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If we tried to perform an equality operation on two prices without normalizing the numbers, it's unlikely we would ever get an equal result. Internally, prices and indicator values are calculated out to a large number of significant digits.

By normalizing the numbers, we can check for equality using a smaller number of digits. Boolean Operations A boolean operation compares two or more operations mathematical, boolean or relation using logical operators, and evaluates whether the expression is true or false. Let's take a look at an example of an AND operation.

An AND operation is true if all of the operations in the expression are true. We use an i f operator to evaluate our boolean operation. If the operation is true, the code inside the brackets is run. The value of a is 1, and the value of b is 1. The value of c is also 2, so this expression is true. The boolean operation AND evaluates to true, so a value of true is printed to the log. In this case, the execution skips to the el se operator, and a value of false is printed to the log.

Next, we'll examine the OR boolean operation. An OR operation is true if any of the expressions evaluates to true. Since at least one of the expressions is true, the boolean OR operation evaluates to true, and a value of true is printed to the log. Finally, we'll examine the NOT boolean operation.

The NOT operator! If the expression is true, the NOT operation evaluates to false, and vice versa. The boolean expression! Thus, a value of true is printed to the log. By enclosing the expression in parentheses and applying the NOT operator, the expression evaluates to true and a value of true is printed to the log.

There are three conditional operators in MQL5: the i f-el se operator, the ternary operator, and the switch-case operator. It is a compound operator, meaning that there is usually more than one expression contained inside the operator. The i f operator evaluates a condition as true or false. The condition can be a relational or boolean operation. If the condition is true, the expression s inside the compound operator are executed. If the condition is false, control passes to the next line of code.

Next, we evaluate the boolean condition in the if operator. When an i f compound operator has only one expression, you can omit the brackets and place it on the same line as the i f operator. You can even place the expression on the next line. Each if expression will be evaluated individually. In the example below, two if operators evaluate a relational operation. The el se operator is placed after an i f operator.

The el se operator is useful if you have a default action that you want to be carried out when all other conditions are false. The el se operator can be combined with the i f operator, allowing multiple conditions to be evaluated. When one or more else if operators are placed in an if-else block, the first true condition will end execution of the i f-el se block. The i f and el se i f operators are evaluated in order until one of them evaluates to true. Once an i f or el se i f operator evaluates to true, the expression s inside the operator are executed, and the program resumes execution after the i f-el se block.

If none of the i f or el se i f operators evaluate to true, then the expression s inside the el se operator will execute instead. The message "oneOrTwo is 1" will be printed to the log. The following el se if and el se operators will not be evaluated. The program will resume execution after the el se operator. If all of the i f and else if operators are false, the expression in the el se operator is executed.

If it is present, it must come after any i f or else if operators. You can have multiple else if operators, or none at all. It all depends on your requirements. Ternary Operator The ternary operator is a single-line shortcut for the i f-el se operator. A ternary operator consists of three parts. The second part is the expression to be executed if the condition is true.

The third part is the expression to be executed if the condition is false. The result of the expression is assigned to a variable. This variable is used as the condition for the ternary operator. A question mark? The first expression assigns a value of true to the boolean variable resul t.

The second expression assigns a value of false to the variable result. The expressions are separated by a colon :. Whichever you prefer to use is up to you. Switch Operator The switch operator compares an expression to a list of constant values using the case operator. When a constant value is matched, the accompanying expressions are executed. The swi tch operator contains the expression to evaluate.

In this case, the expression is the variable x. The case operators are labels, each assigned a different constant value. Since x is equal to 1, the string "x i s 1" will be printed to the log. The break operator ends execution of the switch operator. For example, if x does not match any of the case operators, the expressions after the defaul t operator are executed instead.

So if x were assigned a value of 3, the string "x is not 1 or 2" is printed to the log. Unlike an if-el se block, execution of the swi tch operator block does not stop when a case constant is matched. Unless a break operator is encountered, execution will continue until all remaining expressions in the switch operator have been executed.

If either of these labels are matched, the program will begin executing any expressions following the case labels until a break operator is encountered, a default operator is encountered, or the switch operator ends. In this example, the variable x has a value of 1. The expression x matches the first case label. Execution continues past the case 3 label, to the Print function.

