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Documentation DowHowFiboPro ExpertAdviser



Introduction:

This ExpertAdviser completes the DowHow series and takes us back to the absolute roots of trading. The consistent change of supply and demand leads to a constant row of movement and correction and finally to a trend. Based on the statements of Charles Dow the past packages taught us to work with three trend sizes: small, medium and large. However, the markets have become faster and more flexible, so the trader has to adjust his behavior. Thus, movements and corrections can not always be assigned to one of the three trend sizes. The crucial point is, which one is the leading trend actually. In addition, the market is going to become very fast, so the experienced traders will put their money into a risk that Is very short in the market. This EA is indeed very easy and fits into the current markets without any disregards, the nature of trading (movement, correction, trend) and leads the trader into markets for a short time. Avoiding redundant information and tools like indicators, oszillators or anything else does make trading very easy. In this EA we work with the absolute nature of trading. It is a matter of logic, if we want to use a tool to choose the right tool – a tool of nature called Fibonacci and the retracements of it. This tool is like self-fulfilling prophecy and most of traders around the world are using it. This is the knowledge we use in our EA.

The signal:

As soon as you are activating the EA in your chart (regardless of the timeframe) you can see the current trend (red is short, green is long and yellow is not a valid trend). You also can see the last valid correction zone and the Fibonacci retracement, if the last movement was corrected more than 23%. If you can see a smiley in the right corner of your chart it means the EA is working and you are able to make trades. .

A signal is generated if the following conditions are fulfilled: 1. You need a valid trend 2. More than 38% of the price is in correction 3. You can see a balance candle (Doji, Reversalbar, Shooting star) 4. The trend is not older than the 4. Correction 5. If the signal has not led to a deal after a maximum of 4 periods, the signal goes out 6. New signals may be generated during an ongoing signal, but no further deals will be triggered. As soon as the first four points are fulfilled the deal is triggered. This setup is one of the easiest setups ever. Based on the knowledge that a trend continuation is always more likely than a trend break (the statistic probabilities are round about 72%) we are using the impulse movement outcoming of the last correction zone in direction of the leading trend. We are also using Fibonacci retracements. You can see the colored retracements in the chart. This tool is very helpful to find the entry and your target immediately. Red to red, blue to blue, green to green and black to black. The deeper a correction is running the closer is your target.



Documentation of the adjustable parameters:

