Before we start discussing how to create a program to detect whether a new bar has appeared or not on MT5 and MT4, it's a good idea to know the benefits of detecting new bars.
Detecting new bars in MT4 or MT5 has several important benefits for traders, especially in increasing the efficiency and effectiveness of their trading strategies and the use of automated trading like expert advisor.. Here are some of the main benefits:
- 1. Faster Decision-Making: Detecting new bars helps you get instant updates on price changes, allowing you to make quick decisions based on the latest data.
- 2. Less Data Clutter: By focusing on new bars, you avoid unnecessary data and concentrate on the most important information for your strategy.
- 3. Increased Efficiency: You don't need to manually check charts all the time. This frees you up to focus on deeper analysis or other activities.
- 4. Automation: Integrate new bar detection with automation tools for sending messages or placing orders automatically when certain conditions are met.
- 5. Better Monitoring: Keep a closer eye on market trends and detect trend changes faster by watching for new bars.
- 6. Reduced Stress: You don't have to constantly monitor charts, which helps reduce stress and improves your concentration.
- 7. Improved Trading Strategies: With quicker and more accurate information, you can develop and optimize your trading strategies more effectively.
Overall, detecting new bars in MT4 or MT5 helps traders be more efficient, make better decisions, and manage their trading activities more effectively. It can be clearly said that detecting new bars is very important in using automatic trading or expert advisors.
Example of a simple program in MQL5
//+------------------------------------------------------------------+
//| TestNewBar.mq5 |
//| Copyright 2024, Roberto Jacobs (3rjfx) ~ Date: 2024-11-24 |
//| https://www.mql5.com/en/users/3rjfx |
//+------------------------------------------------------------------+
#property copyright "Copyright 2024, Roberto Jacobs (3rjfx) ~ Date: 2024-11-24"
#property link "https://www.mql5.com/en/users/3rjfx"
#property version "1.00"
#property strict
//--
//+------------------------------------------------------------------+
//| Include |
//+------------------------------------------------------------------+
#include <trade rade.mqh="">
#include <trade ositioninfo.mqh="">
#include <trade ymbolinfo.mqh="">
#include <trade ccountinfo.mqh="">
//--
CTrade mc_trade;
CSymbolInfo mc_symbol;
CPositionInfo mc_position;
CAccountInfo mc_account;
//---
//--
input ENUM_TIMEFRAMES Timeframe = PERIOD_H1; // Select Expert TimeFrame, default PERIOD_H1
//--
datetime
PrevbarBuy,
TimebarBuy,
PrevbarSell,
TimebarSell;
//+------------------------------------------------------------------+
//| Expert initialization function |
//+------------------------------------------------------------------+
int OnInit()
{
//---
// Initialization code here
//---
return(INIT_SUCCEEDED);
}
//+------------------------------------------------------------------+
//| Expert deinitialization function |
//+------------------------------------------------------------------+
void OnDeinit(const int reason)
{
//---
Comment("");
PrintFormat("%s: Deinitialization reason code=%d",__FUNCTION__,reason);
//--
return;
//---
}
//+------------------------------------------------------------------+
//| Expert tick function |
//+------------------------------------------------------------------+
void OnTick()
{
//---
//- For Open Order Buy
if(IFNewBarsB()) { OpenBuy(); PrevbarBuy=TimebarBuy; }
//--
//- For Open Order Sell
if(IFNewBarsB()) { OpenSell(); PrevbarSell=TimebarSell; }
//--
return;
//---
}
//+------------------------------------------------------------------+
bool IFNewBarsB(void) // New bar check buy order
{
//---
bool Nb=false;
