About the Harami Pattern Expert Advisor
The Harami Pattern MetaTrader 4 Forex Robot is an expert advisor that identifies and trades the Harami candlestick pattern, a two-bar formation indicating potential trend reversals.
This EA automates trading decisions based on the Harami pattern, executing buy and sell orders with precision.
It is designed to work on various currency pairs such as EUR/USD, GBP/USD, USD/JPY, and more.
The EA operates across multiple timeframes, allowing traders to tailor it to their preferred trading style.
Free Download
Download the “Harami.mq4” MT4 indicator
Key Features
Harami Pattern Detection
The EA scans the market for Harami candlestick patterns, which consist of a large candle followed by a smaller one contained within the first. This pattern suggests potential trend reversals and is used as a signal for trade entries.
Automated Trade Execution
Once a Harami pattern is detected, the EA automatically executes buy or sell orders, eliminating the need for manual intervention and allowing for timely trade entries.
Customizable Settings
Traders can adjust various parameters such as lot size, stop loss, take profit, and timeframes to align the EA’s performance with their individual trading strategies and risk tolerance.
Strategy Tester Report
Find below the Harami Pattern forex robot strategy tester report for the EUR/USD forex pair on the daily chart.
Key Performance
The EA made a total profit of $1927.04 from 158 trades.
The largest winning trade generated $473.42 in profits, while the largest losing trade generated a loss of $138.
Statistics:
Bars in test: 2055 ticks modelled
Initial deposit: $10000.00
Total net profit: $1927.04
Total trades: 158
Largest profit trade: $473.42
Largest loss trade: -$138.40
Consecutive wins: 2
Consecutive losses: 2
How the EA Works
- Scans for Harami candlestick patterns indicating potential trend reversals.
- Confirms trade signals using user-defined parameters and settings.
- Executes buy orders when a bullish Harami pattern is detected.
- Executes sell orders when a bearish Harami pattern is detected.
- Applies stop loss and take profit levels based on user-defined settings.
- Provides visual indicators on the chart for detected patterns and executed trades.
Download Now
Download the “Harami.mq4” Metatrader 4 indicator
Parameters & Settings
- Lot Size — Defines the volume of each trade.
- Stop Loss — Distance from entry point to stop loss level in pips.
- Take Profit — Target profit level in pips.
- Timeframe — Timeframe on which the EA operates.
- Magic Number — Unique identifier for each instance of the EA.
- Slippage — Maximum allowed slippage for order execution.
- Risk Percentage — Percentage of account balance to risk per trade.
Recommended Trading Setup
- Currency Pairs: EUR/USD, GBP/USD, USD/JPY.
- Timeframes: H1, H4.
- Broker: ECN or low-spread brokers for optimal performance.
- Account Type: Standard or ECN accounts.
- Risk Management: 1–2% per trade for account protection.
FAQ
What is the Harami candlestick pattern?
The Harami pattern is a two-bar candlestick formation where a large candle is followed by a smaller one contained within the body of the first. It indicates potential trend reversals.
Can this EA be used on multiple currency pairs?
Yes, the EA can be applied to various currency pairs. However, it is recommended to test and optimize the EA on each pair individually for optimal performance.
Is the Harami Pattern EA suitable for beginners?
While the EA automates trading decisions, beginners should test it on a demo account to familiarize themselves with its operation and settings before live trading.
Does the EA work on other instruments besides forex?
The EA is designed for forex trading. Its performance on other instruments may vary and should be tested individually.
How often should I optimize the EA’s settings?
It is recommended to optimize the EA’s settings every few months to adapt to changing market conditions and maintain optimal performance.
Summary
The Harami Pattern MT4 Forex Robot automates trading decisions based on the Harami candlestick pattern, a subtle yet valuable reversal tool.
By identifying potential trend reversals, this EA offers a heads-up on shifting market sentiment.
When paired with sound trade management, the Harami pattern can be an effective method of timing entries with minimal risk.
Download the free EA today and integrate it into your trading plan to benefit from automated decision-making and improved trading efficiency.
