How to create a label object with MQL5

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  • Introduction and Objective:
    • The tutorial demonstrates how to create a simple object for a dynamic label in MQL5. This label displays the ask price on the MetaTrader chart. The creation process involves the use of the object create function and several object set functions.
  • Initial Setup in MetaEditor:
    • Users are directed to open the MetaEditor either by clicking a specific icon or pressing the F4 key.
    • A new file is initiated within the MetaEditor, named “simple object label”.
  • Array Creation and Initialization:
    • Two arrays, “mypricearray0” and “mypricearray1”, are established to store price data for the last three candles.
    • The copyrates function is utilized to populate these arrays with the necessary price data.
  • Label Creation and Customization:
    • The label object is created using the objectcreate function, specifying the type as objlabel.
    • Various properties of the label, such as font, font size, text, and position, are set using the objectsetstring and objectsetinteger functions.
  • Displaying the Ask Price:
    • The ask price is retrieved using the symbolinfodouble function.
    • The retrieved ask price is then displayed on the label, which is positioned on the MetaTrader chart.
  • Testing and Visualization:
    • After the coding process, users are prompted to compile the code.
    • The created label’s functionality is then tested in MetaTrader using the strategy tester, offering a real-time visualization of the label displaying the ask price.
  • Conclusion and Further Learning:
    • The tutorial provides a step-by-step guide on creating a dynamic label object in MQL5. This label can be customized and used to display various data, such as the ask price, on the MetaTrader chart.

By following this tutorial, users can effectively create and customize label objects in MQL5, enhancing their MetaTrader charts with dynamic data displays.

Video Timestamps

  • 0:00 – Introduction to creating a simple object for a label in MQL5.
  • 0:30 – Displaying the dynamic label that shows the Ask Price on the chart.
  • 1:00 – Explanation of the label as an object and the use of the Object Create function.
  • 1:30 – Setting up the Expert Advisor in MetaEditor and initializing the code.
  • 2:00 – Retrieving the Ask Price and adjusting for different currency pairs with varying decimal places.
  • 2:30 – Creating the label object and setting its properties, such as font and size.
  • 3:00 – Adjusting the position of the label on the chart using distance parameters.
  • 3:30 – Compiling the code and addressing any warnings or errors.
  • 4:00 – Testing the Expert Advisor in MetaTrader and observing the label on the chart.
  • 4:30 – Making adjustments to the label’s appearance and retesting in MetaTrader.
  • 5:00 – Conclusion and the ease of creating a dynamic label object in MQL5.

Related Questions and Answers:

  1. What is the primary focus of the tutorial?
    • The tutorial demonstrates how to create a simple object for a dynamic label in MQL5 that displays the ask price on the MetaTrader chart.
  2. How can users access the MetaEditor for coding?
    • Users can open the MetaEditor either by clicking a specific icon or pressing the F4 key.
  3. What is the purpose of the “simple object label” file in MetaEditor?
    • The “simple object label” file is initiated within the MetaEditor to code and develop the dynamic label that displays the ask price.
  4. How are the arrays named “mypricearray0” and “mypricearray1” utilized in the tutorial?
    • The arrays “mypricearray0” and “mypricearray1” are designed to store price data for the last three candles. They are populated using the copyrates function.
  5. How is the label object created and customized?
    • The label object is created using the objectcreate function, specifying the type as objlabel. Its properties, such as font, font size, text, and position, are set using the objectsetstring and objectsetinteger functions.
  6. How does the tutorial ensure the ask price is displayed on the label?
    • The ask price is retrieved using the symbolinfodouble function. The retrieved ask price is then displayed on the label, which is positioned on the MetaTrader chart.
  7. What steps should be taken after coding the label object?
    • After the coding process, users should compile the code. The functionality of the created label is then tested in MetaTrader using the strategy tester, offering a real-time visualization of the label displaying the ask price.
  8. What is the significance of creating a dynamic label in MQL5?
    • Creating a dynamic label in MQL5 allows traders to enhance their MetaTrader charts with real-time data displays, such as the ask price, providing valuable insights for trading decisions.
  9. What can users achieve by following this tutorial?
    • By following this tutorial, users can effectively create and customize label objects in MQL5, enhancing their MetaTrader charts with dynamic data displays.
  10. Are there any suggestions for further learning?
  • The tutorial provides a step-by-step guide on creating a dynamic label object in MQL5 and suggests that this label can be customized and used to display various data on the MetaTrader chart, implying that users can explore further customizations and applications of label objects in MQL5.