The string "x is 1, 2 or 3" is printed to the log, and the break operator exits the switch block. If x did not match any of the case labels, then the expressions in the defaul t operator would execute instead. The swi tch operator is useful is a few specific situations.

In most cases, an i f-el se block will work just as well, although a swi tch-case block may be more efficient and compact. Here's a useful example of a swi tch- case block. The switch operator compares period to several common chart periods, including HI, H4 and Dl. If period matches any of the common chart periods, the appropriate string is assigned to the string variable printPeriod. In the event that none of these chart periods are matched, a chart period string is constructed using the prefix "M" and the period in minutes.

The variable printPeriod can be used to print a user-friendly chart period to the log or to the screen. Loop Operators Sometimes it is necessary for a program to repeat an action over and over again. For this, we use loop operators. There are three loop operators in MQL: while, do-while and for. The whi 1 e operator checks for a boolean or relational condition. If the condition is true, the code inside the brackets will execute. As long as the condition remains true, the code inside the brackets will continue to execute in a loop.

We also declare an integer variable named count and initialize it to 1. If so, the code inside the brackets is run. We print the value of the count variable to the log. Finally we increment count by 1, and check the loop condition again. The result of this loop is that the numbers are printed to the log. Thus, the loop stops executing and control passes to the expression following the closing bracket.

In this example, the count variable is used as the loop condition. If count is less than or equal to 5, the loop will execute. On each execution of the loop, count will be incremented by 1 and the result printed to the log. Once count is greater than 5, the loop will exit. The whi 1 e loop condition is checked at the beginning of the loop. If the condition is false, the loop is never run.

If you need to check the condition at the end of the loop, or you need the loop to run at least once, then use the do-whi 1 e loop. The do-while Operators The do-whi 1 e operators check the loop condition at the end of the loop, instead of the beginning. This means that the loop will always run at least once. In both the whi 1 e and do-whi 1 e loops, the condition to halt loop execution must occur sometime during the loop, or independently of the loop such as an external event. If the condition to stop the loop does not occur, you'll end up with an infinite loop and your program will freeze.

If you don't know how many times a loop will need to execute, or if you need to use a boolean condition as the loop condition, then use a whi 1 e or do-whi 1 e loop. If you know how many times a loop needs to execute, or if you need more advanced iteration, then use a for loop instead. The for Operator If you are using an integer variable to iterate through a loop such as the count variable in the previous examples , the for loop is a better choice.

This variable is generally used to iterate through the loop. This is generally a relational expression. When this expression is true, the loop executes. When it is false, the loop exits. This is generally a mathematical expression to increment the iterator variable. This expression increments the count variable by 1. Note that there are semicolons after the first and second expressions, but not after the third expression. Like the previous examples, this code prints the numbers to the log.

If you compare the code above to the while loop example on the previous page, the for loop requires fewer lines of code. Just about anything you can do with a whi 1 e loop can also be done with a for loop. You can omit any of the three expressions in the for loop, but the semicolons separating them must remain. If you omit the second expression, the loop is considered to be constantly true, and thus becomes an infinite loop. You can declare multiple variables in the first expression of a for loop, as well as calculate multiple expressions in the third expression of a for loop.

The additional expressions must be separated by commas. The loop will execute when a is less than or equal to 5. On each iteration of the loop, a is incremented by 1, while b is incremented by 2. The values of a and b are printed to the log on each iteration. The break operator immediately exits the nearest whi 1 e, do-whi 1 e or for loop.

It also exits the swi tch operator, as explained on page Generally, the break operator is used to exit a loop when a certain condition is met. The continue Operator The continue operator works similar to the break operator. Instead of exiting the loop entirely, the continue operator exits the current iteration of the loop and skips to the next iteration.

We will be creating our own functions to carry out many trading-related activities in this book. In addition, MQL5 has dozens of built-in functions that do everything from retrieving order information to performing complex mathematical operations. Functions are designed to be flexible and reusable.

Whenever you need to perform a specific action, such as placing an order, you call a function to perform that action. The function contains all of the code and logic necessary to perform the task. All you need to do is pass the required parameters to the function, if necessary, and handle any values returned by the function.

When you place an order, for example, you will call an order placement function. You will pass parameters to the function that instruct it to place an order on the specified symbol, at the specified price with the specified number of lots. Once the function has finished executing, it will return a value such as an order confirmation. A function declaration consists of a return type, an identifier, and an optional list of parameters.

