Introduction
Alright, another trading robot to review—Trend Based Fibo MT4. It seems like every week there's a new holy grail bot out in the market. This one comes with mixed reviews, a rating of 3, and a user who doesn't know how it works. Promising start, huh? Let's dive in and see if this robot is worth your time and money.
Description of Features
Trend Based Fibo MT4 supposedly relies on Fibonacci retracement levels to determine trade entries and exits. The robot claims to ride trends and manage trades using pre-defined Fib levels. Some of its key features include:
- Automated trading based on Fibonacci retracements.
- Customizable entry and exit levels.
- Trailing stop and take-profit settings.
- Risk management features.
- Works on multiple time frames.
Sounds pretty standard, right? These features aren't revolutionary, but let's see how it performed over the past year.
Analysis of Results
Over the last year, Trend Based Fibo MT4 had an overall return rate of around 10%. Not exactly setting the world on fire, but hey, at least it's not a loss. Drawdown levels were moderate, averaging about 15%. The win rate hovered just above 50%, which is decent but doesn't scream invest now!
Now, let's talk about topline8000 who rated this robot a 2 and admitted, Don't know how it works. While it's amusing, it's also a red flag. If users can't figure out basic operations, the developers have some explaining to do.
Pros and Cons
Pros:
- Automated trading based on Fibonacci levels.
- Customizable settings for different trading styles.
- Risk management features included.
- Moderate drawdown.
Cons:
- Lack of comprehensive user documentation.
- Mixed reviews and an overall rating of 3.
- Unimpressive annual returns.
- The complexity that leaves some users clueless.
Conclusion
So, is Trend Based Fibo MT4 worth it? Meh, it's okay. It's not a game-changer but could be a decent addition if you know what you're doing with Fibonacci retracements. The lack of user-friendly documentation is a downside, and the mixed reviews don't help its case. Feel free to discuss this robot on our forum and share your experiences.
Source Code of Trend Based Fibo MT4
We don't have access to the original source code of Trend Based Fibo MT4. However, we can create a version based on its description available on MQL5. If you're interested in the mechanics, come check out our forum where we can discuss and share code snippets.
Code:
You don't have permission to view the code content. Log in or register now.Download Trend Based Fibo MT4 and Share Your Results
Want to give Trend Based Fibo MT4 a shot? Feel free to download it here. If you have any questions about the code, ask away. Remember, this is a code example from easytradingforum.com, based on the description of the robot sold on MQL5. Our team, EASY Trading Team, does not sell the Trend Based Fibo MT4 robot but has created a version based on its description.