Expert advisor TrueFibo

Trading strategy:

The expert advisor sets a large grid of Fibonacci levels (red bars) on the chart of the currency pair from the minimum to the maximum of candles on the D1 chart — the number of candles is specified in the settings of the TrueFibo.

After that, the expert advisor stretches a small network of Fibonacci levels (blue stripes) between each level (red stripes). As a result we get the following picture on the chart:

As we can see in the picture, the expert advisor sets a double network of Fibonacci levels on the matryoshka principle, some levels inside others.

Conditions for entering the market:

• when the price crosses the level, the expert advisor opens an order to cancel the level;
• the EA uses Take Profit and Stop loss levels hidden from the broker;
• Take Profit is specified in pips and / or as a percentage of the Deposit;
• Stop loss is common for a series of orders;
• the working timeframe is M15.

MONEY MANAGEMENT

The expert advisor uses averaging through position locking. In other words, if the expert advisor opened a BUY order, but the price went to SELL and crossed the next level, the TrueFibo expert advisor will open a SELL order with an increased volume. As a result, the trading expert always follows the price on the trend.

Main parameters:

• FirstLot is the size of the first lot in the expert advisor series.
• Risk — if FirstLot = 0, then automatic calculation of the first lot is applied — this is a percentage of the free margin.

Calculation formula: FirstLot = Free margin / 100,000 * Risk. For example: FirstLot = 10 000 / 100 000 * 0.1 = 0.01 lot

• TakeProfit – the parameter Take Profit specifies in pips for the 5th digit.
• TakeByPercent — if you specify more than 0, the expert advisor will automatically close a series of orders when the specified percentage of growth to the deposit is reached.
• Factor is multiplier for calculating the next lot in the series.
• MaxOrders is the maximum number of orders in the series.
• Steppips is minimum distance between orders.
• FiboBar is the number of candlesticks for building a large Fibonacci grid on D1.
• Stoploss is the total Stop Loss for a series of orders is specified as a percentage of the Deposit (if you specify 10, then the Forex trading robot will close all orders with a drawdown of 10%).
• Magic is the unique number of the trading adviser on the chart. If you trade more than one pair, in MetaTrader 4 you must specify a unique Magic for each chart. This number allows The truefibo Forex expert Advisor not to mix orders from different charts when calculating.