This function will calculate the stop loss for a buy order. The return type is doubl e, which means that this function will calculate a value of type doubl e, and return that value to our program. In this book, we will preface all function parameter identifiers with a lower case "p". The parameters are separated by commas. Each parameter must have a type and an identifier. A parameter can also have a default value.

We'll discuss default values in more detail shortly. All three parameters are required - which means they must be passed to the function when the function is called. The first parameter, pSymbol, is a string value representing the symbol of the instrument. The second parameters, pStopPoi nts, is an integer value representing the stop loss value in points.

The third parameter, pOpenPrice, is a double value representing the order opening price. This function will be placed somewhere on the global scope of our program - which means that it can't be inside another function. The result is assigned to the variable stopLoss. The value of stopLoss is normalized to the number of digits in the price using the NormalizeDouble function, and the return operator returns the normalized value of stopLoss to the program.

This will be located at the beginning of our program, and will be set by the user. The doubl e variable orderPri ce is a local variable that will contain the opening price of our order - in this case, the current Ask price. This variable would then be used to modify the currently opened position and add a stop loss. Default Values A function parameter can be assigned a default value when the function is first declared. If a parameter has a default value, it must be placed at the end of the parameter list.

Any parameter that has a default value must be at the end of the parameter list. StopLoss ; In the above example, the default value of 0 will be used for the pOpenPrice parameter. You can have multiple parameters with default values, but they must all be at the end of the parameter list.

If a function has multiple parameters with default values, and you are passing a value to a parameter with a default value, then any parameters before it must have values passed as well. You cannot skip parameters when calling a function, unless all remaining parameters are using their default values. If you are using the default value for pDefaultl as well, the only parameter that needs to be specified is pSymbol.

You cannot skip parameters when calling the function, so if a parameter with a default value is passed a different value when calling the function, then any parameters before it must have a value passed to it as well. The return Operator Any function that returns a value must have at least one return operator. The return operator contains the variable or expression to return to the calling program.

The type of the expression must match the return type of the function. Generally, the return operator is the last line in your function, although you may have several return operators in your function, depending on your requirements. The return type of a function can be of any type, including structures and enumerations. You cannot return an array from a function, although you can return an element from an array.

If you need a function to return an array, you can pass an array to a function by reference. We'll discuss passing by reference shortly. Here is our BuyStopLoss function again. This function returns a value of type doubl e. There is a special type called voi d, which specifies a function that does not return a value.

A void function can accept parameters, but does not need to have a return operator. Note that there is no return operator because the function is of void type. This means that the value of the parameter is passed to the function, and the original variable remains unchanged.

You can also pass parameters by reference. Any changes made to a variable inside a function will be reflected in the original variable. This is useful when you need a function to modify an array or a structure. You will frequently pass arrays and structures by reference into MQL5 functions. Here's an example of passing a structure by reference using the Symbol InfoTi ck function. The MqlTick structure stores current price information from the server.

The Symbol InfoTick function fills an MqlTick object with the current price information of the specified symbol. The second parameter in the Symbol InfoTi ck function call, myTick, is passed by reference. The myTick structure is modified by the function, and filled with the current price information from the trade server. The Pri nt function prints the current Bid price to the log by referencing the bid variable of the myTick object.

Here's another example of passing by reference using an array. In this example, we'll pass a dynamic array to a function by reference. Overloading Functions Sometimes you may need to create multiple functions that perform essentially the same task. Each of these functions will have different input parameters, but the end result is the same. In MQL4, it would be necessary to give these functions different identifiers. MQL5 introduces function overloading, which allows you to have multiple functions with the same name.

Each identically-named function must have different parameters, either in number or in type. Let's demonstrate by using two trailing stop functions that we'll create later in this book. Both functions have the same name, and do basically the same thing. This is used to calculate a trailing stop price, relative to the current Bid or Ask price. The doubl e parameter in the second function, pTrai 1 Pri ce, accepts a price to be used as the trailing stop price.

By having two identically-named functions with different parameters, we have some flexibility as to how to administer the trailing stop, depending on the trading system. Since both functions share the same name, the programmer does not have to remember two or more different function names. In the end, this simply makes life easier for the programmer.

