Elite eFibo Trader - MetaTrader 5 Expert - MT4/MT5 Resources

The author of the idea — Ace Forex , the author of the MQL5 code — Balabashka Kon .

The grid has a constant step size. Fibonacci based grid lot sizing.

This is not a "set it and forget it" expert, it is a tool for manual trading. The EA is in automatic execution mode, but you need to decide when to use it. This approach works when you have confidence in the currency, meaning you know the dollar will appreciate or depreciate. If you are right, it will increase your profits by increasing the lot size while limiting your risk to a few pips (risk tolerance can be adjusted).

e-Fibo can be used for two-way trading, but can be switched to buying only or selling only. See this example (set as follows: " Open_Buy " = false, " Open_Sell " = true), EUSUSD M30, period from June 23, 2016 to November 24, 2016, initial deposit - 100000:

- EURUSD fell steadily, with a total decline of 3004 points, while the profit in this range was 8788 points. This is all due to the grid or opening orders:

By simply buying EUR/USD without using eFibo trader you could potentially gain 3004+ pips. With eFibo Trader, you may receive 8780+ pips and only bear the spread risk. How is this possible?

Simple math: once you make a profit, you increase your position, but if the market goes against you, you only lose the profit.

eFibo uses Fibonacci based money management to buy/sell any currency pair. The Fibonacci levels are set by default, but in fact the can be replaced by any others. The idea is as follows:

If a currency is trending, you want to increase your position size because you are in profit. Your risk increases in proportion to your profit. On the other hand, you want to avoid taking a large position and losing it.

Example А: USD/CHF fell. eFibo is selling х lots at the first level (USD/CHF had to fall a point to reach the first level). As USD/CHF falls, eFibo sells more and more based on Fibonacci levels (1, 2, 3, 5, 8…), but you can customize it if you want.

When to use eFibo Traders:

When not to use:

Attachment download

📎 elite_efibo_trader.mq5 (47.66 KB)

Source: MQL5 #17015