It should be noted that while the OnInit function is called only once when the EA is attached to a chart, the OnTick function is called every time there is a new tick price quote. You observe that we have done it again differently here. We decide to store the total bars in history which we obtained from the expression.
While the variables, declared at the Input Parameters section of our code, are available to all functions, within our code that may need them, variables declared within a single function is limited and available to that function alone.
It can not be used outside of that function. Next, we declared a few variables of MQL5 structure types which will be used in this section of our EA. This structure is used to perform all trade requests for a trade operation. It contains, in its structure, all the fields necessary for performing a trade deal. Any variable declared to be of the MqlTradeRequest type can be used to send orders for our trade operations.
Here we declared mrequest as a MqlTradeRequest type. The result of any trade operation is returned as a special predefined structure of MqlTradeResult type. Any variable declared to be of MqlTradeResult type will be able to access the trade request results. Here we declared mresult as a MqlTradeResult type. Any array declared to be of the MqlRates type can be used to store the price, volumes and spread history for a symbol.
Here we have declared an array mrate which will be used to store these information. Next we decide to set all the arrays we will be using to store Bars details as series. This is to ensure that the values that will be copied to the arrays will be indexed like the timeseries, that is, 0, 1, 2, 3, to correspond with the bars index.
So we use the ArraySetAsSeries function. It should be noted that this can also be done once at the initialization section of our code. However, I have decided to show it at this point for the sake of our explanation.
We now use the SymbolInfoTick function to obtain the latest price quote. Again, if there is error, we reported it. Next we copied the information about the latest three bars into our Mqlrates type array using the CopyRates function. The CopyRates function is used to get history data of MqlRates structure of a specified Symbol-Period in specified quantity into a MqlRates type array.
For the start position, we will start from the current bar, Bar 0 and we will count only three Bars, Bars 0, 1, and 2. The result will be store in our array, mrate. The mrate array now contains all the price, time, volumes and spread information for bars 0 , 1 and 2. Therefore to get the details of any bar, we will use the following:.
Next we, copied all the indicator values into the dynamic arrays we have declared using the CopyBuffer function. The indicator handle is the handle we created in the OnInit section. Concerning buffer numbers, the ADX indicator has three 3 buffers:. The Moving Average indicator has only one 1 buffer:.
We copy from the present bar 0 to the past two bars. So amount of records to copy is 3 bars 0, 1 and 2. As you can see here again, we try to capture any error that may occur in the copying process. If there is error, no need to go further. It is important to note that the CopyBuffer and the CopyRates function returns the total number of records copied on success while it returns -1 incase of an error.
That is why we are checking for a value less than 0 zero in the error checking functions here. At this point we want to check if we already have a Buy or Sell position opened, in order words, we want to make sure we have only ONE Sell or Buy trade opened at a time. We do not want to open a new Buy if we already have one, and we do not want to open a new Sell if we already have one opened. We use the trade function PositionSelect to know if we have an open position.
We use the PositionGetInteger function for this. In our case, we used it to determine which of the position we already have opened. We will be able to use these two variables later when we are checking for Sell or Buy conditions later in our code. Remember we declared a variable for that earlier. Let us analyze the expression above as it represents the strategy we designed earlier. We are declaring a bool type variable for each of our conditions that must be met before an order can be placed.
So, our Buy strategy has been broken down into four conditions. Let us look at them one by one. Here we are looking at the MA-8 values on Bars 0, 1 and 2. If value of MA-8 on the current bar is greater than its value on the previous Bar 1 and also the MA-8 value on Bar 1 is greater than its value on Bar 2 , it means that MA-8 is increasing upwards. This satisfies one of our conditions for a Buy setup. This expression is checking to see if Bar 1 Close price is higher than the value of MA-8 at the same period Bar 1 period.
If the price is higher, then our second condition has also been satisfied, then we can check for other conditions. However, if the two conditions we have just considered were not met, then there will be no need to check other conditions. That is why we decide to include the next expressions within these two initial conditions expressions. If this expression is true, that is, the current value of ADX is greater than the Minimum required value; we also want to be sure that the plusDI value is greater than the minusDI value.