The compiler will know which function to use based on its unique parameter signature. The first function has a string parameter, followed by three integer parameters. The second has a string parameter, followed by a double parameter and two integer parameters. TrailingPoints ; An i nt input variable named Trai 1 i ngPoi nts allows the user to set a trailing stop in points. This value is used as the second parameter in the Trail i ngStopO function call.

Because the Trai 1 i ngPoi nts variable is of type i nt, the compiler knows to use the first variant of the function. Since we are using the default values for the pMi nProf i t and pStep parameters, we have omitted them from the function call. Since the second parameter of the Trai lingStopO function call is of type double, the compiler knows to use the second variant of the function. Object- oriented programming OOP for short encourages code reuse and hides unnecessary implementation details from the user.

This allows a much more flexible and compact style of programming. The concepts of object-oriented programming are abstract in nature and often confounded by technical jargon. They can be difficult for the new programmer to grasp. But once you learn the fundamentals of OOP, you'll find them to be incredibly useful. Object-oriented programming is based around the concepts of classes and objects. A class is a collection of variables and functions that perform a set of related tasks.

The variables and functions contained inside a class are referred to as the members of a class. A class is like a blueprint for an object. Take a car, for example. A car has a steering wheel, a gear shifter, a turn signal, headlights and so on. An object is created using the class as a template. The class describes the car, while the object is the car itself. Each object has a unique name, similar to how each car has a unique vehicle identification number. You can create as many objects as necessary, just like a manufacturer can build many different cars of the same model.

The variables of an object are distinct from the variables of other objects, just like how different cars are going different speeds on the highway. For example, in an expert advisor you may have several indicators. For a moving average cross, you will have at least two moving average indicators. Each moving average will have a different period setting, and may have different calculation mode and price settings.

A moving average indicator can be represented by a class. The moving average indicator class contains all of the variables and functions necessary to create the indicator and retrieve the current indicator value during program execution. Using this class, we create one or more objects, each of which will have their own identifier, settings and indicator values. We don't have to worry about creating a dynamic series array to hold the indicator values, nor do we need to think about initializing the indicator, storing the indicator handle and copying the indicator values from the buffers to the array.

All of these details are handled in the class implementation. All we need to do is create an object, and use the class functions to carry out these tasks. A class can be placed inside your program or inside an include file. A class declaration uses the class keyword, followed by a unique identifier. The members of the class are placed inside the brackets, sorted by access keywords.

The closing bracket of a class declaration is terminated with a semicolon. It has three public members and two protected members. Notice that every function and variable declaration inside the class declaration is terminated with a semicolon. The closing bracket of the class declaration itself is terminated with a semicolon as well.

The public members of the CIndi cator class include the Mai n function, the Rel ease function, and a default constructor with the same name as our class. The protected members include the handl e variable and the mai n [ ] array. We'll discuss the CIndi cator class in more detail in Chapter 17, so don't worry if you don't understand how it works just yet.

In this chapter, we will be using the CIndi cator class as an example to explain the concepts of object-oriented programming. Access Modifiers The labels publ i c, pri vate and protected are access keywords. They determine whether a variable or function is available for use outside of a class.

This is the method by which the program interacts with an object. Public members are generally functions that perform important tasks. Public functions can access and modify the private and protected members of a class. A private member cannot be accessed outside the class.

Classes that are derived from this class will not inherit these 58 Object-oriented Programming members. We'll discuss inheritance shortly. Private members are generally internal functions and variables that are accessed by public members of a class. Use the protected keyword unless you're certain that you won't be deriving any classes from the current class.

This concept of hiding class members from the rest of the program is an OOP concept referred to as encapsulation. By hiding class members, we ensure that they won't be used or modified unnecessarily. The CIndi cator class is meant to be used as a parent class for other indicator classes, such as a moving average indicator class. We've created this class to implement features that every indicator will use.

For example, every indicator requires a variable to store the indicator handle, so we've created an integer variable named handle. Well also need at least one dynamic array to hold indicator values. For the public members of our class, we've created a function named Mai n to update the indicator values and access the values in the main[] array, and a Release function to release the indicator from memory.

