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Elite eFibo Trader 2.6 EA
This version of eFibo trader includes additional trend detection signals based on simple indicators (RSI and MA).
Once the trend is detected, eFibo will enter orders based on a Fibonacci sequence (available as parameters).
The following additions were added with this new version:
Moving Average Cross Logic to determine if EA will buy or sell.
Parameter 1: MA On/Off If off, module is off. If on, override the Open_Buy = false, Open_Sell = true, with the following logic:
parameter 2: MA1-Slow default 65 parameter 3: MA2-Fast default 15
Elite_eFibo_Trader_v2_6.mq4 27.52 kb, 58 downloads since 2014-10-13
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This Expert Advisor (EA), calledElite eFibo Trader 2.6 EA, is designed to automate trading activities in the MetaTrader 4 platform. It employs various trading strategies and logic to make buy and sell decisions based on a combination of Moving Averages (MA) and Relative Strength Index (RSI) filters. Here's a description of what this EA does:
Trading Logic:
The EA allows the user to specify whether it should use Moving Average (MA) logic, RSI filter, or both in its trading decisions.
MA Logic:
When using the MA logic, it calculates two moving averages: a slower one (MA1_Slow) and a faster one (MA2_Fast) on the current chart.
If the slower MA crosses above the faster MA, the EA considers a buy signal.
If the slower MA crosses below the faster MA, the EA considers a sell signal.
The EA also includes features for closing open orders when the MA conditions change.
RSI Filter:
The EA can also incorporate an RSI filter to enhance trading signals.
If the RSI value exceeds the specified RSI_High threshold, it generates a buy signal.
If the RSI value falls below the specified RSI_Low threshold, it generates a sell signal.
Position Management:
It allows setting a Trailing Stop for open positions, which dynamically adjusts the stop loss as the trade moves in your favor.
The EA offers options for opening buy and sell orders and can manage multiple pending orders at different price levels.
Risk Management:
Users can specify the lot sizes for different trade levels, allowing for a progressive lot size strategy.
There's a setting to set a maximum loss (StopLoss) for each trade.
Profit and Loss Management:
The EA can close orders when a predefined monetary profit target (MoneyTakeProfit) is reached.
It offers a choice to continue trading after reaching the profit target (TradeAgainAfterProfit) or stop trading.
Trade Information Display:
The EA provides account information, including account name, number, leverage, lot size, and pip value.
It displays trading statistics such as the total number of trades, buy and sell trades, and order magic number.
The EA also shows account balance, equity, account profit, and profit for the specific symbol.
Trailing Stop:
The EA offers trailing stop functionality that can be used after a certain level of profit is reached.
Order Management:
It can manage open trades, close them, and delete pending orders as needed.
In summary, this EA aims to simplify and automate trading by employing a combination of technical analysis tools and flexible order management strategies. Traders can use it to execute and manage trades according to their specified preferences and risk tolerance.
Elite_eFibo_Trader_v2_6.mq4 27.52 kb, 7 downloads since 2023-11-05
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