Harmonic Patterns Expert Advisor (EA)

The Harmonic Patterns EA is available on MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Trade over twelve harmonic patterns and use either the Potential Reversal Zone (PRZ) or the Pattern Completion Zone (PCZ) to determine key reversal and turning points.

Walk-forward genetic optimizations with at least 3-5 years of sample data should be used to ensure accurate forward results. Read our article for importing tick data on MetaTrader 4 & 5 here.

One consideration to note; volume tick data provided by brokers either real-time or historically are skewed since their liquidity providers typically do not give an accurate representation of the market’s depth. Therefor we have made this system based purely off price action with no reference to tick volume within any of the trend modifiers.

Harmonic Patterns Expert Advisor (EA) Settings on MetaTrader 4 & 5

Algo Rush Account Email

The email address that the active Algo Rush subscription is under.

• Note: The indicators and Expert Advisors will not initiate without an email address linked to an active subscription.

Scaling Mode (Resolution & DPI)

Users with either resolutions above 1080p (1920×1080) or DPIs above 96 will need to adjust the scaling mode settings to an option above the default 100% value. Adjusting this will resolve any issues with displaying objects such as text, buttons and windows within active charts.

• 100% or 96 DPI (default)
• 125% or 120 DPI
• 150% or 144 DPI
• 175% or 168 DPI
• 200% or 192 DPI
• 225% or 216 DPI
• 250% or 240 DPI

EA Magic Number

This number must be unique for every EA loaded. If the users forgets to change this, there will be errors within the MetaTrader client.

• Note: Any number such as 832855

Max. # Open Baskets (3/Basket)

The maximum number of baskets (signals) that can be open at the same time. Within a basket each position is one of the 3 TP levels. If only two out of the three TP levels are being used, then the basket will consist of two positions that have the same entry and their own TP levels.

• Default: 1

Trade Direction

This number must be unique for every EA loaded. If the users forgets to change this, there will be errors within the MetaTrader client.

• Long & Short (Default)
• Long Only
• Short Only

Position Size Method

The method used to allocate the amount used for each lot size within one trading setup.

• Dynamic Balance Risk (default)
• Fixed

Lot Size [1] (Fixed)

• Default: 0.3

Balance Risk % [1] (Dynamic)

• Default: 3

Lot Size [2] (Fixed)

• Default: 0.2

Balance Risk % [2] (Dynamic)

• Default: 2

Lot Size [3] (Fixed)

• Default: 0.1

Balance Risk % [3] (Dynamic)

• Default: 1

TP1 Factor

It’s first multiplier with fibo range for determining First take profit level.

• Default: 0.382

TP2 Factor

It’s second multiplier with fibo range for determining second take profit level.

• Default: 0.618

TP3 Factor

It’s third multiplier with fibo range for determining third take profit level.

• Default: 0.886

Stop Loss Distance (Pips)

You can increase SL level by increasing this value, it’s simply just additional pips to stop loss fib level.

• Default: 30

Max. Spread (Points)

• Default: 30

Max. Slippage (Points)

• Default: 3

Use Trailing SL

Must be enabled for any of the trailing options to work.

• Default: false

Instant Trail

When enabled, the trailing will begin early when ATR is activated before price reaches even TP1.

• Default: false

Use ATR Trailing SL

When enabled, the trailing will begin when ATR is activated rather than after TP1 or TP2.

• Default: false

Fixed T. SL Trail (Pips)

The fixed trailing stop loss in pips that is activated at Level C (default level for level C is 0.66 on the trend fib).

• Default: 0

Trail BE Delta (Pips)

The trailing breakeven offset that could be added to account for fees when adjusting the breakeven in pips.

• Default: 0

ATR Period

• Default: 14

ATR Multiplier

• Default: 1.5

Modify SL/TP with Similar Signal

Leave enabled to have your position’s take profit and stop loss updated when a new signal in the same direction is generated.

• Default: true

Exit/Delete on Opposite Signal

Leave enabled to have your long sell when a short signal confirms and vice versa.

• Default: true

Notify Profit

• Default: true

Notify Magic Number

• Default: true

Show Close All Button

Strongly recommended to have enabled.

• Default: true

Info Panel Pixel Shift

For resolutions higher than 1080p such as 2k, 4k, etc: 5-20.

• Default: 0

Use Trading Time Modifiers

• Default: true

GMT Open Hour

• Default: 0

GMT Open Minute

• Default: 1

GMT Close Hour

• Default: 23

GMT Close Minute

• Default: 59

GMT Close Minute (Friday)

Used when “Weekend Close Out” is enabled.

• Default: 57

Weekend Close Out

The position will close out before going into the weekend. Disable this option to have keep your position in an active during weekend closes.

• Default: false

Weekend Close Shift (Hours)

If “Weekend Close Out” is enabled, the position will close out starting from the minutes defined for the Friday (weekend) close minutes. To set the offset to one hour or more before, increase this value (defined in hours).

• Default: 3

References
https://algorush.com/wiki/harmonic-patterns-expert-advisor
https://algorush.com/trading-systems-for-metatrader/harmonic-patterns-expert-advisor/