Idea Contributor: eesfx, MQL5 Code Author: barabashkakvn.
The Elite eFibo System features a grid trading strategy based on Fibonacci principles. This isn’t just a “set and forget” tool; it’s designed for manual trading. While the system automates trade execution, you still need to decide the right moments to deploy it. This tool shines when you have a strong conviction about a currency's movement, like whether the dollar is poised to rise or fall. When you're right, it amplifies your profits by adjusting lot sizes while keeping your risk within a few pips (these parameters can be fine-tuned).
eFibo allows for trading in both directions, but you can also configure it to focus solely on buying or selling. For instance, if you set Open_Buy to false and Open_Sell to true, you can target specific market movements. Here’s an example using the EUR/USD on a 30-minute chart from June 23, 2016, to November 24, 2016:
The EUR/USD pair experienced a smooth decline of 3004 points during this period, resulting in a profit of 8788 pips. This was achieved thanks to the grid of orders that built up the position:
Had you simply bought EUR/USD without the eFibo System, you would have captured 3004 pips. However, by utilizing eFibo, you could have pocketed over 8780 pips, risking only the spread. How is this achievable? It’s all about positioning: as soon as you secure profits, you can scale up your position, but if the market turns against you, your maximum loss is limited to your initial profit.
How to Use eFibo:
eFibo can trade any currency pair, utilizing Fibonacci-based money management. The default Fibonacci levels are customizable, allowing you to set your own preferences. The core concept is simple:
If a currency is trending, you want to increase your position size as you earn profits, effectively raising your risk in line with your gains. Conversely, you want to guard against large losses with substantial positions.
Example A: If USD/CHF is in a downward trend, eFibo will initiate sell orders at the first Fibonacci level (the currency must fall a certain number of pips to reach this level). As USD/CHF continues to decline, eFibo will automatically sell more according to the Fibonacci sequence (1, 2, 3, 5, 8…), though you can adjust these levels as needed.
Configuration Options:
- Open_Buy: Set to true to enable only buying.
- Open_Sell: Set to true to enable only selling.
- LevelDistance: Distance in pips for generating new buy/sell orders. For instance, if set to 20, new sell orders will trigger every 20 pips.
- StopLoss: This is the stop-loss level for all trades—not just a single trade. When reached, all positions will close.
- MoneyTakeProfit: The total profit target in USD. For example, if set to $2,000, all trades will close once the cumulative profit hits or exceeds this amount.
- Lots_Level_1: The base level for buying/selling in lots. You can adjust these levels, but default Fibonacci levels are recommended.
When to Deploy the eFibo System:
- When a trend has formed on any currency pair, regardless of the direction or timeframe;
- When there’s a clear inclination for one of the currencies.
When NOT to Use:
- In volatile or choppy markets;
- When market direction is uncertain.
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