The Mr Fibonacci Robot is a forex MetaTrader4 trading robot that uses the Fibonacci retracement tool to identify potential trading opportunities. The software also comes with a built-in news feed that provides real-time updates on market conditions, making it easier for traders to stay up-to-date on market developments.
In this review, we will take an in-depth look at the Mr Fibonacci Robot, examining its strengths and weaknesses, as well as its settings. By the end of this review, readers will have a better understanding of whether the Mr Fibonacci Robot is a suitable tool for their trading needs.
Mr Fibonacci Robot Strategy
The Mr Fibonacci Robot is a forex trading robot that uses the Fibonacci retracement tool to identify potential opportunities in the market. This strategy is based on the concept that after a significant price movement, the market will often retrace or pullback to one of the key Fibonacci levels before continuing in the direction of the original trend. The software also has a built-in news feed that provides real-time updates on market conditions, which can help traders stay informed and make better trading decisions.
One of the strengths of the Mr Fibonacci Robot is its user-friendly interface, which makes it easy for even non-technical traders to use. Additionally, the robot has a built-in stop loss system that helps you avoid unnecessary losses, which is essential for risk management. The fact that the robot is available in both desktop and mobile versions and is free to download makes it accessible to a wide range of traders. It can be used to trade currencies, commodities, indices, and stocks, and it uses a martingale system, which increases the lot size after a loss to recover losses quickly. The developer recommends an account size of $1000 or higher, however, traders should always risk what they can afford to loose and it works best on the M5 time frame.
TheRobot also features the RSI_FILTER and ATR_FILTER, which are input filters that can be used to refine its trading signals. The RSI_FILTER is a modified Relative Strength Index (RSI) that is designed to identify overbought and oversold conditions in the market. When the RSI is above a certain level, it indicates that the market is overbought and may be due for a pullback, while a low RSI reading indicates that the market is oversold and may be due for a bounce. The ATR_FILTER, on the other hand, is an input filter based on the Average True Range (ATR), which measures the volatility of the market.
One of the weaknesses of the Mr Fibonacci Robot is that it relies heavily on the Fibonacci retracement tool and may not work well in markets that do not exhibit clear retracements. Additionally, the martingale system can be risky, as it can quickly lead to large losses if the market continues to move against the trade. However, traders should apply proper risk management technique and test the robot thoroughly on a demo account before using it with real money.
Mr Fibonacci Robot Features
- Uses the Fibonacci retracement tool to identify potential trading opportunities.
- Built-in news feed provides real-time updates on market conditions.
- It operates on the MetaTrader4 platform.
- User-friendly interface that makes it easy to use for non-technical traders.
- Built-in stop loss system helps avoid unnecessary losses.
- Available in both desktop and mobile versions.
- Can be used to trade currencies, commodities, indices, and stocks.
- Recommended account size of $1000 or higher as stated by the developer.
- Works best on the M5 time frame.
- Uses a martingale system to recover losses quickly.
- Features the RSI_FILTER and ATR_FILTER input filters to refine trading signals.
- Mr Fibonacci Robot Settings
- Lot_size – Sets the lot size for each trade. (Recommended setting: 0.01 for Martingale mode)
- Manual_Confirmation – Allows manual confirmation of transactions.
- Fibo_Close_Price – Calculates FIBO levels using closing prices.
- RSI_Filter – Uses a modified RSI as an input filter to refine trading signals.
- ATR_Filter – Uses the Average True Range as an input filter to refine trading signals.
- Martingale_Mode – Enables the martingale system to recover losses quickly.
- Comments – Allows users to add comments to their trades for better record-keeping.
- Take_Profit – Sets the take profit level in points.
- Stop_Loss – Sets the stop loss level in points.
Mr Fibonacci Robot Summary
The Mr Fibonacci Robot is a forex trading robot that utilizes the Fibonacci retracement tool and a built-in news feed to identify potential trading opportunities. Its user-friendly interface and built-in stop loss system make it suitable for traders of all levels. The robot also features input filters such as the RSI_FILTER and ATR_FILTER to refine its trading signals.
Its weakness is that it relies heavily on the Fibonacci retracement tool and may not work well in markets that do not exhibit clear retracements. However, traders are advised to test the robot thoroughly on a demo account and apply proper risk management settings before using it with real money. Overall, The Mr Fibonacci Robot is best suited for those who have a good understanding of the Fibonacci retracement strategy and are comfortable with managing risk.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
