MAC Fibo Expert Advisor For MT4
WE IMPROVED THIS EXPERT ADVISOR FOR YOU!!!
PLEASE NOTE: This expert advisor was publicly available for free usage on other websites and is not programmed by us. We explain the functionality and possible improvements of the EA. Furthermore, we are convinced that fully automatic Expert Advisors will fail in the long run. On the other hand, our semi-automatic approach with detecting the best setups and then activating our Expert Advisors (e.g. V-Power EA, EdgeZone EA) produced many successful traders and some of them even got prop traders at prop trading firms. Therefore, we added a similar semi-automatic trading feature (to allow only buy or only sell trades) to the free Expert Advisors. You can download the modified version here and enjoy!
Table Of Contents:
- MAC Fibo Expert Advisor For MT4
- Mac Fibo Expert Advisor for MetaTrader 4 - THE SETTINGS
- Mac Fibo Expert Advisor for MetaTrader 4 - CONCLUSION
The MAC Fibo Expert Advisor For MT4 is one of my favorite Expert Advisors on the market. The Mac Fibo Expert Advisor, in my opinion, is a nearly completed Expert Advisor.
If you can’t tell by the name, it uses Fibonacci levels to confirm the trades. Fibonacci levels are one of the most used tools in the Forex Market. It is used as a tool to show the retracement levels, which most of the time, bounce off fibonacci levels, like 0.238, 0.5, 0.618 etc.
When markets are trending, they always have the “pullback” period when price retraces to a certain point. What the Mac Fibo Expert Advisor does, is try to gain as much pips as possible on these retracements. That’s what the Fibonacci Retracement tool is used for.
Of course, having just a tool or an indicator by itself it’s not a good idea. For whatever reason, we might get fakeouts. For example. If the market starts trending and price pulls back to a fibonacci level, we get on a buy/sell. Then, the price keeps dropping & stops us out. Only for us to notice that the higher timeframe trend was on the downside. That would cause account losses. Which is not the thing we’re after.
Any tool or indicator by itself can be misleading. No matter how high the quality of the tool is, it can always send you to the wrong direction sooner or later.
What makes a good Expert Advisor is a combination of tools or market setups, coupled with great money management skills. This is what the developers of the Mac Fibo Expert Advisor have tried to achieve.
Coupling the Fibonacci Retracement tool, we use another known indicator, or should I say Oscillator, called the Moving Average Convergence Divergence (MACD). MACD, short for moving average convergence/divergence, is a trading indicator used in technical analysis of forex prices. It is designed to reveal changes in the strength, direction, momentum, and duration of a trend in a market.
If you can’t see why we would couple these tools / indicators together, let me explain it to you. Having an Oscillator (Which determines the strength of a trend), to confirm the trades we get on, shows us that the trend is strong enough, and we don’t risk a reversal / ranged market.
That is in our best interest when trading. The Mac Fibo Expert Advisor, other than these two tools, uses a Moving Average crossover as well. You can control the moving average parts at quite an extent. Moving Average crossovers are a great tool to spot a trend. When the cross happens, we look out for the Fibonacci retracements, and optionally, open a trade.
Other than these tools, the Mac Fibo Expert Advisor, has some great time and money management tools as well. You can control most of these settings through inputs. Let’s go through the settings so I can explain more.
Mac Fibo Expert Advisor for MetaTrader 4 - THE SETTINGS
Trade_Time - This is only a placeholder string, which holds the text “"+++Trade Time Parameters+++". This marks the beginning on the trade time parameters. Don’t touch this string, leave it at default.
StartHour - This setting marks the beginning of the time that the Mac Fibo Expert Advisor is allowed to trade during Monday - Friday (more on that later). The default is at 0. Which means 0:00 AM. The format is on 24hrs so the input can be 0-23.
EndHour - Complementing the upper, this setting marks the end of the time that the Mac Fibo Expert Advisor is allowed to trade. Default setting is at 16. You can use these two inputs to make the Mac Fibo Expert Advisor trade only during certain trading sessions.
FridayTrade - A very useful input. This is a boolean, can either be True or False. If this setting is True, the bot is allowed to trade on Fridays also. If false, the bot doesn’t trade and closes the opened trades on Fridays. This is because the market usually slows down at the end of the week.
MondayTrade - Same concept. You can control if the Mac Fibo Expert Advisor can trade during the opening and the closing day of the forex pairs. Respectfully, Monday and Friday.
MA_Params - Another placeholder string. This marks the end of the Trade Time Inputs. The string is "+++MA Parameters+++". This marks the beginning of the Moving Average inputs.
Fast_MA - Controls the pace of the Fast Moving Average. With default value of 5, you can change this input according to your testing.
Fast_Mode - This input is very important. This controls the Mode of the Fast Moving Average. The mode can be: simple averaging, exponential averaging, smoothed averaging and linear-weighted averaging. With inputs 0, 1, 2, 3 respectfully. The default input is 1, which means the fast moving average mode is exponential averaging. This gives more importance to the latter bars.
Slow_MA - Same as Fast_MA. Only that, this setting control the pace of the Slow Moving Average. Default value of 20. Notice that the Slow_MA needs to always be higher than Fast_MA.
Slow_Mode - Same as Fast_MA. Only that, this setting controls the mode of the Slow Moving Average. The default value is 0, so it uses simple averaging.
Mid_MA - Same as the Slow_MA and the Fast_MA. Only that, this setting controls the Middle Moving Average. So we have three moving averages in total.
Mid_Mode - Controls the mode of the Middle Moving Average. Current value of 0, meaning it uses a simple averaging mode.
Trade_Params - Another placeholder string. "+++Trade Parameters+++", marks the end of the MA inputs & the beginning of the money management inputs.
Lots - Basic lot input, with default value of 0.1. Change this value depending on your account size & the other two inputs below.
Min_TP - This input specifies the Take Profit in points. It’s called Min_TP since the take profit can change. It can go only up/down depending if it’s a buy/sell. The take profit of an order can change depending on the fibonacci retracement levels. Default value of 10.
Max_SL - This input specifies the Stop Loss in points. It’s called Max_SL since this is the highest amount of points we can lose within a trade. Default value of 50.
MagicNum - This input controls the magic number of the orders opened by the Mac Fibo Expert Advisor. This is useful because the management of the Mac Fibo Expert Advisor trades will not affect other trades, opened manually or by another Expert Advisor.
MaxOpnPos - Another important input, which controls the maximum amount of opened positions by the Mac Fibo Expert Advisor. Default value of 10, which means a maximum of 10 orders can be open at a time.
Long_Entry_Clr - Filler input. Controls the color of the buy arrow on the chart. Default value is Blue.
Shrt_Entry_Clr - Another filler input. Controls the color of the sell arrow on the chart. Default value is Red.
Close_at_fastXmid - A preference input. If this is true, when the fast moving average crosses the mid moving average, orders will be closed. The default value is true.
Mac Fibo Expert Advisor for MetaTrader 4 - CONCLUSION
The Mac Fibo Expert Advisor for MetaTrader 4 offers us a lot. From time management, to money management, the Expert Advisor gives us a lot of options to control how often and when we want to trade. This is critical to trading successfully.
Other than that, it gives us the freedom to control or manipulate the moving average settings. Which is a cool option to have. Since different markets call for different inputs.
All in all, it’s a well put Expert Advisor. I know nothing is perfect, but the Mac Fibo Expert Advisor comes pretty close.