Skip to content
All library documents

FiboCandles Color-Change Trading System and EURUSD Test

Article MQL5 code base
Read the original

Summary

This document describes an Expert Advisor that trades changes in the FiboCandles indicator. It opens a trade when the indicator’s candle color switches between pink and green, with the signal evaluated at the bar close. The system depends on a compiled indicator file and a trading library that supports brokers with nonzero spreads and setting stop loss or take profit when opening a position.

The document reports a test on EURUSD using the 12-hour timeframe in 2015, with the Expert Advisor’s default inputs. Stop loss and take profit were not used in that test. Although the text refers to chart examples and test results, it provides no numerical performance measures or detailed evaluation in the available content. The test therefore offers limited evidence about the strategy’s effectiveness. It also does not explain how the indicator determines its colors, how trades are sized, or how the system handles changing market conditions.

Key ideas

  • The system enters trades when FiboCandles changes color at a bar close.
  • The Expert Advisor requires the compiled indicator and a trading library.
  • The reported test uses EURUSD on the 12-hour timeframe in 2015.
  • The reported test omits stop loss and take profit, and the available text gives no numerical performance measures.

Tags

ForexTechnical indicatorsBacktesting

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