Trading signals module based on FiboCandles indicator - MetaTrader 5 library - MT4/MT5 resources
The signal is formed at the close of the bar. Fibonacci candles change color at the moment the candlestick forms, indicating time to enter the market.
Place the FiboCandles.ex5 compiled file into terminal_data_folder\MQL5\Indicators.
The input parameters of the default Expert Advisor were used in the test shown below. Stop Loss and Take Profit were not used during testing.
Figure 1. Example of trade on chart
2011 AUDUSD H4 test results:
Figure 2. Test result graph
Since smoothing by the number of existing modules (basic one + one additional module) is performed during the "vote" calculation, the threshold should be indicated taking into account this fact. Therefore, after creating an Expert Advisor using the MQL5 Wizard, the Signal_ThresholdOpen and Signal_ThresholdClose values must be set to 40=(0+80)/2 and 20=(0+40)/2 respectively.
Attachment download
📎fibocandles.mq5 (8.69 KB)
📎 expm_fibocandles.mq5 (8.05 KB)
📎 fibocandlessignal.mqh (12.03 KB)
Source: MQL5 #831
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