Introduction
Meet FiboPlus, a trading robot that claims to carry the Fibonacci strategy to new heights. An algorithm that's garnered mixed reviews from traders, from excellent and ingenious to not sustainable in the long term. My professional skepticism beckons me to dig deeper, as every trading strategy has its own set of flaws and strengths. So, let's delve into the world of FiboPlus and discern its potential.Installation and Settings
Installing and setting up FiboPlus is straightforward even for a newbie trader. After acquiring the robot from the MQL5 marketplace, just download and install it into your MetaTrader platform. Set it to your desired time frame, though M15 and above are highly recommended. Adjusting the settings allows you to customize the robot's performance. Some other parameters like 'Colour scheme', 'Button Auto', 'Colour Text', 'x coordinate' and 'y coordinate' can also be adjusted as per your needs. But remember, tweaking these settings requires an understanding of the market and the Fibonacci strategy. So, proceed with caution.Experience in Using FiboPlus
Using FiboPlus can be a bit of a roller coaster ride. Traders have reported varied experiences, with some commending its ability to analyze Fibonacci retracements and others criticizing its inconsistent profitability. The robot is said to offer good support, with automatic trend detection, stop signals, and next entry points. However, it's hardly a secret weapon and you might find yourself in the win some, lose some category of traders.Advice for Improved Performance
The key to harnessing the full potential of FiboPlus lies in combining it with other indicators and strategies. If one thing is clear from the feedback, it's that relying solely on this robot for your trading decisions is a gamble. It's recommended to use FiboPlus as a part of a more comprehensive trading strategy rather than a standalone solution. That said, don't just blindly follow the sell and buy signals. Analyze the context, understand the market and use your judgment along with the robot’s indicators.FiboPlus Source Code
Don't let the aforementioned shortcomings discourage you. We haven't seen the actual FiboPlus source code, but based on the description on MQL5, we can recreate a similar code. However, remember that the value of a trading robot lies as much in its algorithm as in how it's used. If you have queries about the code, feel free to ask. Just bear in mind that this is not the original FiboPlus code but a reconstruction based on its description. Our team at EASY Trading Team did not sell you the FiboPlus robot, we've merely reconstructed the code based on its description.
Code:
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