Discussing the article: "Redefining MQL5 and MetaTrader 5 Indicators"
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Check out the new article: Redefining MQL5 and MetaTrader 5 Indicators.
An innovative approach to collecting indicator information in MQL5 enables more flexible and streamlined data analysis by allowing developers to pass custom inputs to indicators for immediate calculations. This approach is particularly useful for algorithmic trading, as it provides enhanced control over the information processed by indicators, moving beyond traditional constraints.
All of us have used either the "native" or "custom indicators" at some point in our trading journey. MetaTrader5 has an easy interface for loading and attaching the indicator to the chart, this enables traders (manual traders mostly) to analyze the markets conveniently using indicators in a way, however, when it comes to algorithmic trading it's not about what you see on the chart but the calculations of an indicator that matters.
In manual trading for example, one may need to look at the moving average indicator line to detect a trend if that's what they are looking for but, in algorithmic trading, we might look for a positive trend based on whether the closing price is above or below the moving average value calculated over a certain number of bars.
Author: Omega J Msigwa