How to Build a Trading Indicator

Creating trading signals. Step 2: Find indicators that help identify a new trend.

Generating the signal of modification of a pending Sell order, defining the new order price Description of Methods 1. Initialization methods: 1. Method overriding is not required.

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You must override the method if there are any setup parameters. If at least one of the parameters is incorrect, it must return false further work is impossible.

Base class CExpertSignal has no adjustable parameters, therefore, the base class method always returns true without performing any checks. It is called from creating trading signals expert after all the parameters are set and their correctness is successful verified. The method should be overridden if the trading signal generator uses at least one indicator or timeseries. Base class CExpertSignal does not use indicators or timeseries, therefore, the base class method always returns true, without performing any action.

Methods of checking the signal of position opening: 1. It is called by an expert to determine whether it is necessary to open a long position. The method must be overridden, if creating trading signals is expected that a signal of a long position opening will be generated.

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If the condition is met, the variables price, sl, tp, and expiration references to which are passed as parameters must be assigned appropriate values and the method should return true. If the condition creating trading signals not fulfilled, the method must return false. Base class CExpertSignal has no built-in algorithm for generating a signal of a long position opening, so the base class method always returns false.

It is called by an expert to determine whether it is necessary to open a short position. The method must be overridden, if it is expected that a signal of a short position opening will be generated. If creating trading signals condition is satisfied, the variables price, sl, tp, and how I began to make stable trading references to which are passed as parameters must be assigned appropriate values and the method should return true.

Base class CExpertSignal has no built-in algorithm for generating a signal of a short position opening, so the base class method always returns false.

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Methods of checking the signal of position closing: 1. It is called by an expert to determine whether it is necessary to close a long position. The method must be overridden, if it is expected that a signal of a long position closing will be generated.

How to become a Signal Provider

If the condition is satisfied, the variable price the reference to which is passed as a parameter must be assigned the appropriate value and the method should return true. Base class CExpertSignal has no built-in algorithm for generating a signal of a long position creating trading signals, so the base class method always returns false. Creating trading signals is called by an expert to determine whether it is necessary to close a short position. The method must be overridden, if it is expected that a signal of a short position closing will be generated.

Base class CExpertSignal has no built-in algorithm for generating a signal of a short position closing, so the base class method always returns false. Methods of checking the signal of position reversal: 1. It is called by an expert to determine whether it is necessary to reverse a long position. The method must be overridden, if it is expected that a signal of a long position reversal will be generated.

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In the CExpertSignal base class, the following algorithm for generating a long position reversal signal is implemented: Checking for a signal to close a long position. Checking for a signal to open a short position. If both signals are active the conditions are met and the close and open prices match, the variables price, sl, tp, and expiration references to which are passed as parameters are assigned the appropriate values and the method returns true.

If the condition is not fulfilled, the method returns false. It creating trading signals called by an expert to determine whether it is necessary creating trading signals reverse a short position. The method must be overridden, if it is expected that a signal of a long position reversal will be generated according to the algorithm that differs from the one implemented in the base class.

In the CExpertSignal base class, the following algorithm for generating a short position reversal signal is implemented: Checking for a signal to close a short position.

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Checking for a signal to open a long position. Methods of checking the signal of pending order modification: 1. It is called by an expert to determine whether it is necessary to modify a pending Buy order. The method must be overridden, if it is expected that a signal of modification of creating trading signals pending Buy order will be generated.

Base class CExpertSignal has no built-in algorithm for generating a signal of modification of a pending Buy order, so the base class method always returns false.

MQL5 Wizard: How to Create a Module of Trading Signals - MQL5 Articles

It is called by an expert to determine whether it is necessary to modify a pending Sell order. The method must be overridden, if creating trading signals is expected that a signal of modification of a pending Sell order will be generated. Base class CExpertSignal has no built-in algorithm for generating a signal of modification of a pending Sell order, so the base class method always returns false. Develop Your Own Generator of Trading Signals Now, after we have reviewed the structure of the CExpertSignal base class, you can start creating your own trading signals generator.

