Introduction
As a professional trader and programmer in the MQL5 ecosystem from the EASY Trading Team, evaluating trading robots is part of the daily grind. Today, we take a look at the Fibonacci Breakout trading robot—a tool that supposedly leverages Fibonacci levels to predict market movements. Let’s see if this bot has what it takes to impress even the most jaded traders among us.Features Description
The Fibonacci Breakout trading robot is designed to identify and exploit breakout levels based on Fibonacci retracement levels. Here are the core functionalities:
Identifying Key Fibonacci Levels: Uses Fibonacci retracement levels such as 50% and 78.6% to identify breakout points. However, conspicuously omits the 38.2% and 61.8% levels.
Customizable Inputs: Offers a wide range of input settings for more tailored trading but lacks clear instructions for configuration—leaving users like faithdefender in the dark.
Visual Indicators: Offers visual cues like red and green X marks to signify potential trading signals, though their exact purpose remains ambiguous without proper documentation.
Backtesting and Live Trading Capabilities: Can be backtested and used in live trading scenarios, though its effectiveness is up for debate.
Performance Analysis
To get an idea of how this robot has performed over the last year, detailed statistics can be found on Fibonacci Breakout Performance Stats. Upon reviewing these stats, the robot appears to have had mixed results.Profits and Losses: The bot showed profitable months but also had its share of losses, making its reliability questionable.
Consistency: Lack of consistent performance—some months it did well, others it struggled.
Risk Management: It appears to employ basic risk management, but lack of thorough documentation makes it hard to assess its robustness.
Pros and Cons
What’s working and what’s not:Pros:
Offers customizable settings for personalized strategies.
Uses Fibonacci levels effectively for breakout identification.
Visual cues are a nice touch for quicker decision-making.
Cons:
Lacks instructional content—users are left guessing.
Omitted key Fibonacci levels like 38.2% and 61.8%.
Mixed performance results over the last year.
Confusing input settings deterring usability.
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Conclusion
The Fibonacci Breakout trading robot offers some intriguing features but falls short in terms of reliability and user guidance. With mixed results over the past year and a messy user interface, it's hard to fully endorse this bot. Traders should discuss their experiences and results on forums to better understand how to leverage this tool effectively.Source Code of Fibonacci Breakout
The original source code of the Fibonacci Breakout robot being sold on MQL5 is not available to the public. However, based on its description and the performance parameters outlined, it's possible to create a similar code. Traders interested in an example code can find it on easytradingforum.com. Remember, EASY Trading Team does not sell the Fibonacci Breakout robot; we only provide a code based on its publicly available description.
Code:
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