New Bar Event
Info
The New Bar Event is a Library for MetaTrader 5 that allows you to determine the occurrence of a new bar event in a multicurrency expert advisor. In a multicurrency Expert Advisor, the event of a new bar formation can occur at different times for different instruments.
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 New Bar Event
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
Allows you to determine the occurrence of a new bar event in a multicurrency Expert Advisor.
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: Calendar-Based Backtesting: an Event-Driven Trading EA - another powerful library for MetaTrader 5 traders.
Allows you to determine the occurrence of a new bar event in a multicurrency Expert Advisor.
Also recommended: AS Q Neural Net Pure MQ L5 Neural Network Library - similar library with strong performance on MetaTrader 5.
In a multicurrency Expert Advisor, the event of a new bar formation can occur at different times for different instruments. But since the EA always works on the chart of one instrument, it becomes necessary to correctly determine in the OnTick() event handler whether a new bar has already formed for the required period on another instrument.This library implements such functionality. To determine the onset of a new bar on the desired period, information about the time of the first tick of the bar for each instrument of interest is stored at each tick. On the tick when a new bar starts, the start time of the new bar changes. Then, until a new bar, this time always remains constant. In this library, all the rough work is done to create the necessary variables to store times for different instruments and periods. The user only needs to apply the IsNewBar() and UpdateNewBar() functions in the right places.
To use it, you need to include the NewBarEvent.mqh library and then:
Necessarily call the
UpdateNewBar()
function at the beginning of OnTick()
Use the function
IsNewBar(symbol, timeframe)
to check the occurrence of an event in OnTick()
An example of usage is given below and in the NewBarEventExample.mq5 file.
When running on GBPAUD M30, you can see something like this output
You may also like: c Int BM P - a library for creation of BM P images - 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.