Introduction
As a professional trader and MQL5 programmer from the EASY Trading Team, I approach every trading robot with a healthy dose of skepticism. Today, we’re evaluating the Auto Fibo Retracement MT5, a robot that has garnered a rating of 5 from users like mm0079. This user praised its performance but noted some issues with large wicks. Let's delve into its features, analyze its results over the past year, and see if it lives up to the hype.Description of Features
The Auto Fibo Retracement MT5 is designed to automatically calculate and display Fibonacci retracement levels. Here are its main features:- Automatic calculation of up to 7 Fibonacci levels.
- Customization options for frame size, allowing traders to define the number of candles to look back.
- Option to use Open/Close prices instead of High/Low prices.
- FreezeMode to lock Fibonacci levels once initialized.
- KeepStartingPoint to maintain the initial starting point while recalculating the ending point.
- Customizable line color, style, and thickness for each Fibonacci level.
- Options to extend lines to the right or left.
- Position level information to the right or left side of the chart.
- Show or hide level values.
Analysis of Results
Over the past year, the Auto Fibo Retracement MT5 has shown consistent performance in normal market conditions. However, it struggles with very large wicks, as noted by user mm0079. This issue can affect the accuracy of the Fibonacci levels during volatile market conditions. Despite this, the robot has maintained a high rating, indicating overall satisfaction among its users.Pros and Cons
Pros:- Highly customizable, allowing traders to tailor the settings to their specific needs.
- Automatic calculation saves time and reduces manual errors.
- FreezeMode and KeepStartingPoint features provide stability in analysis.
Cons:
- Struggles with very large wicks, which can affect accuracy.
- Lacks some advanced features found in premium Fibonacci tools.
Conclusion
The Auto Fibo Retracement MT5 is a solid tool for traders who rely on Fibonacci retracement levels. Its high level of customization and automatic calculation make it a valuable addition to any trader's toolkit. However, it’s not without its flaws, particularly in volatile market conditions with large wicks. We encourage users to discuss their experiences and share results on our forum.Source Code of Auto Fibo Retracement MT5
We do not have access to the original source code of the Auto Fibo Retracement MT5 sold on MQL5. However, we have created a sample code based on its description available on the MQL5 website. This code is available for discussion and improvement on easytradingforum.com. Note that the EASY Trading Team does not sell the Auto Fibo Retracement MT5; we only provide a code example based on its description.
Code:
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