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• Introduction and Objective:
  • The tutorial focuses on the Force Index indicator and its application in creating an expert advisor. The Force Index is a simple oscillator that helps determine the strength of a trend. When the indicator line crosses the upper line, it might indicate a bullish trend, and when it’s below the lower line, it suggests a bearish trend.
• Initial Setup in MetaEditor:
  • Users are guided to open the MetaEditor by clicking a specific icon or pressing the F4 key.
  • A new file is initiated within the MetaEditor, named “simple force index”.
• Array Creation and Initialization:
  • An array, “price data”, is established to store price data for the last three candles.
  • The copyrates function is used to populate the array with price data.
• Force Index Definition and Calculation:
  • The Force Index is defined using the built-in function. It calculates based on the last thirteen candles.
  • An array, “mypricearray”, is set up to store the Force Index values.
• Signal Generation and Logic:
  • The expert advisor evaluates the Force Index values. When the indicator line is above the upper line, it might suggest a bullish trend. When it’s below the lower line, it indicates a bearish trend.
  • The indicator’s value and its position relative to the price are displayed on the MetaTrader chart.
• Testing and Visualization:
  • After coding, users are advised to compile the code.
  • The functionality is then tested in MetaTrader using the strategy tester, with visualization providing a real-time view of the expert advisor in action.
• Conclusion and Further Learning:
  • The tutorial showcases the expert advisor’s capability to effectively trade based on the Force Index oscillator in MQL5. The oscillator was developed by Dr. Alexander Elder, known for his book “Trading for a Living”. It’s recommended to use the indicator in conjunction with a trend indicator like a moving average.

By following this tutorial, users can effectively create an expert advisor that trades based on the Force Index oscillator, allowing for informed trading decisions based on the oscillator’s signals.

Video Timestamps

• 0:00 – Introduction to the Force Index indicator and its simplicity.
• 0:30 – Interpretation of the Force Index indicator: bullish and bearish trends.
• 1:00 – Background on the Force Index indicator’s development by Dr. Alexander Elder.
• 1:30 – Steps to create an Expert Advisor using the Force Index indicator in MetaTrader 5.
• 2:00 – Setting up the Expert Advisor in MetaEditor and initializing the code.
• 2:30 – Defining the Force Index properties and creating a price array.
• 3:00 – Sorting the price array and filling it with data using the Copy Buffer function.
• 3:30 – Extracting the Force Index value for the current candle and displaying it on the chart.
• 4:00 – Compiling the code in MetaEditor and testing the Expert Advisor in MetaTrader.
• 4:30 – Observing the Force Index indicator’s movement on the chart and its trading implications.
• 5:00 – Conclusion on creating an Expert Advisor using the Force Index indicator with MQL5 code.

Related Questions and Answers:

1. What is the primary focus of the tutorial?
   • The tutorial is centered on the Force Index oscillator and its application in creating an expert advisor in MQL5. The Force Index helps determine the strength of a trend.
2. How can users access the MetaEditor for coding?
   • Users can open the MetaEditor by clicking on a specific icon or pressing the F4 key.
3. What is the purpose of the “simple force index” file in MetaEditor?
   • The “simple force index” file is initiated within the MetaEditor to code and develop the expert advisor that trades based on the Force Index oscillator signals.
4. How is the array named “price data” utilized in the tutorial?
   • The “price data” array is designed to store price data for the last three candles. It is populated using the copyrates function.
5. How is the Force Index oscillator defined and calculated in the tutorial?
   • The Force Index is defined using a built-in function and is calculated based on the last thirteen candles. An array named “mypricearray” is set up to store the Force Index values.
6. How does the expert advisor generate trading signals based on the Force Index oscillator?
   • The expert advisor evaluates the Force Index values. When the indicator line is above the upper line, it might suggest a bullish trend. When it’s below the lower line, it indicates a bearish trend.
7. How are the results of the expert advisor displayed to the user?
   • The results, including the oscillator’s value and its position relative to the price, are displayed directly on the MetaTrader chart.
8. What steps should be taken after coding the expert advisor?
   • After coding, users should compile the code. The functionality is then tested in MetaTrader using the strategy tester, with a visual mode providing a real-time view of the expert advisor in action.
9. Who created the Force Index oscillator and how is it best used in trading?
   • The Force Index oscillator was developed by Dr. Alexander Elder, known for his book “Trading for a Living”. It’s recommended to use the indicator in conjunction with a trend indicator like a moving average.
10. What can users achieve by following this tutorial?

• By following this tutorial, users can effectively create an expert advisor that trades based on the Force Index oscillator, allowing for informed trading decisions based on the oscillator’s signals.