Discussing the article: "Introduction to MQL5 (Part 17): Building Expert Advisors Using Technical Chart Patterns (II)"
Dominic Michael Frehner #:
Thank you for this article! Just want to inform you that there is a little bug with the stoploss and takeprofit calculation :-) It's not based on points. Try it out on any fx pair (EURUSD, GBPUSD, etc.)
Hello, Dominic. Thank you for this article! Just want to inform you that there is a little bug with the stoploss and takeprofit calculation :-) It's not based on points. Try it out on any fx pair (EURUSD, GBPUSD, etc.)
Thank you for your kind words, it’s not a bug. For example you can decide to use 0.0010 for 10 pips, it depends on the instrument
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 17): Building Expert Advisors Using Technical Chart Patterns (II).
This article teaches beginners how to build an Expert Advisor (EA) in MQL5 that trades based on chart pattern recognition using trend line breakouts and reversals. By learning how to retrieve trend line values dynamically and compare them with price action, readers will be able to develop EAs capable of identifying and trading chart patterns such as ascending and descending trend lines, channels, wedges, triangles, and more.
For this article, I had originally intended to use a single continuation or reversal pattern, such as the Flag, Falling Wedge, or Rising Wedge. However, when I dug further, I discovered something crucial: a lot of these patterns have a similar structure and frequently depend on trend line breaks or reversals. This section will therefore concentrate on developing an Expert Advisor that can identify and trade trend line breakouts and reversal situations, rather than restricting ourselves to a single pattern. With a few adjustments, you may apply these fundamental ideas to various chart patterns after you have mastered them.
Author: Israel Pelumi Abioye