Let's take a closer look at the public functions of our class. We'll start with the Main function. This function copies indicator data to the main[] array using the handle variable to identify the indicator, and returns the value for the specified bar. Note the CIndi cator: : right before the function identifier. The double-colon operator : : is the scope resolution operator. It identifies a function as belonging to a specific scope - in this case, the scope is the CIndi cator class. Notice also that our protected handle and main[] variables are used as parameters for the CopyBufferQ function.

The only way we can access protected and private members of our class is through a public class function. If you attempt to access these members from elsewhere in your program, you'll get a compilation error. This is useful for very short functions that consists of a single line or two. It consists of a call to the Indi catorRel ease function. The contents of the function are contained within the brackets. It is not required to have a semicolon after the closing bracket, although the compiler will not complain if you do.

Constructors When an object is created from a class, a function called the constructor is executed automatically. The constructor is used to initialize the variables inside our object. If no constructor is explicitly defined, then the compiler creates a default constructor to initialize the variables. This default constructor is not visible to the programmer. In our CIndicator function, we have declared our own default constructor, also called ClndicatorQ.

The name of a constructor must match that of the class identifier. It is not necessary to specify a return type for a default constructor, as the type is always voi d. The access level of a constructor must be publ i c. The only purpose of our constructor is to set our mai n [ ] array as a series array.

If there are actions you want carried out automatically upon the creation of an object, then create a default constructor to do this. There are more advanced things you can do with constructors, such as parametric constructors and initialization lists. There is also the destructor, which is called upon destruction of an object.

Since we won't be using those features in this book, it will be up to the reader to learn more. In OOP, you can create a class using another class as a template. The new class inherits all of the functions and variables of the parent class except for those that use the private access keyword. You can then extend upon that class by adding new functions and variables. This is exactly what we'll do with our CIndi cator class. Remember that the CIndi cator class is meant to be a parent class for other indicator classes.

The specifics of implementing a particular indicator are handled in the derived class, while the basic variables and functions are already defined in the parent class. Here's an example of a derived class for a moving average indicator.

Notice the colon : , followed by publ i c Cindicator in the class declaration. The publ i c keyword specifies that all public and protected members of the base class will remain public or protected in any classes derived from this one. You can also specify the protected or private keywords, 61 Expert Advisor Programming for MetaTrader 5 which changes the access level of all public and protected members of the parent class to protected or private in any derived classes.

However, you won't need to do this very often, if at all. Here is the function declaration for our Ini t function. This function passes the moving average indicator settings to the iMA function, which returns an indicator handle. Or you may want to define a function in a parent class, but take care of the implementation details in the derived class. You can accomplish this by using virtual functions. Let's use the example of a car again: A car class would have a function to change gears.

However, the process of changing gears in a car with a manual transmission is different than changing gears with an automatic transmission. Therefore, we would declare a virtual gear changing function in our parent class, and then write the actual function in our derived classes. We've declared a single function - a virtual function named Shi f tGears. We've added an empty function body to the ShiftGearsQ declaration, containing only a single return operator. The Shi f tGears function is declared with the vi rtual keyword.

This means that the function will be defined in the derived classes. Here is where we define the Shi ftGears function. The function is declared with the same type and parameters as the function in the Car class. Notice that we do not use the vi rtual keyword here. The body of the function is defined elsewhere, and contains the logic for shifting gears using a manual transmission. Other classes derived from the Car class would define ShiftGears in a similar manner.

If a derived class has a function with the same name as a function in the parent class, the function in the derived class will override the function in the parent class. This process of redefining functions in derived classes is an OOP concept known as polymorphism. The vi rtual keyword specifies that the implementation of the function will be carried out in any derived classes. The body of the function is declared on the same line. In this example, the function simply returns the value of the handle variable.

When we create a derived class based on CIndicator, the Init function must be implemented in the new class. Objects Now that we've created a class for a moving average indicator, let's create an object. You create an object the same way you create a variable, enumeration or structure: The class name is used as the type, and the object is given a unique identifier: CiMA objMa; 63 Expert Advisor Programming for MetaTrader 5 This creates an object named objMa, based on the class CiMA.

When an object is created, the constructor for that object is executed automatically. The first thing we'll need to do is initialize our indicator with the Init function: objMa. The Ini t function creates an indicator handle for the moving average indicator using the specified settings. The indicator handle is stored in the protected variable handle, which is defined in the CIndi cator class.

