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Fibonacci Pivot and RSI Expert Advisor for Forex Trading
Unlock trading potential with our expert advisor, FiboPivotAndRSI.mq4. This Forex robot seamlessly integrates Fibonacci, Pivot Points, and RSI indicators for optimal performance. Tested rigorously on reputable brokers LQDFX and FXOpen, this EA ensures precision and reliability in your trading endeavors. Elevate your trading experience with FiboPivotAndRSI - the key to automated success in the dynamic Forex market.
fibopivotandrsi.mq4 14.2 kb, 49 downloads since 2015-04-22
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Elevate Your Trading with Fibonacci Pivot and RSI Expert Advisor!
Fibonacci Pivot and RSI Expert Advisor blending the power of Fibonacci retracements, pivot points, and RSI indicator for trade decision-making. It's ideal for traders who seek to capitalize on market retracements and reversals. This EA calculates daily pivot points and Fibonacci levels to determine potential support and resistance areas, using RSI for additional entry confirmation.
How this EA works
Pivot and Fibonacci Calculation: FiboPivotandRSI calculates daily pivot points and Fibonacci retracement levels based on the previous day's high, low, and close prices.
Trade Signals: It generates buy or sell signals when the price hits these calculated levels, aligning with RSI indications.
Trade Execution and Management: The EA opens trades at these key levels, incorporating a defined stop loss, take profit, and trailing stop for risk management. It also uses a profit shield mechanism, adjusting the stop loss to break-even when a certain profit is achieved.
Adjustable parameters:
StopLoss: Determines the stop loss level in pips.
TakeProfit: Sets the take profit level.
TrailingStop: Activates a trailing stop feature.
Lots: Specifies the trade size.
ProfitShield: Sets a minimum profit before a trade can be closed.
TimeZone: Adjusts for your specific time zone.
Slippage: Allows for price slippage in pips.
UseSound: Toggles sound notifications on or off.
Winning Strategy Settings:
EUR/USD, H1 time frame, Minimum balance: $1000
StopLoss: 30
TakeProfit: 40
TrailingStop: 15
Lots: 0.1
ProfitShield: 10
TimeZone: 0
Slippage: 3
Explanation of Winning Strategy Settings:
This strategy is tailored for the EUR/USD pair on an hourly time frame. A stop loss of 30 pips ensures risk management, while a take profit of 40 pips aims for reasonable gains. The trailing stop of 15 pips locks in profits as the trade moves favorably. A lot size of 0.1 is balanced for a $1000 account, ensuring proper risk management. The Profit Shield at 10 pips protects gains by setting a break-even point. Slippage is set to 3 pips, allowing for some market movement during execution.
fibopivotandrsi.mq4 14.2 kb, 10 downloads since 2023-11-13
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