Fibonacci Retracement Trader - MetaTrader 5 Expert | Grid EA Download - MT4/MT5 Resources

This simple Expert Advisor was created to illustrate the functionality of trading Fibonacci levels. The EA uses the standard ZigZag indicator (from the standard MetaTrader delivery) as the basis for placing the grid.

The EA determines the direction of the trend based on the two latest highs and two lows (there are higher highs and higher lows - an uptrend; correspondingly, lower highs and lower lows - a downtrend; highs and lows moving in different directions - no trend). Fibonacci grids are based on trend only .

After drawing the grid, the EA waits for a retracement to a certain level and trades in the opposite direction on a breakout of that level.

The EA uses the following parameters:

For its trading, the EA uses Fibonacci levels drawn based on the trend of the standard ZigZag indicator.

Attachment download

📎 fibonacciretracement.mq5 (13.75 KB)

Source: MQL5 #16231