Next, we'll use the Mai n function to fill the mai n [] array with indicator values, and retrieve the indicator value for a specific bar. Since the main[] array is a protected class member, we can only access it through a public function such as the Mai n function. This line of code prints the moving average value for the current bar to the log: Print objMa. Main ; You can create as many objects as necessary for your program. If you need a second moving average indicator, then declare it using a different unique identifier, and access the public members of the object as shown above.

By creating classes to perform common tasks, you save time and reduce errors, as well as reducing the amount of code in your program. The remainder of the book on expert advisors will focus on the creation of classes to perform common trading tasks. All MQL5 programs share the same basic structure. At the top of the file will be the preprocessor directives. Next are the input and global variables. Finally, the functions, classes and event handlers of the program are defined.

Preprocessor Directives The preprocessor directives are used to set program properties, define constants, include files and import functions. Preprocessor directives are typically declared at the very top of the program file.

We'll discuss properties for indicators, scripts and libraries in the appropriate chapters. When you create a program using the MQL5 Wizard, the author, link and version properties will be inserted automatically. You can also add the description property manually.

These will be displayed on the Common tab in the expert advisor Properties dialog. This is useful if you decide to distribute your program. The property directives will be placed at the very top of your program. They must be defined in your main program file, as any property directives in include files will be ignored. Here's an example of the descriptive property directives: property copyright "Andrew R. Young Dual moving average cross with trailing stop Fig. The copyright property above "Andrew R.

Young" doubles as a hyperlink. Placing the mouse over it and clicking will take the user to the website defined in the 1 i nk property. We addressed constants earlier on page To summarize, the def i ne directive specifies an identifier with a constant value. The convention is to use all capital letters for the identifier name. Here are some examples of constants using the def i ne directive: define PI 3.

If you wanted to use the value of Pi in your program, the identifier PI would be interpreted as 3. There a a second variant of the def i ne directive called the parametric form. The parametric form of the define directive accepts parameters, just like a function would. You can have up to eight parameters in a parametric define directive.

The result is an expression that is calculated and substituted in the program: define PI 3. The value of di a will be multiplied by the constant PI, and the result returned to the program. The value of the diameter variable is passed to the CIRC dia constant as the parameter. The dia parameter is multiplied by the PI constant, and the result is placed in the ci rcumference variable.

If you have a simple mathematical expression that is used frequently, then the parametric form of the def i ne directive can be a good substitute for writing a dedicated function. However, a function would allow for more advanced manipulation, such as normalizing a result to a specified number of digits. An include file contains variables, function and classes to be used in the main program. This is the preferred method of including files, and the one we will use in this book.

This tells the compiler to look for the include file in the same directory as the program file. If for some reason you've stored the include file in the same directory as your program, then use double quotes in your i ncl ude directive. There is an additional preprocessor directive, the import directive, which is used to import functions from libraries and DLLs.

We'll address the usage of the import directive in Chapter Input and Global Variables After the preprocessor directives, the next section of your MQL5 program will be the input and global variable declarations. It doesn't necessarily matter which comes first, but the convention is to put the input variable declarations first. As you will recall, input variables are the user-adjustable settings for your program. Any global variables that you're using must be declared outside of any functions or event handlers.

The convention is to put them at the top of the file, after the input variables. This ensures that they won't be called by any functions before they have been declared. Classes and Functions Custom classes or functions can be defined anywhere in your program, especially in include files that are included using the i ncl ude directive. Generally, any classes or functions that are present in the main program file can go before or after the event handlers, but should be placed below any input or global variables in the file.

Event Handlers An event handler is a function that is executed whenever a certain event occurs. Event handlers are the method by which an MQL5 program runs. For example, when an incoming price quote is received by an expert advisor, the NewTick event occurs.

This causes the OnTick event handler to execute. The OnTi ck event handler contains code that runs every time a price change occurs. Each program type has its own event handlers. Expert advisors and indicators use the Init event to execute the Onlni t event handler, which runs once at the start of the program.

Scripts use the Start event, which is handled by the OnStart event handler. Indicators use the Calculate event and the OnCal cul ate event handler to execute indicator calculations. We'll go into more detail on event handlers for each program type in the relevant chapters. Not every element will be in every program - for example, an i ncl ude directive is not needed if you're not including functions and variables from an external file.

