Veer Fibonachi (Source Code) MQ4

Veer Fibonacci EA

Overview

The Veer Fibonacci EA is a trading algorithm designed to capitalize on Fibonacci retracement levels. It identifies potential trade setups based on price retracements within a trend.

Key Features

• Automatic Fibonacci Levels: The EA automatically plots Fibonacci retracement levels on your chart, making it easy to visualize potential entry and exit points.
• Customizable Parameters: You can adjust various parameters to tailor the EA’s behavior to your trading preferences.

Strategy

The core strategy of the Veer Fibonacci EA revolves around Fibonacci retracement levels. Here’s how it works:

1. Identification of Trend: The EA first identifies the prevailing trend (upward or downward).
2. Fibonacci Retracement Levels: It then calculates key Fibonacci retracement levels (typically 38.2%, 50%, and 61.8%) based on the recent price movement.
3. Entry Points:
   • Buy (Long) Trades: When the price retraces to a Fibonacci level during an uptrend, the EA considers it a potential buying opportunity.
   • Sell (Short) Trades: Conversely, during a downtrend, retracements to Fibonacci levels may signal potential short-selling opportunities.
4. Risk Management:
   • The EA sets stop-loss and take-profit levels based on Fibonacci extensions or other technical factors.
   • Position sizing is determined by the trader’s risk tolerance and account balance.

Trading Parameters

• Minimum Deposit: The Veer Fibonacci EA can be used with various account sizes, but a minimum deposit of $500 is recommended to manage risk effectively.
• Timeframe: The EA performs well on multiple timeframes, but it’s commonly used on H1 (1-hour) and H4 (4-hour) charts.
• Currency Pairs: While it can be applied to any currency pair, it tends to work best on major pairs like EUR/USD, GBP/USD, and USD/JPY.