Discussing the article: "MQL5 Trading Tools (Part 1): Building an Interactive Visual Pending Orders Trade Assistant Tool"
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Check out the new article: MQL5 Trading Tools (Part 1): Building an Interactive Visual Pending Orders Trade Assistant Tool.
In this article, we introduce the development of an interactive Trade Assistant Tool in MQL5, designed to simplify placing pending orders in Forex trading. We outline the conceptual design, focusing on a user-friendly GUI for setting entry, stop-loss, and take-profit levels visually on the chart. Additionally, we detail the MQL5 implementation and backtesting process to ensure the tool’s reliability, setting the stage for advanced features in the preceding parts.
We aim to develop a Trade Assistant Tool that delivers a seamless and efficient experience for us by simplifying the process of placing pending orders in Forex trading. We envision the tool as a graphical user interface (GUI) that integrates directly with MetaTrader 5, enabling us to set up Buy Stop, Sell Stop, Buy Limit, and Sell Limit orders through an intuitive control panel. Our design is to include buttons for selecting the desired order type and an input field for specifying the lot size. We prioritize visual interaction, allowing us to define entry price, stop-loss (SL), and take-profit (TP) levels by dragging interactive elements on the chart, which provides immediate feedback on price levels and the point differences between them.
Our focus is to ensure the tool is accessible and responsive. We will design the interface to be responsive, enabling us to adjust price levels with accuracy and confirm orders with a single click, minimizing the time spent on setup. Additionally, we will incorporate options to cancel or close the interface, offering us flexibility to adapt quickly to changing market conditions. By creating a visually appealing and responsive tool, we seek to enhance our decision-making, reduce errors in order placement, and provide a foundation for future enhancements, such as advanced risk management features, that we will explore in subsequent iterations. In a nutshell, here is a visualization of what we envision to create.
Author: Allan Munene Mutiiria