//--
TimebarBuy=iTime(Symbol(),Timeframe,0);
if(TimebarBuy!=PrevbarBuy) Nb=true;
//--
return(Nb);
//---
} //-end IFNewBarsB()
//---------//
bool IFNewBarsS(void) // New bar check sell order
{
//---
bool Nb=false;
//--
TimebarSell=iTime(Symbol(),Timeframe,0);
if(TimebarSell!=PrevbarSell) Nb=true;
//--
return(Nb);
//---
} //-end IFNewBarsS()
//---------//
bool OpenBuy(void)
{
//---
ResetLastError();
//--
bool buyopen = false;
//--
MqlTradeRequest req={};
MqlTradeResult res={};
MqlTradeCheckResult check={};
//-- structure is set to zero
ZeroMemory(req);
ZeroMemory(res);
ZeroMemory(check);
//--
double Lot=0.01;
double SL=0.0;
double TP=0.0;
//--
buyopen=mc_trade.Buy(Lot,Symbol(),mc_symbol.Ask(),SL,TP,"Your Comment");
//--
int error=GetLastError();
if(buyopen||error==0)
{
string bsopen="Open BUY Order for "+Symbol()+" ~ Ticket= ["+(string)mc_trade.ResultOrder()+"] successfully..!";
PrevbarBuy=iTime(Symbol(),Timeframe,0);
}
else
{
mc_trade.CheckResult(check);
return(false);
}
//--
return(buyopen);
//--
//---
} //-end OpenBuy
//---------//
bool OpenSell(void)
{
//---
ResetLastError();
//--
bool selopen = false;
//--
MqlTradeRequest req={};
MqlTradeResult res={};
MqlTradeCheckResult check={};
//-- structure is set to zero
ZeroMemory(req);
ZeroMemory(res);
ZeroMemory(check);
//--
double Lot=0.0;
double SL=0.0;
double TP=0.0;
//--
selopen=mc_trade.Sell(Lot,Symbol(),mc_symbol.Bid(),SL,TP,"Your Comment");
//--
int error=GetLastError();
if(selopen||error==0)
{
string bsopen="Open SELL Order for "+Symbol()+" ~ Ticket= ["+(string)mc_trade.ResultOrder()+"] successfully..!";
PrevbarSell=iTime(Symbol(),Timeframe,0);
}
else
{
mc_trade.CheckResult(check);
return(false);
}
//--
return(selopen);
//--
//---
} //-end OpenSell
//---------//
Includes and Declarations.
#include <trade rade.mqh="">
#include <trade ositioninfo.mqh="">
#include <trade ymbolinfo.mqh="">
#include <trade ccountinfo.mqh="">
CTrade mc_trade;
CSymbolInfo mc_symbol;
CPositionInfo mc_position;
CAccountInfo mc_account;
input ENUM_TIMEFRAMES Timeframe = PERIOD_H1; // Select Expert TimeFrame, default PERIOD_H1
datetime
PrevbarBuy,
TimebarBuy,
PrevbarSell,
TimebarSell;
- Includes: Importing trade, position, symbol, and account information classes.
- Declarations: Creating instances of trade, symbol, position, and account classes. Defining the input parameter for selecting the timeframe and datetime variables for buy and sell bars.
int OnInit()
{
// Initialization code here
return(INIT_SUCCEEDED);
}
void OnDeinit(const int reason)
{
Comment("");
PrintFormat("%s: Deinitialization reason code=%d",__FUNCTION__,reason);
return;
}
- OnInit: Runs once when the expert advisor is initialized. It returns INIT_SUCCEEDED to indicate successful initialization.
- OnDeinit: Runs once when the expert advisor is removed or the terminal is shut down. It clears any comments and prints the deinitialization reason.
void OnTick()
{
// For Open Order Buy
if(IFNewBarsB()) { OpenBuy(); PrevbarBuy = TimebarBuy; }
// For Open Order Sell
if(IFNewBarsB()) { OpenSell(); PrevbarSell = TimebarSell; }
return;
}
- OnTick: Runs on every tick (price update). It checks for new buy and sell bars and opens orders accordingly.
bool IFNewBarsB(void) // New bar check buy order
{
//---
bool Nb=false;
//--
TimebarBuy=iTime(Symbol(),Timeframe,0);
if(TimebarBuy!=PrevbarBuy) Nb=true;
//--
return(Nb);
//---
} //-end IFNewBarsB()
//---------//
bool IFNewBarsS(void) // New bar check sell order
{
//---
bool Nb=false;
//--
TimebarSell=iTime(Symbol(),Timeframe,0);
if(TimebarSell!=PrevbarSell) Nb=true;
//--
return(Nb);
//---
} //-end IFNewBarsS()
//---------//
- IFNewBarsB and IFNewBarsS: Check if a new buy or sell bar has appeared by comparing the current bar time with the previous bar time. If they are different, a new bar is detected, and the function returns true.
