Fibot Fibonacci EA for MT4: A Profitable Trading Robot
Introduction
The Fibot Fibonacci EA is an algorithmic trading system designed for the Metatrader 4 (MT4) platform. It leverages Fibonacci retracement levels to generate trading signals. In essence, it identifies areas of support and resistance based on these key levels.
Strategy Overview
- Fibonacci Levels: The EA focuses on the 38.2% Fibonacci retracement level. When the overall trend is established, it patiently waits for a pullback towards this level.
- Buy or Sell Decision: Once price reaches the 38.2% retracement, the EA opens a buy or sell trade in alignment with the prevailing trend.
FIB EA MT4
Key Features
- Profitability: The Fibot Fibonacci EA has demonstrated impressive gains over 2419 trades, as shown in the test chart results below1.
- Drawdown: The maximum drawdown during testing was 14.15%.
- Currency Pairs: The EA works with any Forex broker and can be applied to various currency pairs. However, it’s essential to choose pairs with sufficient liquidity.
- Time Frames: While it can be used on any time frame, it performs best on the higher time frames such as H1, H4, and D1.
- Minimum Account Balance: A minimum account balance of $250 is recommended.
- Demo and Real Accounts: Test the EA on a demo account initially to understand its behavior before deploying it on a real account.
Disclaimer: Trading involves risks, and past performance is not indicative of future results. Always conduct thorough research and seek professional advice before trading.📈🍀
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