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 M5 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.
Specifications
| Product name | FRZ Harmonic Scalper |
| Platform Supported | MT4/MT5 |
| 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. |
Installation Steps
1. Go to MetaTrader>Options>Expert Advisors, tick “Allow automated trading”.
2. Copy and EA to the MT4/MT5 Expert folder
3. Restart/refresh your MT4/MT5
4. Load the EA to the desired pairs on M15
5. If your broker’s pair names have any prefix or suffix add them under settings.
6. Change the lot size and other settings as necessary
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.
Examples:
- If you put 500 here and your deposit balance is 1000, then the starting lot size would be = 1000/500*0.01= 0.02 lots
- If you put 250 here and your deposit balance is 2000, then the starting lot size would be = 2000/250*0.01= 0.08 lots
2. 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.
3. 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.
4. Maximum Concurrent Trades => This is the per-pair trade limit on the DCA trades.
NB: This EA does not include a stop loss. Thus, make sure you monitor your account equity to see if it is within your allowable drawdown based on your risk-aversion.