First Steps: Installing and Configuring the Robot
EA RoboFibo runs on MetaTrader 4 only and produces trades with pending stop orders rather than instant market entries. The download contains the compiled .ex4 file, the editable .mq4 source code, and three preset files built around a $100 minimum deposit with automatic lot sizing. Attach the EA to any chart after copying the files into the correct MQL4 folders, then select a preset or adjust the input parameters manually.
The robot works on M5, M15, M30, and H1 timeframes. The preset files are labelled by their target drawdown levels: 12%, 15%, and 20%. These files configure lot sizing and grid spacing to match a small account balance so that a new user can start with the recommended $100 minimum without further calculations. The source code is commented, which makes it feasible to trace how the grid intervals connect to Fibonacci retracement values.
Trade Logic: Pending Stops, Fibonacci Levels, and Filters
EA RoboFibo does not continuously hold open positions like a trend follower. Instead, it places pending stop orders above and below current price levels according to a grid derived from Fibonacci ratios. When price breaks through a level, the corresponding stop order becomes a live trade, and the opposite pending order may be adjusted or reversed depending on the chosen mode. This creates a breakout-catching behaviour that can fill orders quickly during volatile sessions.
Before any pending order is placed, the EA checks three confirmation filters: RSI with a 14-period setting, a 60-period moving average, and a filter based on the previous 1-hour candle. The goal is to avoid placing grid orders when momentum is flat or when price is trapped in a narrow range. The vendor's documentation describes these filters as reducing the number of unproductive grid levels during ranging markets, though no filter can eliminate such losses entirely.
A built-in news filter blocks trading for 60 minutes before and after high-impact calendar events. The list of news items is stored in an external file, which means users can edit which events are considered high impact. This feature is especially relevant for a grid system, because a sharp news spike can trigger several pending orders in quick succession at unfavourable prices.
Money Management and Grid Behaviour
The EA includes an optional martingale component controlled by the PipStepExponent parameter. When enabled, each new lot size in the same grid series is calculated as a function of the pip distance from the previous level. With the default presets, the martingale feature is either disabled or set to a mild multiplier, but traders who edit the source code can increase it. The product description clearly labels martingale as optional, which is important for anyone evaluating prop firm compatibility.
Fixed lot trading is also supported. In fixed lot mode, the EA places every grid order at the same size, making drawdown arithmetic straightforward. Automatic lot sizing based on account equity is included in the presets, so a $100 account will trade micro lots while a $5,000 account trades proportionally larger sizes. The maximum number of simultaneous buy or sell orders is capped at 30, which provides a hard limit on grid exposure when the market trends strongly in one direction.
For brokers that restrict stop loss or take profit modifications, the EA offers virtual exit management. In this mode, the robot tracks price internally and closes trades when a virtual level is hit, without sending an actual TP or SL order to the broker. This can help avoid broker-side rejections, but it also means the exit is not guaranteed if the terminal loses connection.
Risk Profiles: Selecting a Preset or Building Your Own
The three included set files are named by drawdown target and all assume a $100 minimum deposit. Starting with the 12% drawdown preset is the most conservative route; the 20% preset will open larger positions and tolerate deeper equity swings. Because the EA trades any currency pair, the same preset can be applied to a basket of pairs, but total exposure across all pairs must be monitored separately.
The source code allows experienced users to replace the RSI or moving average filters with their own conditions, or to change the Fibonacci grid spacing. Since the product is sold specifically as source code, buyers are expected to audit the martingale logic and adjust the PipStepExponent before running the EA on a live account. The NoDLL/Fix licence means no external DLL calls are required, which simplifies installation on restricted VPS environments.
Backtest Results Reported by the Vendor
The vendor's marketing material includes four one-month backtests on AUDCAD, with starting deposits of $500, $1,000, $2,000, and $5,000. According to those published results, net profit ranged from $348 to $5,315, with maximal drawdown between 23.65% and 34.15% and win rates around 82%. These figures are presented as the developer's own tests and have not been independently verified. A one-month sample on a single pair is not a reliable estimate of long-term performance, especially for a grid system that can hold multiple correlated positions.
Known Limitations
The hard cap of 30 open buy or sell orders prevents runaway grid exposure, but it also means a persistent trend can fill all available levels and leave the account in a large floating loss until the trend reverses. Grid strategies rely on price returning to the entry zone; a one-way move without retracement is the worst-case scenario. The news filter helps by pausing during scheduled events, but unscheduled headlines or central bank surprises can still move the market through multiple grid levels in minutes.
The EA does not identify a specific best pair or session. Trading on M5 with a $100 deposit and 1:30 leverage will produce frequent small positions, but spread and commission costs accumulate quickly on short timeframes. Users who plan to trade during high-volatility hours should test the pending stop reversal mode separately from the standard grid mode, because the two behaviours can produce very different sequences of fills and drawdowns.
Finally, the virtual exit management feature is a workaround, not a guarantee. If the terminal is disconnected when a virtual stop is reached, the position remains open and may exceed the intended loss limit. Anyone relying on virtual stops should run the EA on a stable connection and understand that hard broker-side stops are still the only guaranteed exit.
