Harrow Race is an Expert Advisor that has been developed based on Harrow Order. This is the high risk version of Harrow Order, which uses decreasing Anti-Martingale lot for real orders, and increasing Martingale lot for virtual orders. This EA is for traders who are brave enough to take risk with the Anti-Martingale method.
For more information about Harrow Order, you can read https://www.mql5.com/en/market/product/28456.
This EA works using the same principle as the Harrow Order. 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 real orders, and still uses Martingale calculation for virtual orders. So actually this EA still applies Martingale method as same as Harrow Order, but in background. The maximum martingale can be set at the MaximumMartingale parameter.
Since this EA uses Anti-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 keep watching the Anti-Martingale lot orders, and take action if something bad is going on with this EA.
Pairs and timeframes
This EA is recommended for use on the XAUUSD pair with M1 timeframe. But as seen from backtest results for January-March 2018 in screenshot below, Harrow Race can also be used on other pairs like GBPUSD and EURUSD, with initial balance as required.
Initial balance requirement
The recommended balance to use the EA is 20000 USD with Lots 0.1.
- MagicNumber - the mark number that is 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 hours. So the Support and Resistance levels used by this EA are the Support and Resistance for the last hour.
- 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.
- 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.
- MaximumLots - the maximum lots value that will be used by this EA. If back calculations suggest to place the order with a lot size greater than this parameter, the EA will cancel the request of new order.
- SlipPage - the slippage value used for every new order request.
- 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.
- ProfitFactor - the estimated profit that will be taken at every back calculation. For example, if the profit factor is set to 100, and the EA uses a lot size of 0.1, the estimated profit that will be used is 100*0.1=10 USD. If calculations reach this estimated profit, the EA will close all orders and begin with another initial order.
Copyright 2018, Sugeng Rianto and Ubaidillah