traders of all experience levels to tailor their strategies while maintaining control over their accounts.
Its multi-currency support and compatibility with major pairs make it flexible for diversified trading approaches.