Parameter Standard Erklärung
ZigZag_Depth/De viation/Backstep 15/5/2 Settings for the ZigZag Indicator.
ZigZag_Line 2 Size for the ZigZag Indikator.
Preis_TrendNr_F arbe/Schriftgroesse DimGray/ 10 Color and size of the display trend phase numbers and price of the exreme points
___InputT___ -/ Trading
FiboLevels 0.0, 23.6, 38.2, 50.0, 61.8, 78.6, 85, 100.0 Fibo-levels in English number format, comma-separated
_FiboColors Black, NONE, Red, Red, Red, Blue, Green, Black Color assignment for above fibo levels, comma-separated. You have to enter the same number of color assignment as defined above Fibo-levels.
_SL_OffsetPips 10 Price pips which will be added to the SL
TP_FiboLevels -100.0, -61.8, -61.8, -61.8, -61.8, -27, -18, 0.0 Color assignment for above fibo levels, comma-separated. You have to entert he same number of color assignment as defined above Fibo-levels.
_TP_FiboColors Black, Red, Red, Red, Red, Blue, Green, Black Color assignment for above fibo levels, comma-separated. You have to enter the same number of color assignments as defined above Fibo-levels.
EA_Modus FixeLots OnlySignals = Signals are not traded automatically, but are only visible with an arrow in the chart. In addition the notifications set in Notification Management are sent. FixeLots = Fully automatic: The lotsize, set in FixeLot size, is used for dealer openings with a valid signal. In addition the notifications set in Notification Management are sent.
EquityLots = Fully automatic: lot size is automatically calculated from price risk (SL is calculated automatically), the tick value of the symbol and the risk per deal set in DealEinsatzInPrztnEquity and then used for dealer openings with a valid signal. In addition the notifications set in Notification Management are sent. BalanceLots = Fully automatic: lot size is automatically calculated from price risk (SL is calculated automatically), the tick value of the symbol and the risk per deal set in DealEinsatzInPrztnBalance and then used for dealer openings with a valid signal. In addition the notifications set in Notification management are sent. KtoWhrgLots = Fully automatic: lot size is automatically calculated from price risk (SL is calculated automatically), the tick value of the symbol and the risk per deal are set in DealEinsatzInPrztnWhrng and then used for dealer openings with a valid signal. In addition the notifications set in Notification management are sent.
FixeLotsize 0.01 This lot size is used when EA_Mode is set to FixeLots; the minimum and maximum lot size and the broker´s lot size for the symbol must be observed.
DealEinsatzInPrz ntEquity 0.1 Risk as a percentage of the current account equity that any deal may risk if EA_Mode is set to EquityLots. Attention: This is an approximate value under normal market conditions. For example in gaps or illiquid market situations the actual loss can be significantly higher, theoretically even unlimited and beyond your capital investment
DealEinsatzInPrz ntBalance 0.1 Risk as a percentage of the current account equity that any deal may risk if EA_Mode is set to BalanceLots. Attention: This is an approximate value under normal market conditions. For example in gaps or illiquid market situations the actual loss can be significantly higher, theoretically even unlimited and beyond your capital investment
DealEinsatzInKto Whrng 10 Risk as a percentage of the current account equity that any deal may risk if EA_Mode is set to KtoWhrgLots. Attention: This is an approximate value under normal market conditions. For example in gaps or illiquid market situations the actual loss can be significantly higher, theoretically even unlimited and beyond your capital investment
___InputF___ -/ Filter
Maximal_HHTT 4 What ist he maximum number of trend arms that can be traded?
Zeichnen_HAClo seNachFiboLevel 1 -1 = do not draw any fibo levels; Enter which one of the above fibo levels should be used as basis for the Heikin Ashi Close price, from which the fibolevels are drawn into the chart. Enter as levelnumber in MT4 way of thinking: 0 = 0. 0; 1 = 23. 6; 2 =38. 2; etc. Default 1 = 23. 6 level is used.
Einstieg_HAClos eNachFiboLevel 2 Enter which of the above Fibo levels should be used as the basis for the Heikin Ashi close price from which entry signals are possible. Enter as lever number in MT4 mindset: 0 = 0.0; 1 = 23.6; 2 = 38.2; usw. Standard 2 = 38.2er Level is used.
keinEinstieg_Clos eNachFiboLevel 7 Enter which of the above Fibo levels should be used as the basis for the Heikin Ashi close price from which no entry signals are possible. Enter as lever number in MT4 mindset: 0 = 0.0; 1 = 23.6; 2 = 38.2; usw. Standard 2 = 38.2er Level is used.
Doji_ToleranzPip s 1 How many pips may a candle body have, so that it is still evalutated as Doji. 1 = Doji add-on filter switched off.
Shootingstar_Ker ze False True = Shootingstar-conditions are needed for a signal to be allowed.
_ShootingStar_Ra tio 2.0 Minimum ratio between the distance of a candle high minus the opening price and the candle body, so a candle is rated as a shooting star.
_ShootingStar_To leranzPips 1 Maximum pip distance between a candle closing price and the candle depth, so a candle is rated as a shooting star.
keinEinstieg_X_ KerzenNoFill 4 After how many candles without fill should a stop order be deleted?
___InputB___ -/ Benachrichtigungsmanagement
EmailAlert False True = Email-notification is sent on signal (has to be configured in the settings of the MT4 instance, look at the „Configure Email notification“ section below. False = no email is sent on signal
PopUpAlert False True = At a signal a popup alert window (with sound) appears in MT4
False = no popup alert window is opened at a signal.
AudioAlarm [leeres Feld] WAV-Sound, e.g „alert.wav“, which should be played as alert sound. Leaving the field empty disables the function. Attention: The WAV file must be saved in the „Sounds“ folder of the MT4 installation (e.g C:\Program Files(x86)\XMMetaTrader\Sounds). Only WAV files can be played.
Pushbenachrichti gung False True = A push notification is sent to your mobile phone on signal (must be configured in the settings of the MT4 instance, look at the „Setting up push notification“ section below. False = no push notification is sent on signal
___InputA___ -/ Allgemeines
ID 180215165 1 Internal ID or „MagicNumber“ (any number between 1 and 2147483647 that the EA uses to recognize his own deals)
SlippagePips 5 Max. deviation in pips at order execution.


