Discussing the article: "Introduction to MQL5 (Part 11): A Beginner's Guide to Working with Built-in Indicators in MQL5 (II)"

 

Check out the new article: Introduction to MQL5 (Part 11): A Beginner's Guide to Working with Built-in Indicators in MQL5 (II).

Discover how to develop an Expert Advisor (EA) in MQL5 using multiple indicators like RSI, MA, and Stochastic Oscillator to detect hidden bullish and bearish divergences. Learn to implement effective risk management and automate trades with detailed examples and fully commented source code for educational purposes!

It's crucial to remember that the sole goal of this project is education. Building your confidence in utilizing MQL5 and learning how to recognize these patterns programmatically are its main objectives. Thus, let's get started on this practical project that will increase your understanding of MQL5 and enable you to advance your trading abilities.

In this article, you'll learn:

  • How to examine RSI lows and highs in connection to the corresponding price movement to uncover hidden bullish and bearish divergences.
  • Developing Expert Advisors using multiple indicators (RSI, MA, and Stochastic Oscillator).
  • Identifying and visualizing hidden bullish and bearish divergences on the chart.
  • Implementing risk management by calculating lot sizes based on dollar risk and stop-loss distance for inconsistent candle sizes when using built-in indicators.
  • Automating trades with a predefined Risk-Reward Ratio (RRR) using divergence signals.


    Author: Israel Pelumi Abioye

     
    Thank you
     
    Oluwatosin Mary Babalola #:
    Thank you
    You’re welcome 
     
    Hello Israel, thank you for putting so much time into the clear projects, especially your analogies appeal to me, you keep your promise to "do everything in small steps". Thank you I'm going to start the project now (11), and I'm quite excited, I'll let you hear from me John
     
    Jee_Pee #:
    Hello Israel, thank you for putting so much time into the clear projects, especially your analogies appeal to me, you keep your promise to "do everything in small steps". Thank you I'm going to start the project now (11), and I'm quite excited, I'll let you hear from me John

    You're welcome, Thank you for your kind words.