As mentioned above, the CExpertSignal class is a set of public virtual "ropes" - methods, using which the expert may know the opinion of the trading signals generator about entering the market in one direction or another. Therefore, our primary goal is to create our own class of trading signals generator, deriving it from the CExpertSignal class and overriding the appropriate virtual methods, implementing the required algorithms. Our second problem which is not less important - to make our class "visible" to MQL5 Wizard.

But, first things first. Creating the class of the trading signals generator Let's begin.

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First, we create for example, using the same MQL5 Wizard an include file with the mqh extension. Remove the unnecessary parts and add what is required include file ExpertSignal. As a basis for our trading signals generator, we take the widespread model "price crosses the moving average". But we make one more assumption: "After crossing the moving average, the price moves back, and only then goes in the right direction.

Generally, when you are writing something, do not skimp on the comments.

How to Build a Trading Indicator

After some time, reading a carefully commented code will be so comfortable. In our case, this is the open price and the close price of the previous bar, and the value of the moving average on the same previous bar.

We'll discuss indicators and timeseries later.

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In the meantime, let's define a list of settings for our generator. First, we need to set up the moving average.

Trade Signal Definition

These parameters include the period, the shift along the time axis, the averaging method and the object of averaging. Secondly, we need to set up the entry level and the levels of placing of protective orders, and the lifetime of a pending order, because we are going to work with pending orders. All settings of creating trading signals generator will be stored in protected data members of the class.

Access to the settings will be implemented through appropriate public methods. To check the parameters, let's override the virtual method ValidationSettings according to the description of the base class.

Indicators and timeseries are the main source of information for decision-making you can creating trading signals use the coin toss, or phases of the moon, but they are quite hard to formalize. As we have already defined above, to creating trading signals decisions, we need the following information: the open price of the previous bar, the close price of the previous bar, and the value of the moving average on the same previous bar. You may ask: "Why use the indicator or timeseries, " wrapped " in a class, in order to get a creating trading signals number?

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How to use the data of an indicator or timeseries? First, we need to create an indicator. Second, we need to copy the necessary amount of data into an intermediate buffer. Third, we need to check whether copying is complete.

Trade Signal

Only after these steps, you can use the data. Using the classes of creating trading signals Standard Libraryyou avoid the necessity of creating an indicator, of caring about the availability of intermediate buffers and about data loading or release of a handle. The object of an appropriate class will do that for you. All the required indicators will be generated creating trading signals our signal generator during the initialization stage, and all indicators will be provided with the necessary temporary buffer.

A trade signal is a trigger for action, either to buy or sell a security or other asset, generated by analysis. Key Takeaways Trading signals are triggers to buy or sell a security based on a pre-determined set of criteria. They can also be used to reconstitute a portfolio and shift sector allocations or take new positions. Traders can create trading signals using a variety of criteria, from simple ones, such as earnings reports and volume surge, to more complex signals that are derived using existing signals. How a Trade Signal Works Trade signals can use a variety of inputs from several disciplines.

And besides, once we add an indicator or timeseries object in the collection the object of a special classyou can stop caring about the relevance of the data the data will be updated automatically by the expert. We'll place the objects of these classes in the protected data members.

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For each object, we create a method of initialization and data access method. Let's override the virtual method InitIndicators according to the description of the base class. As you can see, our class has grown significantly. But now we are ready to generate trading signals. Figure 4. Trading signals for the price crossing the moving average Let's consider our algorithms again in more detail.

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The signal to buy appears when the following conditions have been fulfilled on the previous bar: the bar open price is less than the value of the moving average, the bar close price is greater than the value of the moving average, the moving average is increasing. In this case, creating trading signals offer to place a pending Buy order with the parameters defined by the settings. For this purpose, we override the virtual method CheckOpenLong and fill it with the corresponding functional.

The signal to sell appears when the following conditions have been fulfilled on the previous bar: the bar open price is greater than the value of the moving average, the bar close price is less than the value of the moving average, the moving average is decreasing. In this case, we offer creating trading signals place a pending Sell order with the parameters defined by the settings. For this purpose, we override the virtual method CheckOpenShort and fill it with the corresponding functional.

We will not generate signals to close positions. We will creating trading signals the modification of a pending order along the moving average at the "distance" specified by the settings.