The class of a module of trade signals, on "inner bar breakthrough" in trend direction
Info
The The class of a module of trade signals, on "inner bar breakthrough" in trend direction is a Library for MetaTrader 5 that the provides an opportunity to create a strategy using different modules. For example, the main module can be written by developer, the other modules (money management, trailing stop) can be developed by other programmers.
Usage
This tool is typically used for trend following strategies across multiple currency pairs.
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 The class of a module of trade signals, on "inner bar breakthrough" in trend direction
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 provides an opportunity to create a strategy using different modules.
Typical Use Case
This Library excels in trend following 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: Class Calc Frac - Number of bars before and after the current High / Low (calculated fractal) - another powerful library for MetaTrader 5 traders.
Also recommended: The CG V class for working with global variables - similar library with strong performance on MetaTrader 5.
The provides an opportunity to create a strategy using different modules. For example, the main module can be written by developer, the other modules (money management, trailing stop) can be developed by other programmers.The strategy, implemented in this module is following: when outside bar appears, it checks the fact of the inner bar breakthrough in trend direction and generates a signal to open position. The outside (outer) bar is the bar with High price, greater than High of the previous bar and Low, lower than Low price of the previous bar. The "breakthrough" means the extremum crossover of the inner bar.
The trend direction depends on the color of the outer bar. Position is opened after completion of the bar with a signal.
Example of a signal to open a long position:
Description of signals
To use the module, copy innerbarsignal.mqh to the MQL5\Include\Expert\Signal\Mysignal.
After restart of the MetaEditor, the module will appear:
Module of trade signals in MQL5 Wizard
History backtesting results (EURUSD ,D1, 2010-2011):
Testing results
Input parameters:
TakeProfit = 300;
StopLoss = 300;
Trailing Stop = 100.
You may also like: CIni File class - 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.