Discussing the article: "MQL5 Trading Toolkit (Part 6): Expanding the History Management EX5 Library with the Last Filled Pending Order Functions"
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Check out the new article: MQL5 Trading Toolkit (Part 6): Expanding the History Management EX5 Library with the Last Filled Pending Order Functions.
Learn how to create an EX5 module of exportable functions that seamlessly query and save data for the most recently filled pending order. In this comprehensive step-by-step guide, we will enhance the History Management EX5 library by developing dedicated and compartmentalized functions to retrieve essential properties of the last filled pending order. These properties include the order type, setup time, execution time, filling type, and other critical details necessary for effective pending orders trade history management and analysis.
Accessing the details of the most recently filled pending order is particularly valuable in scenarios where your trading logic depends on the type of the last filled pending order. For instance, you can leverage this data to refine your trading strategies based on whether the most recent filled order was a Buy Limit, Sell Stop, Buy Stop, Sell Limit, Buy Stop Limit, or Sell Stop Limit. Understanding the type of order can provide insights into market conditions and inform adjustments to your approach, such as adapting entry or exit points.
This information is also crucial for gathering and analyzing historical trading data to optimize your trading systems or gathering data on how fast your broker fills or executes pending orders when they are triggered and activated. By examining details like slippage, the time elapsed from order placement to execution, and the conditions under which the order was filled, you can identify patterns and areas for improvement in your strategy. Additionally, this data allows you to monitor execution quality, ensuring that your orders are being filled as expected and helping you address potential inefficiencies in your trading operations. Such detailed analysis can enhance decision-making and lead to more effective and robust trading strategies over time.
This history management EX5 library simplifies the process of retrieving details and properties of the most recently filled pending order. By invoking a single function, you can access this data without the additional effort of specifying a period for the trade history search—the EX5 library seamlessly manages that for you. All you need to do is provide the relevant history-querying function with a variable to store the specific pending order property as input. The function will then save the retrieved details into the referenced variable you supply.
Author: Wanateki Solutions LTD