If you're looking to enhance your trading strategy, let me introduce you to the FiboArc Expert Advisor for MetaTrader 4. This nifty EA draws Fibonacci Arcs on your charts and executes trades based on price breakthroughs. It comes equipped with features like Trailing Stop Loss and Take Profit, making it suitable for all time frames across major forex pairs and NASDAQ stocks.
Getting Started with FiboArc
- Demo First: Always try it out on a demo account before diving into live trading.
- Price Action Focus: This EA trades strictly with the open candle price!
- Lot Sizing Control: If you prefer not to increase your lot size after a losing trade, simply set
IncreaseFactor=0. - Combining Strategies: This EA merges the strength of two moving averages with Fibonacci Arcs for effective trading.
- Live Trading Only: Note that the Fibonacci Arcs won't function in test mode; they're designed to work in live trading conditions.
- Probability Boost: The Fibonacci lines act as a filter, enhancing your chances of winning trades.
Key Inputs
- Take Profit Settings: Choose between using Take Profit in money (values: 10-100) or in percentage (values: 10-100).
- Trailing Stop: Enable trailing with specified monetary values (values: 25-200 for Take Profit, 1-20 for Stop Loss).
- Fibonacci Arcs: Customize the length (10-100 bars), color, and anchor candle number (0-10).
- Trade Management: Control drawdown and exit trades when the trend moves against you.
Drawdown Control
- Use Equity Stop: This feature helps manage your risk effectively (values: true).
- Set Your Limits: You can define your Total Equity Risk (0.01-20) and Max Trades (1-5).
Important Notes
- Be sure to optimize this EA every few months using the same input parameters.
- You can utilize it as either a hedging grid EA or a single trade EA.
- For guidance on backtesting, check out this link: https://bit.ly/2CD7XWD.
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