This is what we achieved in the next expression. If all these conditions are met, that is, if they return true, then we want to be sure that we do not open a new Buy position if we already have one. Having sent our order, we will now use the MqlTradeResult type variable to check the result of our order. If our order is executed successfully, we want to be informed, and if not, we want to know too.
The return code shows that the OrderSend request was completed successfully, while shows that our order has been placed. That is why we have checked for any of these two return codes. If we have any of them, we are sure that our order has been completed or it has been placed.
To check for a Sell Opportunity, we check for the opposite of what we did for Buy Opportunity except for our ADX that must be greater than the Minimum value specified. Just as we did in the buy section, we are declaring a bool type variable for each of our conditions that must be met before an order can be placed. So, our Sell strategy has been broken down into four conditions.
Let us look at them one by one as we did for the Buy section. If value of MA-8 on the current bar is less than its value on the previous Bar 1 and also the MA-8 value on Bar 1 is less than its value on Bar 2 , it means that MA-8 is decreasing downwards. This satisfies one of our conditions for a Sell setup. This expression is checking to see if Bar 1 Close price is lower than the value of MA-8 at the same period Bar 1 period.
If the price is lower, then our second condition has also been satisfied, then we can check for other conditions. If this expression is true, that is, the current value of ADX is greater than the Minimum required value; we also want to be sure that the MinusDI value is greater than the plusDI value.
If these conditions are met, that is, if they return true, then we want to be sure that we do not open a new Buy position if we already have one. The major difference here is the way we calculated our stop loss price and take profit price.
Also here, we used the NormalizeDouble function for the Bid price, the StopLoss and TakeProfit values, it is good practice to always normalize these prices to the number of digits of currency pair before sending it to the trade server. Just as we did for our Buy order, we must also check if our Sell order is successful or not. So we used the same expression as in our Buy order.
Debugging and Testing our Expert Advisor. At this point, we need to test our EA to know it our strategy works or not. Also, it is possible that there are one or two errors in our EA code. This will be discovered in the next step. Debugging our code helps us to see how our code performs line by line if we set breakpoints and there and then we can notice any error or bug in our code and quickly make the necessary corrections before using our code in real trade.
Here, we are going to go through the step by step process of debugging our Expert Advisor, first of all, by setting breakpoints and secondly, without breakpoints. To do this, Make sure you have not closed the Editor. First of all, let us select the chart we want to use to test our EA. On the Editor Menu bar, click on Tools and click on Options as shown below:. Figure 8. Setting Debugging options. Before we start the debugger, let us set breakpoints. Rather than running through all the code at once, the debugger will stop whenever it see a breakpoint, waiting for your net action.
By this we will be able to analyze our code and monitor its behavior as it reaches every set break-points. We will also be able to evaluate the values of some of our variables to see if things are actually the way we envisaged.
To insert a breakpoint, go to the line in your code where you want to set the breakpoint. By the left hand side, on the gray field near the border of the code line, double-click and you will see a small round blue button with a white square inside it.
Or on the alternative, place the cursor of your mouse anywhere on the code line where you want the breakpoint to appear and press F9. To remove the breakpoint, press F9 again or double-click on it. Figure Setting a breakpoint. For our code, we are going to set breakpoint on five different lines. I will also label them form 1 to 5 for the sake of explanation. To continue, set breakpoint at the seven code lines as shown in the figure below.
Breakpoint 1 is the one we have created above. Setting additional breakpoints. Once we have finished setting our breakpoints, we are now set to start debugging our code. To start the debugger, press F5 or click the green button on the Toolbar of the MetaEditor:. Starting the Debugger. The first thing the editor does is to compile the code, if there is any error at the point, it will display it and if no error, it will let you know that the code compiled successfully.
Please note that the fact that the code compiled successfully does not mean there may not be errors in your code. Depending on how your code is written, there may be runtime errors. For example, if any of our expressions does not evaluate correctly due to any little oversight, the code will compile correctly but may not run correctly. Once the debugger has finished compiling the code, it takes you to the trading terminal, and attach the EA to the chart you have specified on the MetaEditor Options settings.
