MQL5 Tutorial: Simple Triple SMA Standalone Expert Advisor


In this tutorial, the focus is on developing an Expert Advisor that leverages the Triple SMA (Simple Moving Average). The Triple SMA is a technical indicator that uses three different moving averages to generate trading signals. Here’s a detailed breakdown:

  1. Triple SMA Introduction: The Triple SMA uses three distinct moving averages to determine trading signals. When the shortest moving average crosses above the other two, it suggests a potential buy signal, and when it crosses below, it indicates a potential sell signal.
  2. The OnTick Function: Central to the code is the OnTick function. This function is triggered with every new price update (a new tick) for the current financial instrument. It serves as the foundation for all subsequent calculations and actions of the Expert Advisor.
  3. Signal Variable Creation: Within the OnTick function, a string variable named “Signal” is defined. This variable will be used later to determine if a buy or sell signal is present.
  4. Triple SMA Calculation: The current values of the three SMAs are calculated for the current and previous candles. These calculations allow the Expert Advisor to determine the relative positions of the moving averages and generate trading signals accordingly.
  5. Signal Determination: Based on the relative positions of the three SMAs, the Expert Advisor determines if a buy or sell signal exists. Specific criteria are set for the crossings of the moving averages to ensure accurate signal generation.
  6. Trade Execution: Depending on the generated signal and the absence of open positions, the Expert Advisor will execute buy or sell trades. The trading logic ensures that trades are executed in the direction of the prevailing trend, as indicated by the Triple SMA.

Benefits of the Triple SMA Expert Advisor:

  • Trend Confirmation: The Triple SMA provides traders with a clear indication of the prevailing market trend, aiding in making informed trading decisions.
  • Reduced False Signals: By using three moving averages, the Triple SMA reduces the likelihood of false signals, enhancing the accuracy of the trading strategy.
  • Adaptability: The Triple SMA can be combined with other technical indicators to further refine the trading strategy, offering a versatile approach to market analysis.

In conclusion, the Triple SMA Expert Advisor in MQL5 offers traders a robust tool for trend-based trading. By leveraging the strengths of three moving averages, traders can make more informed decisions and potentially increase their trading success.