FiboTrend is a fully automated Expert Advisor that is the sole product published on the mql5 marketplace by author Petar Kolev. The product was originally launched as version 1.2 in September of 2015.
FiboTrend is an automated trading robot that uses moving average to detect trends. It places a Fibonacci chart on the graphic, waits for correction, and places orders on levels 23.6, 38.2, 50.0, and 61.8. A manual function is also available, where the robot enters trades based on the Fibonacci chart and certain settings chosen by the trader. Here are a few more facts about the EA:
- Works on the MetaTrader 4 trading platform
- Can be used with any pair or timeframe; USDEUR and M30 are recommended
- VPS is recommended
Traders can rent this EA for $10 USD a month or $20 for 3 months. It can also be purchased for $80. Overall, these prices are relatively low for an automated trading robot, but do keep in mind that only 5 activations are included so use them wisely. The EA also requires a minimum of $200 USD on a lot size of 0.01, so you’ll want to make a larger deposit into your trading account. VPS is also recommended and may add to the cost, unless you can find a broker that provides it for free with your account type. Free demo accounts are available with no purchase requirement.
FiboTrend is a trend-following EA that uses moving average and Fibonacci charts. While the EA does not have any ratings, it does have a few interesting comments:
“We were not successful, with a modeling 99.90%” -technow
“How does this work, please? IT is buy at fibo 100 – sell at fibo 61.8 on uptrends and then buy again at? How does the sequence work?” -mylien
“Can I get to see a working myfxbook page…the one you posted above does not work anymore” -Farooq
The author only replied to one comment…otherwise, he completely ignored the user’s questions or cries for help. If you’re going to use this product, we would highly recommend using VPS, even though it isn’t absolutely necessary. Also, follow the author’s advice to test the EA in strategy tester to evaluate risk and frequency parameters and make necessary adjustments. In conclusion, the author does not seem to be very interested in traders using his product, and all comments were from frustrated users that didn’t get good results, so traders may want to skip this one altogether or use it at their own risk.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/11120