The Harmonic EA is an automated software tool designed to assist traders in the foreign exchange market by utilizing algorithms to identify harmonic price patterns in currency pairs. The EA applies technical analysis techniques to scan the markets, identifying potential trades. The software’s scalping approach tries to generate opening and closing trades within a short period.
Harmonic EA Strategy
The Harmonic EA utilizes the strategy is to use it as a signal generator to identify potential entry points in conjunction with trader’s existing trading system. The algorithms analyse currency pairs and generate buy or sell signals based on harmonic patterns, with entry points, stop-loss levels, and take-profit targets. The EA displays golden lines to indicate the entry points, which are the positions to open a trade. It also provides a red line that denotes the recommended stop-loss level to limit potential drawdowns if the trade doesn’t go in the desired direction. Additionally, the EA generates six blue lines, which indicate different take-profit levels.
Harmonic EA Features
- Multi-asset functionality.
- Multi-timeframe analysis capability.
- Efficient risk-to-reward ratio.
- Partial closing option to optimize trading outcomes.
- Customizable start and stop time for trading.
- Built-in shark indicator to identify harmonic patterns.
- Option to disable automated trading and use patterns for manual trading.
- Demonstrated better performance on higher timeframes.
Harmonic EA Settings
- MagicNumber – If you want to run multiple instances of this EA with different settings Use different MagicNumbers
- ECN=true/false – If your account is ECN then set this parameter to true
- startTime – The EA start trading at this time, and this is based on your broker time. If you don’t want to have start time set it to -1;
- stopTime – The EA stop trading at this time, and this is also based on your broker time. (At this time the EA stops opening new trades but the other functions are still working!) If you don’t want to have stop time set it to 25;
- trade=true/false – If you want to use this EA as a signal and do not want to use auto-trading then set this parameter to false
- Alert=true/false – If you want to have alert on each new signals then set it to true
- Show Patterns on Chart=true/false – If set this option to true then you will see the HARMONIC patterns on new chart!
- Close Chart on SL/TP- If set this option to true, When pattern hits stop loss or take profit or your positions trailed and closed that chart will be closed.
- LIST=”EURUSD,GBPUSD,AUDUSD” – List of the instruments separated by comma which you want to monitor and trade
- M1=false/true – if you want to Monitor this timeframe then set it to true!
- M5= false/true – if you want to Monitor this timeframe then set it to true!
- M15= false/true – if you want to Monitor this timeframe then set it to true!
- M30= false/true – if you want to Monitor this timeframe then set it to true!
- H1= false/true – if you want to Monitor this timeframe then set it to true!
- H4= false/true – if you want to Monitor this timeframe then set it to true!
- D1= false/true – if you want to Monitor this timeframe then set it to true!
- W1= false/true – if you want to Monitor this timeframe then set it to true!
- Find patterns with Minimum SL=x Points
- Reward/Risk This parameter set your take profit to Stop loss*Reward/Risk (If you want to have TP= SL set it to 1)
- lot=0.01; – If you set it to some number other than zero then the fixed lot will be used by EA, otherwise the Lot will be calculated automatically based on the Risk parameter
- Risk=0.5; – This is the amount of risk percentage. If the position hits stop loss then you will lose this much percentage of your account. This works only if you set Lot=0
- PartialClose=true/false – If this option is true then your position will be closed partially at some percentage of take profit.
- closeTpPercentage=50 – If you set this to 50 then some part of your position will be closed at half way of your take profit
- closePercentage=30 – If you set this to 30 then 30% of your volume will be closed partially.
- Trailing=false/true – If you set it true then your stop loss will be trailed if your position was in profit!
- trailStep=100 – This parameter is in points so if you set it to 100 then your position will be trailed after it was 10 pips in profit!
Harmonic EA Summary
Overall, the Harmonic EA uses technical analysis techniques to generate buy or sell signals and also provides visual aids such as golden lines, red line and blue lines for executing of the trades and to set their targets and stops. However, it’s important to note that while the Harmonic EA can be a useful tool, there is no guarantee of profitability, and traders should use a demo account to test the EA’s performance before using real money.
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