new candle or bar formation
Info
The new candle or bar formation is a Expert Advisor for MetaTrader 5 that this bot detects the open of a new candle on any set timeframe, thereby making it easier to run a one-time code, place trades and call other functions. the code is written in the ontick() function.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use new candle or bar formation
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
What this tool does
this bot detects the open of a new candle on any set timeframe, thereby making it easier to run a one-time code, place trades and call other functions.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: trade signals using reversal candlestick patterns in mql5 - another powerful expert for MetaTrader 5 traders.
this bot detects the open of a new candle on any set timeframe, thereby making it easier to run a one-time code, place trades and call other functions. the code is written in the ontick() function.
Also recommended: Trade Signals Based on Bullish/Bearish Harami Candlestick Patterns Confirmed by MFI Indicator using MQL5 Wizard - similar expert with strong performance on MetaTrader 5.
the period_current is the timeframe at which you want to detect a new candle formation, you can change it to your preferred timeframe.Source Code
int OnInit()
{
return(INIT_SUCCEEDED);
}
void OnDeinit(const int reason)
{
}
void OnTick()
{
static datetime previous_time = 0; //--- store previous bar open datetime.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.