Trading Talk

Automating Fibonacci Levels

Fibonacci trading is a popular trading strategy utilized by traders to identify potential entry and exit points in the market using Fibonacci retracement levels. These levels are calculated from the Fibonacci sequence, a mathematical sequence of numbers, and can help identify areas of support or resistance.

In this episode our traders show you how to automate the Fibonacci indicator within only a few simple steps.

The advantages of automating Fibonacci trading are numerous:

Time-saving:

Automating the process of identifying potential entry and exit points can save traders time and allow them to focus on other important aspects of their trading strategy.

Improved accuracy:

Automated Fibonacci trading reduces the risk of human error and improves the accuracy of trades.

Increased consistency:

Automated trading systems can help traders maintain consistency in their approach to the market and avoid making impulsive decisions.

Backtesting:

Automating Fibonacci trading allows traders to test their strategy using historical data, which can help them refine their approach and improve their results.

Reduced risk:

Automated systems can help traders avoid making costly mistakes, such as entering trades that do not meet their criteria or exiting trades prematurely.

fibonacci-trading-benefits-automation
Fibonacci on AUDUSD

In summary, automating Fibonacci trading can be a valuable tool for traders seeking to enhance their trading results. By automating the identification of entry and exit points, traders can benefit from the power of Fibonacci retracement levels without the need for manual analysis.

To see all the Trading Talk episodes in full check out www.tradeview.com.au/trading-talk/

Ready to start trading? Sign up with our Partner Broker www.tradeview.tech

Latest Episodes

Trading Session Times

In this episode we analyse the trading model and find that when the strategy takes trades later in the day they are less successful, compared to when taking them earlier in the trading day.

With this information we create a Trading Session function that helps limit the time of the day that the strategy can trade, in doing this the model takes less trades and increases the win rate %.

Read More »

Modifying X Manager Algos

In this episode, we check in on the results of the My First Algo mini-series from the past 30 days and explore key upgrades for running algos in X Manager.

We’ll cover modifying and saving running algos, adding hedging when exposure exceeds net 5, implementing a pyramiding function, and testing across 28 Forex symbols to optimize for low drawdown. Plus, we’ll set up a brand-new algo on a fresh demo account.

Read More »

Creating a Portfolio

In this episode we continue upgrading the previous Breakout strategy and start creating a portfolio with multiple symbols and multiple timeframes.

Read More »