Skip to content
All library documents

A Fibonacci Retracement Expert Advisor with Manual Price Inputs

Article MQL5 code base
Read the original

Summary

This description presents an MT5 expert advisor intended to automate entries and exits based on a Fibonacci retracement trading plan. The user supplies prices for the 50%, 61%, and 100% retracement levels on a five-minute chart, a second target on an hourly chart, and a risk percentage. The page frames the tool as a way to locate potential day-trading entries and says a video explains the plan’s steps, common mistakes, and application of Fibonacci levels.

The document gives no entry logic, exit rules, stop placement, position-sizing formula, instrument scope, or example trades beyond listing those inputs. It provides no backtest, performance evidence, or risk analysis, and the referenced explanatory video is not included in the text. As a result, it conveys the intended role and configuration of the advisor but is insufficient to reproduce or evaluate the strategy. The listed risk input alone does not establish how trade risk is calculated or controlled.

Key ideas

  • The advisor is described as automating trades around Fibonacci retracement levels.
  • It requires three five-minute-chart level prices, an hourly-chart target, and a risk percentage.
  • The page points to a video for the trading plan and common mistakes.
  • No execution rules, validation results, or detailed risk-sizing method are provided.

Tags

Technical indicatorsForexPosition sizing

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.