MAC-Fibo Indicator - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources

Updated on May 21, 2012:
Here are the changes made in v1.1:
1. Complete rod adjustment. Now it will look at the previous 2 bars to determine the trend.
2. Add a reminder.

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The MACFibo trading strategy is the winner of Babypips.com's March Best Forex Trading System contest. This trading system uses 3 moving averages to identify trading opportunities and Fibonacci extensions to determine stop losses and profit targets.

This is an indicator based on the MACFibo trading strategy. More details on this strategy can be found here and on the babypips forum here .

Short signal:
When the 5EMA crosses the 20SMA downward:
Draw 2 points as follows:
Point A; candle close confirming the downward crossover
Point B: the highest price of the current wave before the crossover,
Profit Target: @ 161.8 Fibonacci Levels Stop Loss: Max 38.2 (Min @ 78.6) depending on your risk appetite.


Long signal:
When the 5EMA crosses the 20SMA upward:
Draw 2 points as follows:
Point A; candle close confirming the upward crossover
Point B: the lowest price of the current wave before the crossover,
Profit Target: @ 161.8 Fibonacci Levels Stop Loss: Max 38.2 (Min @ 78.6) depending on your risk appetite.

Exit mechanism for losing trades if the stop loss has not been reached: if the 5EMA crosses the 8SMA in the opposite direction of your open trade.

Attachment download

📎 MACFibo_v1_1.mq4 (4.93 KB)

📎 MACFibo.mq4 (5.24 KB)

Source: MQL5 #10710