Gold Fibo

Gold Fibo is a fully automated expert advisor for MetaTrader 5, built to trade gold (XAUUSD). It looks for a trend, waits for a pullback inside that trend and uses Fibonacci retracement levels of the latest price swing to decide where to enter.

How it works

The EA combines a trend filter, a momentum check and a Fibonacci entry. Each part must agree before an order is placed.

Trend and momentum filters

• A fast and a slow exponential moving average, read on the closed bar, set the trade direction.
• A Bollinger Bands check confirms momentum. The close should sit in the correct half of the bands without touching the outer band, which leaves room for a pullback.

Fibonacci entry

The EA measures the latest swing over a configurable lookback. The swing has to match the trend direction and be larger than a minimum size set as a multiple of ATR, so retracement levels are not drawn on small price noise. Entry can then be made in one of three ways:

• a stop order placed on a breakout of the swing;
• a limit order placed at the Fibonacci retracement level;
• a market order when price is already within tolerance of the level.

Exits and position handling

Stop loss and take profit are calculated as multiples of ATR, so they widen or tighten with current volatility. An optional trailing stop, based on ATR or on points, can protect open profit. The EA keeps one position open at a time, and every trade carries a stop loss and take profit from the start. It does not average down or add to losing positions.

Markets and timeframes

The product is aimed at XAUUSD, with H1 as the recommended timeframe. A low-spread or ECN-style account is preferred, with leverage of 1:30 or higher. Gold spreads and contract details differ between brokers, so check yours before running it.

Settings

The default inputs are the configuration the author tuned for XAUUSD. Exact names and values are shown in the EA's input tab, so review them there. The main groups are listed below.

The EA also checks lot step, stop levels, freeze levels and order filling modes against your broker's rules before sending an order.

Risk

Installation

1. Download the file from your account and extract it if it is archived.
2. In MetaTrader 5, choose File, then Open Data Folder.
3. Copy the EA file into MQL5/Experts and restart the terminal, or refresh the Navigator.
4. Open an XAUUSD chart on H1 and drag the EA onto it.
5. Enable Algo Trading, review the inputs and confirm.

If you plan to run it for long periods, consider a VPS and check the spread and trading hours settings against your broker's conditions.