The property directives are usually optional. Most programs will have input variables, but global variables are optional. And you may or may not need to create your own classes or functions. The event handlers will vary depending on the program type. The property directives come first, with some descriptive information about the program. A def i ne directive defines a constant for Pi.

An input variable named Radi us allows the user to enter the radius of a circle. Finally, a global variable named Radi usSq is available to all functions of the program. This program has two event handlers. The Onlni t event handler runs once at the start of the program.

The square of the Radi us variable is calculated and stored in the global variable Radi usSq. After Onlni t has run, the OnTick event handler will run on each incoming price change. The OnTick event handler calls the function CalcAreaQ, which is defined at the bottom of our program.

The function calculates the area of a circle, and returns the result to the OnTi ck function. The Pri nt function will print the following string to the log, assuming that the default value for Radius is used: The area of a circle with a radius of 1.

We haven't added any trading functions to this program, as we simply want to demonstrate the basic structure of an MQL5 program. In the next chapter, we'll begin creating expert advisors. There are significant changes in trade execution compared to MetaTrader 4.

It is important to understand these differences, as it may affect whether your trading strategy is appropriate for MetaTrader 5. There are three steps to executing a trade in MetaTrader 5: order, deal, and position. An order is a request to open a trade at a specified price and volume for a specific financial security, such as the EURUSD.

When an order is filled, a deal occurs, and a trade is placed at the specified price with the specified volume. A position is the net long or short result of one or more deals. As an MQL5 programmer, you will be using orders to modify your current position in a security. The deal is the intermediate step, and while you can access deal information in MQL5, we won't need to do so.

There can be only one position open at any time on a security. You can add orders to a position, or open orders in the opposite direction to reduce or even change the direction of a position. You can also adjust the stop loss or take profit of a position at any time.

But unlike MetaTrader 4, it is not possible to have multiple, separate orders open on a security at one time. It is also not possible to hedge a position. If we then open a sell order for 0. The sell order effectively closed part of the existing long position. If we opened a second sell order of 0.

We then open a sell order for 2. The result is a net short position of 1 lot. Our position changed from long to short in a single deal. Thus, it is possible to close out an existing position and open a new position in the opposite direction with a single trade. When multiple orders in the same direction are added to a position, the position price is changed.

The new position price is calculated as a weighted average. If an order is opened in the opposite direction to close out part of an existing position, the position price does not change. Depending on the order type and the market execution type, a stop loss and take profit can be set when the order is placed. Otherwise, the position can be modified at any time to add or change the stop loss and take 71 Expert Advisor Programming for MetaTrader 5 profit.

For example, a buy position of 0. A second buy order of 0. The stop loss of the entire position is changed to 1. However, you can use pending orders to scale out of a position at predetermined price levels. We'll examine this in more detail in Chapter Market Orders A market order is a request to open a trade at the current market price.

The order type is either buy or sell. Buy orders are opened at the current Ask price, while sell orders are opened at the current Bid price. Conversely, when a position is closed, a buy position is closed at the current Bid price, while a sell position is closed at the current Ask price.

Fig 8. This broker uses Instant Execution. The process by which an order is executed depends on the trade server's execution type. There are four execution types in MetaTrader 5. The execution type is determined by the broker, and is indicated in the Type field of the New Order dialog box.

Most Forex brokers use either market or instant execution. ECN brokers use exchange execution. The request execution type is intended for non-Forex instruments, and is not commonly used. The trader specifies the trade type, the symbol to trade, the trade volume, a stop loss and take profit price, and the deviation in points. If the current market price deviates from the last quoted price by the number of points specified in the Deviation field, a requote is triggered, and the trader is asked to accept or reject the new price.

Otherwise, the trade is placed at the current market price. One advantage of instant execution is that the trader can specify a stop loss and take profit when placing the order, which saves a step when trading manually.

In the event of rapidly moving prices and significant price deviation also referred to as slippage , the trader has the option to reject the order and wait for calmer market conditions. The disadvantage of instant execution is slippage. When the slippage exceeds the specified deviation, the order will not be placed, which creates difficulties when auto trading. Even if the order is placed, the stop loss and take profit price will be a few points off relative to the order execution price.

Most brokers now use market or exchange execution. With the market execution type, the trader specifies the trade volume and the fill policy. The trade is executed at the current market price, with no requotes. No stop loss or take profit is placed with the market execution type. The trader will have to modify the position to add a stop loss and take profit after the order is filled.

