Discussing the article: "Introduction to MQL5 (Part 16): Building Expert Advisors Using Technical Chart Patterns"
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Check out the new article: Introduction to MQL5 (Part 16): Building Expert Advisors Using Technical Chart Patterns.
This article introduces beginners to building an MQL5 Expert Advisor that identifies and trades a classic technical chart pattern — the Head and Shoulders. It covers how to detect the pattern using price action, draw it on the chart, set entry, stop loss, and take profit levels, and automate trade execution based on the pattern.
Reversal patterns function as indicators of a possible shift in the direction of the market. These patterns suggest that a trend, whether upward or downward, may be waning and ready to reverse, much like footprints turning around on a beach signal someone has changed direction. They assist traders in identifying potential changes in price movement by pointing out when buyers or sellers are beginning to exert power.
Author: Israel Pelumi Abioye