FRZ Binary Reversal Indicator Robot
This EA primarily uses Harami Candlestick Chart Patterns, which are considered to be strong reversal signals. The signal is generated at the open of the following candle after a Harami pattern.
This EA provides two additional filters to be added to filter the basic signals that will increase the accuracy:
- Bollinger Bands filter: You can optionally enable Bollinger Bands filter. If enabled, the EA will filter out signals which are not near the upper (for sell signals) or lower (for buy signals) band of the Bollinger Bands indicator.
- Stochastic Oscillator filter: You can optionally enable this filter. If enabled, the EA will filter out signals which are not in oversold areas (for buy signals) or overbought areas (for sell signals).
You may have one or both filters enabled. However, enabling filters will reduce the frequency of signals while increasing the accuracy of signals. In addition, this EA will not generate signals when there is a strong trend against, as measured based on a 10-period moving average.
When a buy or sell signal is generated, there is a variety of notification options as:
- Red/green arrow signs
- Alert popups
- Sound notifications
- Phone notifications
- Email notifications
NB: You will also need to set up your MT4 to receive phone or email notifications. This EA is designed for 5 minute charts only.