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Fibonacci retracement levels involves using horizontal lines to indicate areas of support or resistance at the key Fibonacci levels before the price continues in the original direction. These levels are derived from the Fibonacci sequence, a series of numbers where each successive number is the sum of the two preceding ones (0, 1, 1, 2, 3, 5, 8, 13, 21, ...). In trading, the key Fibonacci retracement levels are 23.6%, 38.2%, 50%, 61.8%, and sometimes 76.4%, based on the vertical distance between a significant low and a high.

The EA starts by identifying a significant movement in the market on the H1 timeframe, which could be a notable upward or downward trend. Once the EA identified a significant high and low point in the market, the Fibonacci retracement is placed on the chart. The retracement levels act as potential support and resistance levels where the price might reverse. The most watched retracement levels are 38.2%, 50%, and 61.8%.

Once a signal confirms the price is reacting to a Fibonacci level:

For a bullish retracement in an overall uptrend, the EA look for buy opportunities when the price bounces off a key Fibonacci level.

For a bearish retracement in a downtrend, the EA look for sell opportunities when the price pulls back to and rejects a Fibonacci level.

Features:

Buy Only And Sell Only Options

Take Profit and Stop Loss

Virtual/Fake TP and SL Options

Max Close – Maximum trades to have, when the max is reached, it will close the oldest trade to issue a new one.

The setting is useful for brokers that limit the number of trades per account.

Auto Timeframe – This feature changes the timeframe to the next higher timeframe based on the draw-down percentage.

This feature is very helpful in reducing the frequency of trade when in drawdown. 

Equity Stop – Stop the EA from trading or closing trades when a set drawdown percentage is reached.

Trading Times

Trading Days

Trading Session Settings

Lot Size Cap – Max lot size the EA can take

MyFxBook: See our EA's track record

Results from live account: https://t.me/oseiwebrobots

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