How to create a Relative Vigor Index EA with MQL5

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  • Introduction and Objective:
    • The tutorial elaborates on the use of the RVI (Relative Vigor Index) indicator to identify trends and corrections in the market. In every upward or downward trend, there are main trends and corrections. The RVI indicator helps in spotting these by analyzing when the two lines of the indicator cross.
  • 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 RVI”.
  • Array Creation and Initialization:
    • Two arrays, “mypricearray0” and “mypricearray1”, are established to store price data for the last three candles.
    • The copyrates function is used to populate these arrays with price data.
  • RVI Definition and Calculation:
    • The RVI is defined using the built-in MQL5 function. It calculates based on the last thirteen candles.
    • The RVI for ten candles is displayed, which is also the default setting in MetaTrader.
  • Signal Generation and Logic:
    • The expert advisor evaluates the RVI values. The indicator’s value and its position relative to the price are displayed on the MetaTrader chart. The RVI can be used to determine potential buy or sell signals based on its position relative to the current price.
  • 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 RVI indicator in MQL5. The RVI is a versatile tool that can be used to spot trends and corrections in the market.

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

Video Timestamps

  • 0:00 – Introduction to using the RVI indicator to spot trends and corrections.
  • 0:30 – Explanation of the main trend and corrections in every up or down trend.
  • 1:00 – Description of the RVI indicator integrated into MetaTrader.
  • 1:30 – How to create an Expert Advisor using the RVI index.
  • 2:00 – Setting up the Expert Advisor in MetaEditor and initializing the code.
  • 2:30 – Creating a price array and defining the RVI properties.
  • 3:00 – Sorting the price array and filling it with data.
  • 3:30 – Calculating the RVI value for the current candle and outputting it on the chart.
  • 4:00 – Compiling the code and testing the Expert Advisor in MetaTrader.
  • 4:30 – Observing the RVI indicator’s movement on the chart.
  • 5:00 – Conclusion on how to use the RVI indicator to create an MQL5 Expert Advisor.

Related Questions and Answers:

  1. What is the primary focus of the tutorial?
    • The tutorial elaborates on the use of the RVI (Relative Vigor Index) indicator to identify trends and corrections in the market. The RVI helps in spotting main trends and corrections by analyzing when the two lines of the indicator cross.
  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 RVI” file in MetaEditor?
    • The “simple RVI” file is initiated within the MetaEditor to code and develop the expert advisor that trades based on the RVI signals.
  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 Relative Vigor Index (RVI) defined and calculated in the tutorial?
    • The RVI is defined using a built-in MQL5 function. It calculates based on the last thirteen candles. The RVI for ten candles is displayed, which is the default setting in MetaTrader.
  6. How does the expert advisor generate trading signals based on the RVI?
    • The expert advisor evaluates the RVI values. The indicator’s value and its position relative to the price are displayed on the MetaTrader chart. The RVI can be used to determine potential buy or sell signals based on its position relative to the current price.
  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. What is the significance of the RVI indicator in trading?
    • The RVI is a versatile tool that can be used to spot trends and corrections in the market. It helps traders identify when the two lines of the indicator cross, indicating potential trends or corrections.
  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 RVI indicator, allowing for informed trading decisions based on the indicator’s signals.