Harrow Strikes is an Expert Advisor that has been developed based on Harrow Order for MetaTrader 4. This is the MetaTrader 5 version and also based on Support and Resistance, Martingale and Anti-Martingale method. Since MetaTrader 5 already supports the use of hedging in trading, the algorithm of this EA has little differences from the original Harrow Order. For more information about Harrow Order, you can read https://www.mql5.com/en/market/product/28456.
Same as Harrow Order, the Support and Resistance position is used to detect entry point of orders. When the price touches the Support or Resistance position, this EA will send an initial buy or sell order based on the Relative Strength Index (RSI) value. It will open a buy order if the RSI value is greater than 50, and a sell order if the RSI value is less than 50.
Anti-Martingale method is used when the order can potentially be doubled. For example, a buy order at the increasing of market price. The next order will be sent the same type order, but with half lot. For example, if the initial profitable order is Buy with lot 0.2, then at the next Support or Resistance position, the next order will be Buy with lot 0.1, then 0.05, 0.02, etc.
And Martingale method is used to recover the misplaced order. For example, a buy order at decreasing market price. In the Harrow Order, the next order has a double lot, but this EA uses Anti-Martingale lot for the subsequent orders, and still uses Martingale calculation in background. So actually this EA still applies Martingale method as same as Harrow Order, and the maximum martingale level can be set with the MaximumMartingale parameter.
Since the EA uses Martingale method, this EA needs a high equity of balance where have ratio 1:200000 with initial lots that will be used. For example, if the EA uses a lot size of 0.1, the required balance is 20000 USD, and if the EA uses a lot size of 0.01 then the required balance is 2000 USD, etc.
However this EA is not safe for working by itself. Trader needs to be keep watching and take action if something bad is going on with this EA.
Pairs and timeframes
This EA is recommended for use on the EURUSD pair with the M1 timeframe. But Harrow Strikes can also be used on other pairs like USDJPY, EURJPY and EURGBP, with initial balance as recommended. You can try other pairs, with suitable different parameter values, especially the NumCandle variation values.
Initial balance requirement
The recommended balance to use the EA is 20000 USD with Lots 0.1.
- MagicNumber - the mark number used to identify orders, which are sent and managed by this EA. If this EA runs on multiple pairs, every pair must be run with different magic number, for example: GBPUSD - 100001, EURUSD - 200002, XAUUSD - 300003.
- NumCandle - the number of candles used to calculate Support and Resistance. The default value is 60 candles. If this EA is used on the M1 timeframe and NumCandle=60, it is equal to 60 minutes or 1 hour. So the Support and Resistance levels used by this EA are the Support and Resistance for the last hour.
- CloseAtStop - the option to close or not all orders at Remove EA action. Only removes orders that have magic number specified in MagicNumber above.
- OrderLots - initial lots value used for the initial orders. i.e OrderLots=0.01, 0.02, 0.04, 0.08, etc.
- MaximumMartingale - the maximum Martingale order. Default value is 6, i.e. the maximum Martingale multiplier is 25=32. So for virtual order, back calculations will use the maximum Martingale until multiplier 32. It will affect the decision of lot value of real next order to be sent.
- DeltaLevel - the level of distance between two orders. It depends on the width of Support and Resistance. If the range is too narrow, the distance between orders can be widened by increasing the value in this parameter.
- SlipPage - the slippage value used for every new order request.
Each broker has different characteristics or features, such as spread value. Please test the EA in the strategy tester or a demo account, and take variation of parameter values, before buying and using it on a live account.
Copyright 2018, Sugeng Rianto and Ubaidillah.