Installation instructions for loading the EA's into MT4

1. Save the EA file (ex4) onto your PC desktop. You can rename the file as you like.

2. Go to the desktop, select the file and copy it to the clipboard (e.g. by pressing Ctrl+c)

3. Open the MT4 in which you want to install the EA.

4. Select in the menu „File“ then „Open Data Folder“.

5. Select the „MQL4“ subfolder first then the „Experts“ subfolder and insert the buffered file (e.g. using the key combination Ctrl+v)

6. Now close and reopen the MT4

7. You will find the EA among „Expert Advisors“ in the Navigator window.

8. Select your account.

9. Drag-and-drop the EA to the chart (sympol, timeframe) on which you want to run the EA.

10. You can set the EA parameters with the „Input“ tab. In the tab „General“ you have to check „Allow live trading“ so the EA can make deals.

11. After clicking OK you see the EA name in the top right corner of the chart and an icon to the right: smiley or frowny. Frowny means: either „AutoTrading“ is switched off (button in the toolbar) or „Allow live trading“ (see number 10) is unchecked for this EA. Smiley means: EA is able to trade.



General information for best functionality

• The Heikin Ashi indicator has to be available in this exact notation in the MT4 instance in which the EA is to be used.

• Time interval and symbol are determined by selecting the appropriate chart.

• All price sensitive settings in pips: If you quote with 5 or 4 digits, 1 Pip = 0,0001. If you quote 3- digits and if is „JPY“ oder „jpy“ found in the symbol name is 1 Pip = 0,01. If you quote 1-, 2- or 0-digits, is 1 Pip = 1.

• If you want to run the EA in several charts with the same symbol (e.g. different settings in EURUSD should to be tested or traded parallel) please enter a different MagicNumber / ID for each individual so that the deals can be recognized correctly by the EA.

• In order to generate deals in the strategy tester „AutoTrading“ must be activated in MT4 in many MT4 versions.



Push Notifications Settings

For push notifications to work you need the appropriate settings in MT4 at Tools – Options – Notifications. To do this, check the box next to „Enable push notifications“ and enter your MetaQuotes ID. To get the MetaQuotes ID you need to install the mobile version of MetaTrader for iPhone or Android on your smart phone. There you can find it under Settings – Notifications as soon as you have set „Allow/allow notifcations“ or similar for the MT4 app in the iPhone /Android settings.

Email Notifications Settings

In order for the EA´s email notification to work, you must also set up your MT4 instance:

• Extras -> Options -> E-Mail – Check at activation

• Enter your SMTP server (outgoing mail server) e.g. smtp.gmail.com and „:25“ behind it. If the connection setup does not work after successful setup you can try entering „:465“ instead „:25“

• Enter your user name of the email account e.g. (email) – enter your password for this email account.

• outgoing adress e.g. email

• incoming adress e.g email.

ACHTUNG:Attention: some email providers (e.g. T-Online) only allow SMTP access via authentication. MT4 does not do this yet. Therefore, set up email notification with a provider that does not require authentication (e.g. Gmail).



Conclusion:

If you follow a few simple rules, trading is not really complicated. The real challenge is taking place in your mind. If you decide to try and buy this addon you´ve been doing a further step into the right direction. But that is not enough. Professional tools are one thing, a solid education is a complete different case. If you decide to buy or rent this EA I will give you a special offer for education you can take on my homepage. More information you will find here.