The Expert Advisor is based on the Fibonacci levels. It uses a virtual trailing stop to support trades. The Fibonacci levels are plotted using the ZigZag indicator. Trading is carried out with pending orders, the type of trading is configured in the parameters of the Expert Advisor. When the wave of Fibonacci levels increases, the pending orders are modified at the new price. Trading is conducted both on the rebound from the Fibo level (Rebound level), and on the breakout level (Breakout level). Orders are placed above and below the price level, depending on the EA settings. When the Fibonacci trend line changes, unused orders are deleted.
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On the example of the levels from 100 to 0, the trade will have the following form:
It can work on any currency pair. All timeframes are supported. Transactions are made on the market (Market Execution)-take profit and stop loss are set after the execution of the order, modified according to the settings set in the Expert Advisor.
- Action — the type of trade. Rebound level = rebound from the level, Breakout level = breakout level;
- OrdersType — the type of orders. Stop and Limit = all Stop and Limit orders are used, Only Stop orders = only Stop orders, Only Limit orders = only Limit orders;
- MM-enable / disable the calculation of the trading lot from the risk per trade;
- EquityRisk — the percentage of risk per trade for calculating the trading lot;
- ManualLots-trading lot;
- TakeProfit-take profit;
- StopLoss-stop loss;
- Magic — magic number;
- Com-comment on transactions;
- FiboLevel — the Fibonacci level for opening trades;
- Backstep — the smallest number of candles between the connected points (ZigZag);
- Deviation — the minimum distance between local extremes, expressed as a percentage % (ZigZag);
- Depth — the smallest distance (expressed in candle bars) at which a new high or low will be drawn;
- TrailingStop — the number of points to start the trailing stop;
- TrailingStep-trailing stop step;
- ShowInfo — show / hide trade information;
- Languages — the language for displaying trade information;
- textColor — the color of the text of the output information.