Discussing the article: "MQL5 Trading Tools (Part 10): Building a Strategy Tracker System with Visual Levels and Success Metrics"
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Check out the new article: MQL5 Trading Tools (Part 10): Building a Strategy Tracker System with Visual Levels and Success Metrics.
In this article, we develop an MQL5 strategy tracker system that detects moving average crossover signals filtered by a long-term MA, simulates or executes trades with configurable TP levels and SL in points, and monitors outcomes like TP/SL hits for performance analysis.
The role and benefits of a strategy tracker system in trading lie in its ability to provide real-time monitoring and analysis of signal performance, helping us evaluate the effectiveness of our approaches without relying solely on backtesting or manual logs, which can be time-consuming and prone to errors. By visualizing entries, take profit hits, stop loss triggers, and cumulative statistics like win rates and profit points on the chart and dashboard, it offers immediate feedback on strategy viability, enabling quick adjustments to parameters such as moving average periods or risk levels to improve outcomes in live markets. Ultimately, such a tool enhances decision-making, builds confidence through transparent tracking, and supports iterative refinement.
Our approach is to detect fast and slow moving average crossovers confirmed by a filter moving average above/below price for buys/sells - which is just an arbitrary strategy that we thought of to be simple, and can be switch with any strategy of your liking; simulate virtual positions or execute real trades with configurable take profit levels and stop loss in points, visualize entries with arrows, dotted lines to hits, and icons for outcomes on the chart, while updating an interactive dashboard with stats on signals, wins/losses, age, profit, and success rate, creating a comprehensive tool for strategy evaluation and refinement. In a nutshell, here is a visualization of what we want to achieve.
Author: Allan Munene Mutiiria