Home Forex Service Review Fibonacci Retracement Pro EA Review

Fibonacci Retracement Pro EA Review

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Fibonacci Levels are one of the basic elements of reversal and breakout strategies, commonly seen among the Price Action traders. Fibonacci Retracement PRO is a paid version of the EA built for the MetaTrader 4 platform. This EA has more features than the base version and has more factoring elements in the whole setup. Interestingly, they are both made in March 2020 and have the same price tag.

Overview

The developer of this EA is Vladimir Gribachev from Ukraine who has an amazing array of products published on the MQL5 market, all of them are either free or sold for $50. A total of 276 products are published, most of them have not received any notice from the MQL5 community. However, the details and the presentation of the products give away a professional developer with a transparent approach and hands-on experience in the Forex. Currently, Vladimir Gribachev seems to be banned by the MQL5 admins, probably because of too many messages. The basic version of this EA has already received a review with a perfect score.

At its core, the EA has the automatic chart plotting of the Fibonacci levels, with customizable parameters in the settings panel. For better controls, several features are added. Traders will have manual control over the trade entries, Fibonacci calculation on the closing prices, RSI filter, and ATR filter. Aside from these indicators, Zig Zag is used for Fibonacci levels calculation.

Zig Zag is known for marking the peaks and bottoms of the historic price movements, according to this the EA will set the Fibonacci range and update is if there are no open positions that use the previous Fibonacci levels. The RSI indicator is probably one of the most used indicators, mostly for reversals. Its role in this strategy is probably to filter price bar crossings of the Fibonacci level that end up as false signals. ATR is a classic indicator of the asset volatility, breaking certain levels can be a signal of a breakout. These breakouts could have binary functions, to close a reversal trade which is most likely to be a loser and to prepare another trade entry in the direction of a breakout trend. ATR can also be used as a calm market filter.

The Overview page discloses a few key parameters that greatly affect the Fibonacci Retracement PRO performance. Timeframe FIBO is the logical timeframe setting for the Fibonacci plotting. The Depth parameter defines the number of candles used by the Zig Zag indicator, who in return defines the Fibonacci levels. Higher numbers will be more adequate for “longer-term” trends as the Fibonacci ranges will cover a larger time section. Another factor in this modification is the Deviation, which is used for new price peak and bottoms recognition. The Deviation parameter is also adjustable in percentages, it will affect the Zig Zag and, therefore, Fibonacci levels. The Backstep parameter is another recognition adjustment that defines the minimum distance between two Zig Zag levels, so you would end up with too many in a short-range, usually happening during important news events.

Fibonacci Retracement PRO has other implemented features for Risk and Money Management. Partial closing on first Take Profit level is done using, of course, Fibonacci levels after which a trade is held until a second Take Profit level is reached. Stop Loss is applied in the same manner except moving to break even method is used once first Take Profit is triggered. Moving to breakeven after the first target is hit is one of the most efficient Money Management methods traders use in any strategy.

How much a partial closure will be, and the breakeven moment in pips can be adjusted. This way traders can customize according to their own ideas on how to manage their trades. Additional levels on the Fibonacci can be used for trade entries if set in the settings panel, by default it is at level 1. On the chart, you will also see some statistics.

Settings concerning risk per trade are managed by Risk per trade parameter. Lots parameter is the Auto lot allocation based on the set amount per which the lot will be calculated. From balance is the amount relevant for the Lots allocation. Other settings are related to the working time of the EA, you can set a week start and closing time on Friday where all positions will be closed. If you need to take some notes for each trade, you can type it the Orders comment parameter.

Service Cost

The price tag is like the other products by this developer set at $50 with 5 activations. To rent it for 1 month you will need $12.5 and for 6 months $25. The demo version has been downloaded 36 times in 20 days since the initial release of the EA. What we like about this EA is the fact it featured attractive Money management options and methods and a wide range of other parameters traders can use for optimization.

Conclusion

The overview page does not contain any performance screenshots, significantly reducing the attractiveness of the EA. There is a low-quality video attached showing very little and nothing useful, except for a positive gains graph. The page for the basic version of the Fibonacci Retracement is similar, without backtesting results screenshots.

This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/47452

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