Discussing the article: "Introduction to MQL5 (Part 9): Understanding and Using Objects in MQL5"
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Check out the new article: Introduction to MQL5 (Part 9): Understanding and Using Objects in MQL5.
Learn to create and customize chart objects in MQL5 using current and historical data. This project-based guide helps you visualize trades and apply MQL5 concepts practically, making it easier to build tools tailored to your trading needs.
We'll develop an Expert Advisor (EA) in this project that improves trading by displaying clear visualizations right on the chart. The route from the entry point to the stop loss and take profit zones will be automatically displayed by the EA, providing you with a quick visual evaluation of the risk and reward of your trade. Without requiring you to consult other data sources, the EA will update in real-time to reflect your current profit or loss as the market moves. In addition, it will provide precise information at a glance by displaying the entry, stop loss, and take profit prices for the current position under observation.
The adaptability of this EA to modifications in your trade setup is one of its primary characteristics. Your visual cues will always be up-to-date because the EA will instantly update the chart when you modify your take profit or stop loss levels. The EA also adjusts to the length of your trade. When you hold the trade longer, the EA will gradually adjust itself so that the visual elements become more visible. This will enable you to monitor the trade effectively with various timeframes, even though at first they might not be very noticeable on higher time frames. It is now simpler to manage trades from lower timeframes and keep track of them as they change thanks to this dynamic adaptation
The EA lets you examine previous trades, which provides insightful historical analysis. It helps you assess your trading performance and make wise decisions by showing you how much you won or lost in prior positions. You can see historical data directly on the chart by defining the date range. This gives you a thorough overview of your trading history and the option to zoom in on specific trades for more in-depth analysis.
Current Trade Visualization:Author: Israel Pelumi Abioye