How to identify doji candles with MQL5

Introduction and Objective:
- The tutorial addresses the topic of identifying a “Doji” candle pattern on a chart using MQL5. A Doji is a candlestick pattern where the open and close prices are virtually the same. The tutorial aims to create a simple expert advisor that can detect a Doji on a chart.
Initial Setup in MetaEditor:
- Users are guided to open the MetaEditor and initiate a new file named “simple Doji”.
Array Creation and Initialization:
- Two arrays, “mypricearray0” and “mypricearray1”, are created to store price data for the last three candles.
- The copyrates function populates these arrays with the necessary data.
Doji Detection Logic:
- The tutorial provides logic to determine if the last open price equals the last close price. If they are equal, it’s identified as a Doji. The expert advisor then outputs whether the last candle was a Doji or not.
Testing and Visualization:
- Users are shown how to test the functionality in MetaTrader using the strategy tester. The visual mode displays the text “candle one is not a Doji” by default, but this changes whenever a Doji is detected on the chart.
Conclusion and Further Learning:
- The tutorial demonstrates the capability to detect a Doji on a chart using MQL5. By following the steps, users can identify Doji patterns in real-time, aiding in their trading decisions.

By following this tutorial, users can effectively spot a Doji on their trading charts, providing a visual cue for potential market reversals or continuations.

Video Timestamps

0:00 – Introduction to the topic of detecting candle patterns like Doji.
0:30 – Explanation of what a Doji is and its significance in trading.
1:00 – Different types of Doji: Grave Stone Doji and Dragon-Fly Doji.
1:30 – Steps to create an Expert Advisor in MQL5 to detect a Doji on the chart.
2:00 – Setting up the Expert Advisor, naming it, and initializing the code.
2:30 – Using MQLrates to create an array for price information and sorting it.
3:00 – Copying price data into the array and checking if the last open price equals the last close price.
3:30 – Outputting the result on the chart to indicate if the last candle is a Doji or not.
4:00 – Testing the Expert Advisor in MetaTrader and observing the results.

1. What is the primary focus of the tutorial?

The tutorial addresses the topic of identifying a “Doji” candle pattern on a chart using MQL5. A Doji is a specific candlestick pattern where the open and close prices are virtually the same.

2. How can users access the MetaEditor for coding?

Users are guided to open the MetaEditor and initiate a new file named “simple Doji”.

3. What is the purpose of the “simple Doji” file in MetaEditor?

The “simple Doji” file is initiated within the MetaEditor to code and develop the expert advisor that detects a Doji candle pattern on a chart.

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 does the tutorial detect a Doji candle pattern?

The tutorial provides logic to determine if the last open price equals the last close price. If they are equal, it’s identified as a Doji. The expert advisor then outputs whether the last candle was a Doji or not.

6. How can users test the functionality of the Doji detection expert advisor?

Users are shown how to test the functionality in MetaTrader using the strategy tester. The visual mode displays specific text related to the detection of a Doji on the chart.

7. What is the significance of detecting a Doji candle pattern on a chart?

A Doji candle pattern can serve as a visual cue for potential market reversals or continuations, aiding traders in their decision-making process.

8. What default message is displayed in the visual mode of the strategy tester?

The visual mode displays the text “candle one is not a Doji” by default, but this changes whenever a Doji is detected on the chart.

9. What can users achieve by following this tutorial?

By following this tutorial, users can effectively spot a Doji on their trading charts, providing a visual cue for potential market reversals or continuations.