Exchange execution is used by ECN brokers, and allows traders to execute trades with no intermediate dealing desk. For all intents and purposes, the exchange execution type works similarly to the market execution type. For the request execution type, the trader must specify the trade volume, stop loss and take profit first.

Then, the terminal requests a current market price from the trade server. As of this writing, no MetaTrader brokers are known to be using request execution. The fill policy determines the action to take when there is insufficient liquidity in the market. Fill or Kill means that if the trade server cannot place the order for the full trade volume at the specified price, then the order is canceled.

Fill or Cancel also called Immediate or Cancel means that the trade server will attempt to partially fill an order. Any remaining volume that is not filled will be canceled. Return means that the trade server will always attempt to fill any unfilled volume. Expert Advisor Event Handlers At the end of the last chapter, we discussed the structure of an MQL5 program and introduced the reader to event handlers.

Let's discuss the event handlers that are used in expert advisor programs: OnInit The Onlni t event handler runs when the Init event occurs. The Init event occurs when the program is initialized. Normally, the Onlni t event handler runs once at the start of a program.

If there are any changes 73 Expert Advisor Programming for MetaTrader 5 in the expert advisor properties, or if the current chart symbol or period is changed, the expert advisor will reinitialize and the Onlni t function will run again.

If there are any actions you wish to execute once at the start of the program, place them in the Onlni t event handler. The Onlni t event handler is not required in your program, but it is recommended. We will use Onlni t to initialize certain variables and carry out one-time actions. The Deinit event occurs when the program is deinitialized. If the expert advisor properties are changed, the current chart symbol or period is changed, or if the program is exited, the OnDei ni t event will run.

If there are any actions you wish to execute when the program ends, place them in the OnDei nit event handler. The OnDei nit event handler is not required in your program. One use of the OnDei nit event handler is to remove objects from the chart when removing an indicator or program that has placed them. The NewTick event occurs when a price change is received from the server. Depending on current market activity, price changes can occur several times a minute or even several times a second.

Each time a price change occurs, the OnTickQ event handler will run. The OnTickQ event handler is the most important event handler in your program, and is required in your expert advisor. Almost all of your trading system logic will occur in the OnTickQ event handler, and many of the code examples in this book will go inside the OnTi ck event handler.

The Trade event occurs whenever there is a change in the order pool. This includes placing and modifying orders, closing and modifying positions, and triggering of pending orders. If there are any actions you want to execute when changes in order status occur, then place them in the OnT rade event handler. The OnT rade event handler is optional. This allows you to execute actions at specified intervals.

The OnTimerQ event handler is optional. We'll discuss the usage of the OnTimerQ event handler in Chapter Please let me know if you appreciate my review or if I missed something by leave a comment below. I appreciate you spending some time here on Forex robot nation and hope that you look around the rest of the website to see what we have to offer.

Your email address will not be published. This site uses Akismet to reduce spam. Learn how your comment data is processed. Patrick is a Forex enthusiast, with over 10 years of experience in finance, and market analysis. He's eager to help traders achieve their investment goals, whether they are short or long-term.

Patrick's penned thousands of reviews, and is always available to discuss trading with anyone who's interested. Leave a Reply Cancel reply Your email address will not be published.

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Total forex banking level You can attach multiple indicators to a chart. The most important variable of the Mql TradeResul t structure is retcode, which is the return code from the trade server. The economic health of a nation's economy is a primary factor in the exchange rate of its currency. The process by which an order is executed depends on the trade server's execution type. On each call of the function, the static variable is incremented by 1.
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Currency transactions in forex So, when you want to place an order, you probably wonder how big a trade you should open? You do not need to use the concatenation operator. If no constructor is explicitly defined, then the compiler creates a default constructor to initialize the variables. The Properties dialog allows you to enter a file name and some descriptive information about your program. For all intents and purposes, the exchange execution type works similarly to the market execution type.
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The FX time shifter is a Forex trading system that uses special renko price action charts designed specifically for meta-trader four. They feel. Expert advisors offer a hands-off approach to trading the Forex market using Boss EA, and a free trading tool known as History Shifter. Hello FF Members, I am very passionate about forex trading and want to succeed at any cost. I have a full time job and I learnt mql4 coding.