The Fibonacci Metatrader 4 Forex Robot is an algorithmic trading software that enter trades when there is a price retracement from Fibonacci levels.
The Fibonacci expert advisor is based on a popular Fibonacci strategy and uses the basic Fibonacci levels: 23.6%, 38.2%, 50.0%, 61.8% and 100.0%.
Fibonacci levels are usually used to spot levels of price resistance and support on currency charts.
This robot takes it a step further by turning them into autopilot entry and exit points via the use of an algorithmic model.
In a nutshell, this EA is simple to implement and holds a few settings which are easy to grasp.
Strategy Tester Report
Find below the Fibonacci forex robot strategy tester report for the EUR/USD forex pair on the daily chart.
The EA made a total profit of $10026.37 from a total of 209 trades. The largest winning trade generated $561.48 in profits, while the largest losing trade generated a loss of-$439.66.
Bars in test: 2048 ticks modelled
Initial deposit: $10000.00
Total net profit: $10026.37
Total trades: 209
Largest profit trade: $561.48
Largest loss trade: -$439.66
Consecutive wins: 4
Consecutive losses: 1
MT4 Forex Robot Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Expert advisor
Input Parameters: Enable “no loss,” When to move break even, How much pips to move sl, Lots size, MaximumRisk, DecreaseFactor, TrailingStop, Stop Loss, MagicNumber, TakeProfit, FastMA, SlowMA, Distance, Momentum_Sell, Momentum_Buy
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the FIBONACCI V1.mq4 into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)