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Fibonacci Retracement Review

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Fibonacci Retracement is currently found within the MQL5 marketplace under the Experts heading. It was created by Vladimir Gribachev, and it was first uploaded to the marketplace on the 20th of March 2020, it has received a few updates, the most recent update was on the 24th of March 2020 and this bought the EA up to version 1.2.

Overview

Fibonacci Retracement is an expert advisor that was designed to work with the MetaTrader 4 trading platform. Its main purpose is to trade in line with the Fibonacci Retracement method. The Fibonacci levels are built by the EA in accordance with standard ZigZag indicators. At the start of a new bar, the advisor will check to see whether a new minimum or maximum has appeared on the charts, it will then automatically rebuild the level grid when this happens

The EA can display and use up to five levels of Fibonacci for opening levels, it will use up to two take profit levels with adjustable partial closing it can use averaging to break even, the EA can filter out trades on a Friday to avoid weekend holding.

The EA also comes with a number of different parameters, these include the timeframe for the Fibonacci levels, the depth of the candles, deviation, backstep, and the minimum wavelength.

Service Cost

The Fibonacci Retracement EA can be purchased with a one-time payment of $50, this allows up to 5 activations of the EA and no further limitations. There is also the option to rent the EA, this can be done on a monthly basis and will cost you $12.50 per month, it can also be rented for a six month period which will cost $25 for that period. A free demo version is also available, this version can only be used with the strategy tester within the MetaTrader 4 trading platform.

Conclusion

There has been just one user rating available, this has given the EA an overall rating of 5 out of 5 but the user did not leave a comment with the review, but it does indicate that it worked well for them. There are no comments available so the support being provided is an unknown to us. We would suggest contacting the developer with your questions so you can be sure that it is still being actively supported.

This Forex service is currently available at the following web address: https://www.mql5.com/en/market/product/47166

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