About the Bender V4 Fibonacci Expert Advisor
Bender V4 is an automated Expert Advisor for MetaTrader 4 that combines Fibonacci retracement/extension logic with price-action filters and custom indicators to identify and trade high-probability retracements and impulse moves.
The EA has demonstrated impressive performance, boasting a +121.18% profit over seven trading months.
One of the notable strengths of the Bender V4 Fibonacci EA is its ability to avoid trading in sideways or choppy markets.
Keep a close eye on the EA’s performance over time and take note of its profitability, drawdown, and trade frequency.
Free Download
Download the “Benderv4_robot.ex4” Forex robot
Key Features
Fibonacci-Based Entry Logic
The system identifies high-probability trade setups by analyzing Fibonacci “golden zones” during market pullbacks, providing precise entry opportunities.
Advanced Entry Filters
Custom filters, including trend direction, candlestick confirmation, and momentum analysis, help validate each signal to reduce false entries.
Flexible Money Management
Traders can choose between fixed lot sizes or percentage risk-based position sizing, ensuring the strategy adapts to different account sizes and risk preferences.
Comprehensive Trade Management
Built-in tools such as trailing stops, break-even adjustments, and multiple exit strategies allow traders to secure profits and protect gains effectively.
Optional Grid & Recovery Modes
For experienced traders, high-risk grid and recovery features are available, offering aggressive methods to manage losing trades and maximize potential returns.
MyFXBook Trading Results
Find below the MyFXbook performance report for the Bender V4 Fibonacci EA (click on the image to view at full size).
Performance Details
- Absolute gain: +121.18%
- Monthly profit: +22.93%
- Daily profit: +0.69%
- Drawdown: 14.33%
- Profit: $3,808.65
The trading results show an absolute gain of +121.18%, meaning the account has more than doubled since trading began.
On average, the system delivers a monthly profit of +22.93%, which compounds significantly over time.
Even daily, the account grows by around +0.69%, highlighting the consistency of the strategy.
Trading Chart
The image below is an example of how the Bender V4 Fibonacci Forex robot looks when applied to the EUR/USD 1-hour trading chart.
Please note the smiley face in the upper right corner of the chart (the robot is working).
How the EA Works
- Identifies dominant trend direction using moving average filters.
- Waits for a pullback to Fibonacci retracement zones (38.2%, 50%, 61.8%).
- Look for candlestick rejection or custom indicator confirmation.
- Executes trade when a confluence of signals occurs.
- Manages trade with stop loss, take profit, or trailing functions.
- Best suited for H1, M30, or M15 charts, depending on the instrument.
Download Now
Download the “Benderv4_robot.ex4” Forex robot
Parameters & Settings
- Magic Number: Unique identifier for each EA instance.
- Lot Size: Fixed or risk percentage per trade.
- Trend Filter: Moving average settings to confirm trade direction.
- Fibonacci Zones: Enable or disable retracement levels for entries.
- Stop Loss & Take Profit: Can be fixed, ATR-based, or Fibonacci-based.
- Recovery System: Optional grid/martingale mode (use with extreme caution).
Recommended Trading Setup
- Use a regulated ECN broker with tight spreads.
- Run on a VPS for 24/7 uninterrupted performance.
- Start with a demo account for at least 3–6 months of testing.
- Risk 0.5%–1% per trade for safer account growth.
- Disable aggressive recovery features unless fully understood.
- Backtest with realistic spreads and compare results with live performance.
FAQ
Is the martingale option safe?
The martingale or recovery option is not recommended, as it can quickly lead to severe drawdowns.
It is only suitable for high-risk traders who are comfortable with large swings in account equity.
Which pairs and timeframes work best?
Bender V4 is commonly used on major forex pairs such as EURUSD, GBPUSD, and USDJPY, with H1 or M15 charts being the most effective.
Some optimized versions are also tailored for Gold (XAUUSD). Always test your chosen set file on a demo account before live trading.
Summary
Bender V4 is a free Fibonacci-based Expert Advisor for MetaTrader 4 that leverages retracement and extension levels to find high-probability trading opportunities.
With its customizable parameters, risk management tools, and adaptability across different pairs and timeframes, it provides a flexible solution for traders looking to automate their strategies.
The EA is best used with conservative settings, careful demo testing, and a focus on verified trading results before going live.
For traders who approach it with discipline and realistic expectations, Bender V4 can become a valuable addition to an automated trading portfolio.
