Introduction
Hmm, a typical Fibonacci-based trading bot, you say? Pardon my lack of enthusiasm, but let's see what we've got. Today, we're going to take a look at PZ Fibonacci MT5, with an averagely impressive user rating of 4.63 - although a healthy degree of skepticism never hurt anyone, right?Description of Functions
So, PZ Fibonacci MT5 is an automation tool that operates on the good old Fibonacci trading strategy. To its credit, let's note that it includes all Fibonacci retracement levels, or so it claims. Like other automated trading bots, it's designed to take manual execution out of the equation. Fascinating.However, this fella seems to have some minor user issues. A few users (Kevin, Arnemedvarerne, rudolfo007) have been having technical difficulties with the bot, namely loading issues and disappearing charts. That's a bit troubling to see. Well, I suppose all traders can't be happy, can they?
Analysis of Results
Looking at its performance over the last year, it's been a mixed bag of hits and misses. But an average rating of 4.63 suggests that it's been hitting more than missing. Maybe those, experiencing issues, simply need to tweak their settings or upgrade their systems? Who knows.An interesting point - the bot does not include 78.6 and 88.6 levels as pointed out by our friend Makarios. Perhaps, it's seen as unnecessary by the creators or maybe they just missed a trick.
Pros and Cons
The bot has its merits: it's an automated tool making trading easier (when it works) and applies the Fibonacci trading strategy which has its own legion of traders swearing by it.On the other hand, technical glitches as reported by some users can't be overlooked. It's disappointing, really. Also, there's scope for adding more Fibonacci levels. Nothing's perfect, I suppose.
The Source Code of PZ Fibonacci MT5
It's important to note that we are not privy to the original source code of PZ Fibonacci MT5 being sold on MQL5. However, we could always dissect it and create something similar based on its description. For questions regarding this, feel free to raise them. We at EASY Trading Team don't sell PZ Fibonacci MT5, we only built a trading robot code based on its description.For those interested, you can check out the robot's detailed stats on forexroboteasy.com. This is just a sample code from easytradingforum.com, based on the description of the bot being sold on MQL5.
Code:
You don't have permission to view the code content. Log in or register now.Your Guide: Downloading and Utilizing PZ Fibonacci MT5 Trading Robot
Feel free to join the conversation on our forum and discuss your results using PZ Fibonacci MT5. Remember, skepticism is a trader's best friend. So, keep those feedbacks and results coming.For issues related to the code, we're all ears. Just don't get too carried away with the excitement of it all. After all, a trading bot is a tool, not a magic wand.