This is an expert adviser/robot that scalps the market based on harmonic price action patterns on currency pairs. Whenever a pattern is detected, the EA will place a buy or sell order according to the signal type. The EA runs on m15 charts and it has its own algorithm to filter out low probability trades. It features a built-in news filter and related-pair avoidance in order to minimize the risk.
Backtesting: Back testing would not provide accurate results as some of the functions of the EA does not work well on back testing. However, you can do a back testing to get a rough idea.
Specifications
| Product name | FRZ Harmonic Scalper |
| Platform Supported | MT4 |
| Time frame | 15 Minute Charts |
| Recommended pairs | Any currency pair. Major pairs recommended |
| Suitable market sessions | Works on any session |
| Recommended broker | Any broker with low spreads/ECN accounts recommended |
| Minimum deposit, leverage and lot size | $500 Minimum on 500:1 leverage. If leverage is less than this, you may have to increase the minimum deposit. Cent accounts can also be used. Recommended lot size: 0.01 per each $500 per pair. FRZ Harmonic Scalper – User Manual |
| License | The license quantity represent the no. of trading accounts that you can use the software simultaneously. You can download the software instantly after the payment but you need to inform us your account number/s for licensing for activation. The account licenses can be transferred to a different account on a nominal transfer fee. Existing customers are entitled for free updates subject to our terms. The full details on the licensing policy is given here. The full terms and conditions including the refund policy are given on this page. FRZ Harmonic Scalper – User Manual |
| Support | Personalized support (remote desktop/providing set files) on first installation/automation (please request within 14 days of purchase). General live chat, support ticket and email support are available thereafter. However if you need personalized support (remote desktop/providing set files) for any installation/automation beyond this scope, you can always hire one of our experts at an additional fee. More details on support is given here. FRZ Harmonic Scalper – User Manual |
| Current version | 9.1 |
Installation Steps
1. Go to MT4>Options>Expert Advisors and Allow automated trading.
Then add the following URLs to allowed list (This is for the news filter)
- http://ec.forexprostools.com/
- http://worldclockapi.com/
2. Place EA file in the Experts folder of your MT4.
3. Refresh/restart MT4.
4. Open the charts you want and load the EA on each of the charts.
5. Change the settings if necessary.
NB: Please load the EA to at least 10-15 charts to increase trading. Even if you use the EA on many pairs at once, the EA will not open trades on more than 3-4 pairs at once. Therefore we recommend you use the EA on many pairs at once to get frequent trades. If you use it on one or few few pairs, you may not get frequent trades as the EA uses some strong algorithm filter false entries.
Installation Video
Settings
Settings Explanations
1. Balance for each 0.01 Lot Size => Lot size is set as a multiplier of 0.01 for each specified amount of balance. For instance if you put 500 here and your deposit balance is 1000, then the starting lot size it 0.02.
2. Maximum Initial Trades => An initial trade refer to the first trade the EA takes on one single pair (before adding new positions on DCA if enabled). So you can control the maximum no of pairs where you get trades simultaneously.
3. Take Profit (ATR Multiplier) => You can set the TP as an ATR multiplier (Not in pips). TP is virtual and the EA may adjust the TP as necessary considering the averaging system.
4. Stop Loss (ATR Multiplier) => You can set the SL as an ATR multiplier (Not in pips). For instance, if the 14-period ATR is 10 pips and if you put 2 here, your actual stop loss would be 20 pips. Stop loss is virtual and the EA may use an averaging system to optimize the entry price.
5. Max Spread => Here you can set the maximum spread in pips you can allow. If the spread is more than this amount, the robot will not take trades.
6. News Filter => You can enable and disable news filter here. It is recommended to keep it enabled.
7. Maximum Trade Limit on Averaging => This limits the maximum no of trades a pair can have on DCA averaging. Setting this as 1 will disable the DCA function.
8. Maximization => You may integrate a mild lot maximizing method to improve the efficiency of the averaging system. You can set this as 1 to stop lot maximizing. E.g. if you set this as 1.1 and the EA enters a trade with 1 lot, then any additional lots would be multiplied by 1.1.
8. Max Trades Per Pair=> You can limit the no of maximum concurrent trades per pair.
9. Max Trades to Close on Breakeven => If the no of concurrent trades are more then this number, EA will attempt to close the trades at breakeven in order to minimize potential drawdown.
10. Max Time to Close on Breakeven (Hrs) => If an initial trade is older than this time, EA will attempt to close the trades at breakeven in order to minimize potential drawdown.
11. Enable Equity Guard => Here you can enable or disable equity based account guard (kind of stop loss).
12. Lowest Equity Allowed => This is the limit amount for the above equity guard. If the equity goes below this amount, EA will close all trades and will not make new trades.
13. Enable Drawdown Email Alerts =>If this is enabled, you will get email notifications, when equity drawdown is higher than the specified level. Please note you need to have the SMTP email properly setup under MT4 options in order for emails to work
14.Drawdown Email Alert Level % => This is the notification equity drawdown level for notifications
15. Drawdown Alert Email frequency => You can set the email frequency here.
Magic Number => You can change this if necessary but it is recommended NOT to change it. You can leave it the same on all charts.