Inc OB V On Array
Info
The Inc OB V On Array is a Library for MetaTrader 5 that the cobvonarray class is intended for calculation of (on balance volume) on indicator buffers. Usage: The Init()method with an optional parameter is called in the function:int aPeriodis indicator period.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Library works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Libraries folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Inc OB V On Array
1. Storage: Place library files in the MQL/Libraries directory to ensure they are accessible to your projects.
2. Implementation: Include the library in your code using the #import directive, ensuring you match the exact function names and parameters.
3. Compilation: Ensure the library is present in the directory before you compile your main EA or script, as the compiler links them during this phase.
4. Management: Keep libraries organized in sub-folders if you manage many custom functions to maintain a clean project structure.
Frequently Asked Questions
Q: What is a library file used for? A: Libraries store reusable code modules, allowing you to centralize common logic used by multiple EAs or indicators.
Q: Is a library executable? A: No, libraries are non-executable files containing functions; they must be imported into an EA, indicator, or script to function.
Q: Can I update a library while the platform is running? A: You should compile your EA or script after updating a library to ensure the latest code changes are integrated.
What this tool does
The COBVOnArray class is intended for calculation of (On Balance Volume) on indicator buffers.
Typical Use Case
This Library excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Library works on MetaTrader 5. Place the file in the MQL5/Libraries folder and restart the terminal.
Description & Settings
Related: Inc MA On Array - another powerful library for MetaTrader 5 traders.
The COBVOnArray class is intended for calculation of (On Balance Volume) on indicator buffers.
Usage:
The
Init()
Also recommended: Inc AT R On Array - similar library with strong performance on MetaTrader 5.
method with an optional parameter is called in the function:int aPeriod
is indicator period. If the value is set to 0 (default), the indicator will work like the one included in the client terminal - it will be calculated for all bars of the chart. Any other positive value sets the number bars of used for calculation of value for each bar (moving average principle).
The
Solve()
method with the following parameters is called in the function:
const int aRatesTotal
is the rates_total variable from the OnCalculate() function parameters;
const int aPrevCalc
is the prev_calculated variable from the OnCalculate() function parameters;
double aDataClose[]
is the buffer with the Close data for the indicator calculation;
double aDataVolume[]
is the buffer with the Volume data for the indicator calculation;
double & aOBV[]
is the buffer with calculated value.
Additional methods:
int BarsRequired()
returns the minimum number of bars required for the indicator calculation;
string Name()
returns a string with the indicator name.
The Test_OBVOnArray.mq5 file is an indicator demonstrating how to use the COBVOnArray class. The IncOBVOnArray file must be located in the MQL5\Include\IncOnArray directory of the terminal data folder (the IncOnArray folder must be created).
Technical Indicator (OBV) is a momentum technical indicator that relates volume to price change. The indicator, which Joseph Granville came up with, is pretty simple. If the close price of the current bar is higher than that of the previous bar, the volume of the current bar is added to the previous OBV. If the current bar close price is lower than of the previous one, the current volume is subtracted from the previous OBV.
You may also like: Inc AD X On Array - excellent alternative for library users on MetaTrader 5.
⚠ 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.