Forex Fibonacci Wizard Robot review:
About The Forex Fibonacci Wizard Robot
The Fibonacci Wizard looks for divergences indicating potential reversals. When a divergence is detected, the EA will open 1 trade with a profit target based on user selected Fibonacci Retracement level. If another divergence is detected prior to reaching the profit target, the EA will open another trade of the same size and recalculate the profit target. This will be attempted until a profit target is reached or the EA reaches the user defined maximum number of open trades. The user must also specify a default profit target in dollars or pips. The default profit target must be met in addition to the Fibonacci based level, this prevents the EA from calculating targets with negative profit in turbulent market conditions. It is recommended to keep the default profit target low if using a Fibonacci based target. However, if desired the user may turn the Fibonacci based target off and let the EA trade solely on the default profit target.
Magic Number – unique number that the EA uses to identify its trades
Max Trades – the maximum number of trades the EA is allowed to take on any given currency pair
Trade Lots – the size of each trade
Stop Loss in Dollars – Stop loss is based on the sum of all profits for the given currency pair. So for example, if Stop Loss is entered as “50” and there are 5 trades open on EURUSD and the profit on all 5 adds up to a total $50 loss, then all 5 trades will be closed. Stop Loss should be entered as a positive value.
Fibonacci Based Target – if true, the EA will calculate a profit target based on the desired Fibonacci Retracement level, this is the intended mode of operation for this EA. For a trade to close, the price must exceed the value of the specified Fib Level AND be greater than the default profit target in dollars. If Fibonacci Based Target is set to false, the EA will only look for the default profit target and will not draw Fibonacci levels on the chart.
Fibonacci Level- is the desired target for closing the trade. It should be entered in decimal form (e.g. 0.5 for 50%). It is not limited to key Fib levels, any number may be entered. If “Fibonacci Based Target” is false, this value will be ignored.
Use Pips for Profit Target – if set to true, the default profit target in pips will be used instead of dollars
Default Trade Profit in Dollars – used if Use Pips for Profit Target is set to false
Default Trade Profit in Pips – used if Use Pips for Profit Target is set to true
Speed- this input is only relevant when using the backtester in visual mode. It allows the user to specify the speed at which the chart will go, the lower the number, the faster the chart goes. 1 is fastest, 100000 is slowest.
Copy and paste the file into the MQL4 Experts folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Experts (paste here)