Description

This is an expert adviser/robot that places orders based on harmonic patterns including Bat, Butterfly, Crab, Cypher, Gartley and Shark. Whenever a harmonic pattern is detected, the EA will place a buy or sell pending order according to the signal type.

The EA places pending orders on the initial recognition of the pattern and any repaints will result in deletion of the existing pending order and creating a new pending order. The pending orders will have an expiration time and therefore if the charts goes on the opposite direction, it may not cause any harm as the pending order will expire after the set time. In addition, we have unique algorithms built in to filter and identify the most potential harmonic patterns.

However, you also have the option the create OCO (once cancels other) pending orders on both sides. If you enable this option, then, even if the harmonic pattern does not work and the price continues in the same direction, you will still have a trade (provided PO activated before expiration time).

Installation Steps

1. Place EA file in the Experts folder of your MT4
2. Place template file in the Templates folder of your MT4
3. Place indicator files in Indicators folder in your MT4
4. Refresh/restart MT4
5. Load the the template file on any chart
6. Change the settings as you like (Default settings are fine to get started)

Installation Video

(NB: this video is based on an older version and current setup can be different from the initial versions)

EA Specs

Example Harmonic Pattern

Screenshot

Settings

Setting 1 – This is the lot size, you can increase or decrease depending on your deposit size.

Setting 2 – This is the expiry time for pending orders; you can change this as necessary.

Setting 3 – This is the pending order distance from current price. Distance is defined as a multiplier of ATR (Average True Range). ATR pip distance can be different as per the market conditions.

Setting 4 – This is the stop loss; you can increase or decrease as necessary. Distance is defined as a multiplier of ATR (Average True Range). ATR pip distance can be different as per the market conditions.

Setting 5 – This is the take profit; you can increase or decrease as necessary. Distance is defined as a multiplier of ATR (Average True Range). ATR pip distance can be different as per the market conditions.

Setting 6 – You can pause EA after a losing trade. Here you can set the time in minutes.

Setting 7 & 8 – Here you can define the time period for the EA to work. By default, EA will skip the early London session as this period can have strong trends that often leads to less reliable harmonic patterns. However, you can change it as necessary.

Setting 9 – This is the break-even point. This is define as a % of the take profit defined earlier.

Setting 10 – Here you can filter the harmonic patterns by ADX (Average Directional Index). ADX defines trend strength. If the market is in a strong trend, then it is less likely that harmonic patterns will work. You can here set any value between 0-100.  Lower this value, better the accuracy of the pattern would be.

Setting 11 – Here you can select to place pending orders (PO) on both sides (one buy PO and one sell PO) which will be OCO (Once Cancels Other which means if one pending order is activated, then other pending order will be deleted) If you enable this option, then, even if the harmonic pattern does not work and the price continues in the same direction, you will still have a trade (provided PO activated before expiration time).

Backtesting Results

Please note that past performance of any trading system is not necessarily indicative of future results. Full terms and conditions are given here