At the same time, it shows you the Input parameters section of the EA. Since we are not adjusting anything yet, just click the OK button. Expert Advisor Input Parameters for Debugging. You will now see the EA clearly on the top-right hand corner of the chart. Once it starts the OnTick , it will stop as soon as it gets to our breakpoint 1. Debugger stops at the first breakpoint. You will notice a green arrow at that code line. That tells you that previous code line had been executed; we are now ready to execute the present line.
Let me make some explanations before we proceed. This is because we are now running the debugger. Step into command. The Step Into is used to go from one step of the program execution into the next step, entering into any called functions within that code line.
Click on the button or press F11 to invoke the command. We will use this command in our Step-by-Step debugging of our code. Step over command. The Step over , on the other hand does not enter into any called function within that code line. Click on the button or press F10 to invoke the command.
Step out command. Also, at the lower part of the Editor, you will see the Toolbox window. The Debug tab in this window has the following headings:. For our example, we will monitor the following:. The expressions watching window. Adding expressions or variables to watch. If the variable hasn't been declared yet, its type is "Unknown identifier" except the static variables. Click the Step into button or press F11 and observe what happens.
Keep on pressing this button or F11 until you get to breakpoint no 2 , continue until you get to breakpoint no 4 as shown below and observe the expressions watching window. Watching the expressions or variables. Once there is a new tick, it will return to the fist code line of the OnTick function. Values of variables on NewTick event. To go over the process again, continue pressing the F11 key and keep monitoring the variables at the expressions watching window.
You can stop the debugger and then remove all the breakpoints. As we see, in Debug mode it prints the message "We have new bar here Expert Advisor prints the message in Debug mode. Start the debugging process again; but this time without breakpoints.
Expert Advisor places trade during debugging. I think you can leave the EA to work for a few more minutes while you take a coffee. What we have actually done here is to see that our EA only checks for a trade at the opening of a new Bar and that our EA actually works. There is still a lot of room for adjustments to our EA code. Let me make it clear, at this point that, the Trading terminal must be connected to the internet, otherwise, debugging will not work because the terminal will not be able to trade.
The Tester Strategy Tester is shown at the lower part of the terminal. To do this, move your mouse pointer to the point shown by the red arrow as shown below. The mouse pointer changes to a double-end arrow, hold down the mouse and drag the line upwards. Stop when you discover that you can see everything on the settings tab.
The Strategy Tester Settings Tab. Before we click the Start button, lets look at the other tabs on the Tester. The processor used by the Tester for the Test. Mine is only one 1 core processor. The Strategy Tester Agents tab. Once the agent, you will see something similar to the figure below. The Strategy Tester Agents tab during a test. This is where all the events going on during the test period is displayed.
The Strategy Tester Journal tab showing trade activities. This is where you can specify the input parameters for the EA. The Strategy Tester Inputs tab. If we are optimizing our EA, then we will need to set the values in the circled area.
However, in our case we are not optimizing our EA, so we will not need to touch that for now. Once everything is set, we now go back to the Settings tab and click the Start button. Then the tester begins its work. All you need to do now is to go and take another cup of coffee if you like, or, if you are like me, you may want to monitor every event, then turn to the Journal tab.
Once you begin to see messages about orders been sent on the Journal Tab, you may then wish to turn to a NEW tab named Graph which has just been created. Once you switch to the Graph tab, you will see the graph keep on increasing or decreasing as the case may be depending on the outcome of your trades.
The graph result for the Expert Advisor Test. Once the test is completed, you will see another tab called Results. Switch to the Results tab and you will see the summary of the test we have just carried out. The Strategy Tester Results tab showing test results summary. You can see the total Gross Profit, Net Profit, total trades total loss trades and many more. Its really interesting to see that we have about USD 1, At least we have some profit. Most online forex brokers include a news feed with their trading platform to help you perform fundamental analysis.
Another important resource for fundamental trading is the economic calendar that lists all the important upcoming economic releases for various major economies. By looking at exchange rate charts you can identify common patterns with predictive value. You could also use a variety of popular indicators based on market observables to help predict short- and long-term trends in the market. These indicators can include moving averages, momentum oscillators, overbought or oversold indicators and volume figures.
