Automated Fibonacci-Level Entries with Market-Order Scaling and Profit Exits

Summary

This automated long strategy derives Fibonacci-style price levels from recent pivot highs and lows, then lets the user select one level as a candidate entry. When the preceding bar’s low crosses below the selected level and other state conditions allow a fill, the system submits a market buy. It can add repeated entries, with a configurable distance condition intended to govern dollar-cost averaging, and calculates a take-profit threshold from the position’s average price.

The script also includes a start-time gate, a brief pause after entries, leverage-adjusted take-profit and averaging parameters, and alert messages for external execution. It closes the accumulated position when price reaches the profit threshold. The document describes an implementation intended to contrast market orders with an earlier limit-order version, but supplies no backtest results or analysis of slippage, fees, or risk from extensive pyramiding. The Fibonacci levels are mechanically calculated from pivots; the document does not establish that they predict support or produce an edge. Automated deployment depends on correct alert and exchange configuration.

Key ideas

• The strategy calculates retracement and extension levels from recent pivot highs and lows, with a selectable level for entries.
• A prior-bar low crossing the chosen level can trigger a market buy when the strategy state permits it.
• Repeated entries are supported, while a take-profit price is based on average position cost.
• Time gating, a post-entry pause, leverage-adjusted parameters, and alerts support automated operation.
• No performance evidence is presented, and market execution and repeated scaling carry unquantified costs and risks.

Tags

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