Omega Pattern Trader #042
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- Omega Pattern Trader #042
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- User Manual – Omega Pattern Trader
- 1. Overview
- Omega Pattern Trader is an automated MT5 Expert Advisor (EA) designed to trade based on
- Harmonic Patterns (Gartley & Bat) combined with:
- • Support/Resistance filtering
- • RSI confirmation
- • ATR-based Stop Loss, Take Profit, and Trailing Stop
- This EA aims to capture high-probability reversal points at the completion of Gartley or Bat
- patterns (point D) with additional confirmation from RSI and price zones.
- 2. Core Logic
- 1. Pattern Detection
- o Uses ZigZag to find swing points (X, A, B, C, D).
- o Tests ratios to identify Gartley (AB≈0.618 XA, D≈0.786 XA) or Bat
- (AB≈0.382–0.50 XA, D≈0.886 XA) patterns.
- 2. Support/Resistance Filter
- o Confirms that point D is close to a recent high (for sell) or low (for buy).
- 3. RSI Confirmation
- o Buy only if RSI ≤ RSI_Buy_Thresh.
- o Sell only if RSI ≥ RSI_Sell_Thresh.
- 4. Risk & Trade Management
- o SL = ATR × StopATR_Multiplier, anchored from point D.
- o TP = Risk/Reward ratio (TP_RR × SL distance).
- o Trailing stop based on ATR.
- o Position size can be fixed lot or risk-based lots (% of free margin).
- 3. Input Parameters
- General Trade Settings
- • UseRiskPercent – true = risk-based lot size, false = FixedLot.
- • RiskPercent – % of free margin risked per trade.
- • FixedLot – lot size if not using risk %.
- • Magic – unique trade identifier.
- Stop Loss & Take Profit• StopATR_Multiplier – ATR multiplier for Stop Loss distance.
- • TP_RR – Take Profit as multiple of SL (Risk/Reward ratio).
- • EnableTrailing – enable ATR trailing stop.
- • TrailATR_Multiplier – trailing stop distance in ATR multiples.
- Pattern Detection
- • ZigZagDepth / Deviation / Backstep – ZigZag settings to detect swing points.
- • RatioTolerance – % tolerance allowed for harmonic ratio validation.
- RSI Filter
- • RSIPeriod – RSI calculation period.
- • RSI_Buy_Thresh – max RSI for bullish confirmation (default 40).
- • RSI_Sell_Thresh – min RSI for bearish confirmation (default 60).
- Support/Resistance
- • SR_Period – number of bars to check highs/lows.
- • SR_Tolerance_Pips – max pip distance allowed from S/R to D.
- ATR Settings
- • ATR_Period – period for ATR calculation.
- Execution
- • OneTradePerBar – if true, EA evaluates once per new bar; if false, checks every tick
- (with last closed bar data).
- 4. Recommended Presets
- EURUSD – M15
- • ZigZagDepth = 12
- • RSIPeriod = 14
- • RSI_Buy_Thresh = 40
- • RSI_Sell_Thresh = 60
- • StopATR_Multiplier = 2.0
- • TP_RR = 1.2
- • RiskPercent = 1.0
- XAUUSD (Gold) – H1• ZigZagDepth = 24
- • RSIPeriod = 14
- • RSI_Buy_Thresh = 35
- • RSI_Sell_Thresh = 65
- • StopATR_Multiplier = 2.5
- • TP_RR = 1.5
- • RiskPercent = 0.5
- 5. Tips for Best Performance
- • Use on high-liquidity pairs (EURUSD, GBPUSD, XAUUSD).
- • Avoid news spikes – patterns often fail in high volatility events.
- • Test on different timeframes – M15 for scalping, H1 for swing trades.
- • Optimize ATR multipliers & RSI thresholds per instrument.
- 6. Limitations
- • Pattern detection depends on ZigZag swings – repainting may occur.
- • EA does not detect other harmonic types (e.g., Butterfly, Crab).
- • Works best in trending or corrective markets, may struggle in choppy sideways ranges.