is New Bar
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use is New Bar
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
For the indicators and Expert Advisors it's very often necessary the information whether a new bar has appeared on the specified timeframe. Here is an example, how it can be done.
After the first call of the isNewBar() function, the current bar is not assumed as a new bar. The function saves its time, it's the current bars, the next bar will be new.The code is commented, it's easy to understand, I hope it will be useful.
Take care of use
of the method, that is widely used in MQL4 -
the bars counting using the Bars function
(discussed here in Russian).
In MQL5 It will work only if the max bars in chart is set as
Unlimited
:
In this case, when the new bars appeared, the
Bars
function will return the increasing number of bars, but if the max bars in chart is limited (for example, 10000 bars), this approach will not work! It easy to check it.
That's why it's necessary to save the times of the last bars and compare them, because the time isn't changes until the bar completed.This method is used in the indicator.