Trading volume is another important market observable to give an indication of how much activity accompanies a particular market move. Also, support and resistance levels suggest the degree of supply and demand existing at different exchange rate levels. The charts themselves can also give important information to use and act upon.
For example, a fascinating system of interpreting and trading candlestick charts was originally developed by Japanese rice merchants. These informative charts indicate the opening and closing exchange rates, the range of the currency pair and whether the exchange rate increased or decreased for each period displayed on the chart. Overall, technical analysis provides a relatively objective way to analyze the forex market that can work well for predicting short-term market moves.
Many scalpers and day traders use technical analysis to inform their trading activities. Most online forex brokers provide clients with a fully functional demo account, which reflects market conditions but does not require you to make a deposit. The forex platforms provided by these brokers generally have comprehensive technical analysis tools such as charting and indicators that incorporate into the chart.
If the broker supports the popular MetaTrader 4 platform developed by MetaQuotes, then you can automate your trading with expert advisor EA software you can buy or develop yourself. You can also use a demo account to begin working out your own trading strategy and putting it into a trade plan. By learning how to take risk as a forex trader and seeing how disciplined you are when dealing with taking profits and losses, you can also determine if you have the necessary mindset to become successful as a forex trader.
If you plan on success, remember that the more you know, the easier developing a trading strategy becomes. Take the time to review as many of the online educational resources on trading that you can, so that your trading plan has a solid foundation in best practices. Avoid taking larger than expected losses by incorporating a sound money management component into your trading plan. Each currency pair differs in the way it trades because of the underlying fundamentals of the component currencies.
One of the best pairs to trade for a new trader is the euro against the U. That helps explain why the pair is the most traded forex pair in the market. As you succeed, you may wish to reinvest your profits, cash out or save your money. At no point should you increase your budget so much that you feel uncomfortable. The only way to succeed is to remain comfortable with the amount you are spending because you could easily lose the entire investment. This lets you pick a successful expert trader and automatically copy its trades in your own account.
Check out and compare those brokers and more in the table below. CedarFX offers access to a wide range of tradable securities, including stocks, futures, major and exotic forex pairs, cryptocurrencies and more. Though CedarFX could introduce a few additional educational resources, the broker remains a unique option for traders invested in giving back.
IG is a comprehensive forex broker that offers full access to the currency market and support for over 80 currency pairs. The broker only offers forex trading to its U. Though IG could work on its customer service and fees, the broker is an asset to new forex traders and those who prefer a more streamlined interface.
With a massive range of tradable currencies, low account minimums and an impressive trading platform, FOREX. This brokerage is headquartered in Dublin, Ireland and began offering its services in It offers multiple trading platforms and earns mainly through spreads. The forex market has only recently opened to smaller retail traders after being virtually inaccessible to them before the advent of online trading. Just about anyone can now trade forex using their computers or mobile devices as an exciting stay at home business opportunity that did not exist a decade ago.
Working hours for the forex market are 24 hours a day in different parts of the world, from 5 p. EST on Sunday until 4 p. EST on Friday. There is no best strategy for forex trading. Trading is a personal endeavor, and you must find the strategies that work best for you. Constantly develop your own strategies for every possible market situation.
In order to open a forex account you must show a government-issued ID, a bank or credit card statement and meet the required minimum deposit of the broker. However, this is unusual. Read More. Forex trading is an around the clock market.
Benzinga provides the essential research to determine the best trading software for you in Benzinga has located the best free Forex charts for tracing the currency value changes. Let our research help you make your investments. Discover the best forex trading tools you'll need to make the best possible trades, including calculators, converters, feeds and more. Compare the best CFD brokers to find which one is best for you.
Choose from our top six picks based on platform, security, commissions and more. Compare the best copy trade forex brokers, based on platform, ease-of-use, account minimums, network of traders and more. Ready to tackle currency pairs? Benzinga's complete forex trading guide provides simple instructions for beginning forex traders. Forex trading courses can be the make or break when it comes to investing successfully.
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