Fibonacci strategy places a single long limit order at that level when the bar hour matches the chosen entry hour and the close is below the level. Position size follows the lot size input. It closes the trade after a set number of bars rather than using a price stop or profit target. The main settings change the Fibonacci ratio, entry hour, hold length, and lot size. The hold length counts bars, and there is no stop loss by default.
The inputs you can change from the gear icon on the chart. Defaults are the author's.
Setting
Type
Default
Variable
lot_size
float
1
lot_size
Hours to maintain operation
int
8
hold_hours
Fibonacci level
float
0.382
fib_level
entry hour
int
8
entry_hour
Third-party code. ForexR did not write, test or endorse this script, and the summary above was generated automatically from its code and README. Indicators describe the past, and a strategy's backtest can look better than live trading, especially when a script repaints. Check it in the Strategy Tester and on a demo account before you rely on it.
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