EA with fibonacci retracement
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Hello, basically what I am looking for to create is IF I place a fib retracement level on a specific chart the EA would then know what to do. Entries would be on fib retracement as SL + (for example 15 - 20 pips). It would automatically go BE after (example 0,5% profit is achieved) and my exit strategy would be MA or fib extension level (I don't know yet what would work the best, I would like to test it tho).
Will I be able to create it here? If so could you point me in the right direction. I am kinda lost here and don't know where to start.
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This would also be possible if I placed 2 lines on a chart. The first line would act as entry and the lower one would act as resistance. Example fib level 50 and 61. I would place them manually on the chart. So my question is. Can EA advisor detect these objects?
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I would also need somehow to detect if the price is above those 2 lines or under them so I can plan my buy and sell orders. How do I do that? I have no idea lol.
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@palovink Yes, fxDreema can detect your fibo. The problem is that is it not very efficient at identifying price levels from that fibo. Did you search something about it through the forums? Probably you will find some interesting information.
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@l-andorrà I simplified it a bit basically I would place 2 horizontal lines on the chart then I would need to detect if the price is above or below to set buy or sell orders
the sad part is that I can't really figure out how to detect that horizontal line yet -
@palovink That is easy. Just select a colour for your horizontal lines that is NOT used anywhere else on your chart. Then you can do this:
In this example, the condition block is checking if price is abobe the line of that colour.
