Those who are aware of the countless possibilities that come with the Metatrader5 platform can’t help but mention the MetaQuotes Language 5 (MQL5). Just like an experienced skipper navigates their way through the sea, traders can wield MQL5 to navigate the charts. With the help of the ObjectCreate function, sailing through the financial market waters can become a smoother ride.
It’s as Easy as Painting Arrow Symbols
Making simple objects in MQL5 can be as uncomplicated as an artist sketching on a canvas. Creating simple objects in MQL5, often arrow symbols, can be just as smooth a process.
For instance, imagine a mariner painting on a sea chart, marking their current location and direction with arrow symbols, much like creating an Expert Advisor in MQL5 to draw similar objects.
Scribing Your Market Journey
When out on the sea, it’s essential for sailors to record their journey, from the highs and lows of the waves to the changes in the weather. Similarly, in the world of trading, recording price data is crucial. The video from MQL5 tutorial demonstrates how to accomplish this by writing price data from MQL5 into a spreadsheet, using an Expert Advisor aptly named “SimpleSpreadsheetWriter.”
This tool becomes your trading logbook, recording the highs and lows of market prices.
Setting the Course with Simple Chart Objects
Charting a course at sea is similar to plotting a strategy in trading, where visual cues guide the journey. A series of tutorials demonstrate the process of creating various shapes on the chart using MQL5, akin to plotting navigational aids on a sea chart.
Creating a triangle object on the chart acts as an indicator to guide your market navigation.
On the other hand, sketching a rectangle object on your trading map can be useful to outline a specific area of interest, like a sea captain marking out safe harbors.
Passing the Sextant: Referencing Arrays in MQL5
In the age of sail, a mariner’s sextant was an essential tool, allowing them to determine their position by measuring the angle between the horizon and celestial objects. MQL5 lets traders pass a tool akin to this sextant, through the form of arrays, from one function to another. As shown in this video, an entire array can be passed as a parameter to a different function, enabling intricate calculations to be carried out seamlessly, much like determining latitude with a sextant.
MQL5: The Wind in Your Sails
Through the power of MQL5 and its ObjectCreate function, you can create dynamic, moving objects on your charts, similar to a ship sailing through the sea guided by the wind. This tutorial walks you through creating a moving text object that displays the current low price for the current candle, a veritable breeze that gently nudges you toward the best trading decisions.
Labeling the Depths: Object Oriented Labels
Just as a skilled mariner uses depth markings to navigate treacherous waters, traders can use dynamic label objects in MQL5 to clearly mark important data on their charts. The tutorial shows how to create a label object that displays the Ask Price, serving as your depth marker in the fluctuating waters of the financial markets.
Keeping an Eye on the Horizon: Ellipse Objects
In the days of yore, sailors relied on the horizon to chart their course.
Using MQL5, you too can maintain a clear view of your market horizon by creating an ellipse object that displays the last, highest, and lowest prices within the last 30 candles. This object acts as a lens through which you can discern market trends, like a sailor surveying the horizon.
Launching Trades: A Push of the Button
Sometimes, a trader needs to react as swiftly as a captain during a storm.
Just as the sea captain must act decisively to steer his ship to safety, the trader can use MQL5 to create a sell button object that allows the opening of a new sell position at the push of a button, mirroring the instant command execution on a ship’s bridge.
In conclusion, with the potent combination of MQL5 and ObjectCreate, charting a course in the financial markets can be as exhilarating and fruitful as a seasoned mariner sailing through the seas, using age-old tools and wisdom to navigate their way. All the necessary resources can be found on the downloads page on MQL5tutorial.com. You are well on your way to exploring the vast oceans of opportunity in the financial markets. Fair winds and following seas!