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Hello everyone, I need an expert advisor to trade based ZigZag
+ Fibonacci levels.
Inputs
Lot size: Editable figures (eg 0.1)
Entry: Fibonacci level (editable) eg: 23.6% (Entry is always
limit order)
Target: Fibonacci level (editable) eg: 0.0%
Stop: Fibonacci level (editable) eg: 38.2%
ZigZag indicator parameters (editable) - (eg: ExtDepth,
ExtDeviation, ExtBackstep)
Strategy:
Zigzag indicator is drawn follows by the Fibonacci
retracement indicator. The Fibonacci follows the Zigzag line until the
direction changes. EA place a limit order at entry level (eg 50.0%) followed by
the stop and target (eg TP 23.0% - SL 61.8%). Orders are constantly modified if
ZigZag line moves to new highs or lows. If ZigZag is uptrend the order is Buy
limit and if Zigzag is downtrend the order is sell limit.
Notes: Once an order is placed EA does not cancel any orders
until they are filled, however EA carries on placing new orders based on new
entries.
PS: In the image attached I explained the strategy for one
trade on which is a buy limit for the A-B leg. According to this image EA
should carry on placing these orders:
Sell limit for B-C leg and Buy limit for C-D leg and Sell
limit for D-E leg.
Let me know if you have any questions?
Looking forward to hear from you.
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