Discussing the article: "Introduction to MQL5 (Part 14): A Beginner's Guide to Building Custom Indicators (III)"

MetaQuotes 2025.03.31 14:49

Check out the new article: Introduction to MQL5 (Part 14): A Beginner's Guide to Building Custom Indicators (III).

Learn to build a Harmonic Pattern indicator in MQL5 using chart objects. Discover how to detect swing points, apply Fibonacci retracements, and automate pattern recognition.

In this article, we'll adopt a new approach by creating indicators using Meta Trader 5 chart objects. Additional flexibility is offered by chart objects, which let us create labels, shapes, and trend lines right on the chart without the need for indication buffers. This technique works well for developing indicators that need unique graphical components, showing patterns, and identifying important price levels.

We will create an indicator that resembles Harmonic Patterns to implement this. The logic we'll use can be modified to identify and depict different Harmonic Patterns, even though we won't be concentrating on any particular one (such as Gartley, Bat, or Butterfly). Instead of building a fully effective Harmonic Pattern detector, the main objective is to learn how to use chart objects in MQL5 to develop indicators. In Part 9 of this series, we looked at how to build and work with objects like trend lines, rectangles, and labels in MQL5, which is where we first covered using chart objects. Building on that knowledge, this piece will apply it to developing of indicators. By the end, you will have a firm grasp on how to develop unique visual indications by working with chart items dynamically.

In this article, you'll learn:

How to create a custom indicator using MetaTrader 5 chart objects instead of relying on buffers and plots.
Understanding the structure of Harmonic Patterns and how they are identified in price action.
How to detect key swing points in the market to form potential Harmonic Patterns.
Using Fibonacci retracement levels to validate pattern formations.
How to draw geometric shapes programmatically (such as triangles and lines) to visualize patterns on the chart.
How to filter out invalid patterns to improve accuracy in trade signals.