bool OpenBuy(void)
{
//---
ResetLastError();
//--
bool buyopen = false;
//--
MqlTradeRequest req={};
MqlTradeResult res={};
MqlTradeCheckResult check={};
//-- structure is set to zero
ZeroMemory(req);
ZeroMemory(res);
ZeroMemory(check);
//--
double Lot=0.01;
double SL=0.0;
double TP=0.0;
//--
buyopen=mc_trade.Buy(Lot,Symbol(),mc_symbol.Ask(),SL,TP,"Your Comment");
//--
int error=GetLastError();
if(buyopen||error==0)
{
string bsopen="Open BUY Order for "+Symbol()+" ~ Ticket= ["+(string)mc_trade.ResultOrder()+"] successfully..!";
PrevbarBuy=iTime(Symbol(),Timeframe,0);
}
else
{
mc_trade.CheckResult(check);
return(false);
}
//--
return(buyopen);
//--
//---
} //-end OpenBuy
//---------//
bool OpenSell(void)
{
//---
ResetLastError();
//--
bool selopen = false;
//--
MqlTradeRequest req={};
MqlTradeResult res={};
MqlTradeCheckResult check={};
//-- structure is set to zero
ZeroMemory(req);
ZeroMemory(res);
ZeroMemory(check);
//--
double Lot=0.0;
double SL=0.0;
double TP=0.0;
//--
selopen=mc_trade.Sell(Lot,Symbol(),mc_symbol.Bid(),SL,TP,"Your Comment");
//--
int error=GetLastError();
if(selopen||error==0)
{
string bsopen="Open SELL Order for "+Symbol()+" ~ Ticket= ["+(string)mc_trade.ResultOrder()+"] successfully..!";
PrevbarSell=iTime(Symbol(),Timeframe,0);
}
else
{
mc_trade.CheckResult(check);
return(false);
}
//--
return(selopen);
//--
//---
} //-end OpenSell
//---------//
- OpenBuy and OpenSell: These functions handle opening buy and sell orders. They use the CTrade class to place orders with specified lot sizes, stop loss, and take profit levels. If an order is successfully placed, the functions return true; otherwise, they return false.
Summary:
The improved script detects new bars on the selected timeframe and opens buy or sell orders accordingly. It includes functions to check for new bars and open orders while utilizing the powerful MQL5 trading library.
Many programmers create new bar detection functions with less than ideal considerations. They often rely on the logic: "If the opening time of the current bar is not the same as the previous bar time, then the 'New Bar' condition becomes 'TRUE'. Subsequently, the previous bar time is immediately updated to match the current bar time."
Limitations of the Conventional Logic.
This approach, while straightforward, has significant drawbacks:
- Transient Condition: The EA (Expert Advisor) will only register the 'New Bar' condition as 'TRUE' at the exact moment the new bar opens. A few seconds later, upon rechecking, the 'New Bar' condition will revert to 'FALSE'.
- Indicator Signals: This logic fails when EAs rely on indicators to generate signals. Indicators might not produce a signal precisely at the new bar's opening. Consequently, if the new bar condition quickly turns 'FALSE', the EA might miss potential trading opportunities.
Enhanced Algorithm Logic.
To address these issues, I propose a more robust algorithm:
- 1. New Bar Detection: Check if the new bar condition is 'TRUE'.
- 2. Order Function Check: Ensure that the open order function (OpenBuy() or OpenSell()) also returns 'TRUE'.
- 3. Update Time Variables: Only if both checks are 'TRUE', update the previous bar time variable (PrevbarBuy for Buy orders or PrevbarSell for Sell orders) to match the current bar time variable (TimebarBuy or TimebarSell).
This approach guarantees that the previous bar time is updated only after a successful order placement. Thus, when the EA rechecks for a new bar, the function returns 'FALSE', preventing multiple orders from being placed within the same bar.
Handling Reversed Indicator Signals.
In my example program, I use separate time variables for Buy and Sell conditions:
- Buy Orders: Utilize PrevbarBuy and TimebarBuy.
- Sell Orders: Utilize PrevbarSell and TimebarSell.
This separation accounts for scenarios where indicator signals might reverse within the same bar. If both signals share a single time check variable, the EA could miss opportunities to open opposite orders due to the 'New Bar' condition being 'FALSE'.
Conclusion.
By refining the new bar detection logic, we can enhance the reliability of EAs, ensuring they act upon indicator signals accurately and timely. This approach leads to more precise trading actions and potentially better trading outcomes.
This article ends here, hopefully it can help and be useful for fellow traders.
Notes:
This code provides a basic framework for new bar detection in an EA. However, for a robust and reliable trading strategy, it needs further development to incorporate additional factors such as price movements, indicators, and risk management techniques.
Please download the Expert Advisor: TestNewBar
Don't forget to stop by and subscribe to Forex Home Experts YouTube Channel:
YouTube Channel: @ForexHomeExperts YouTube Playlist: @ForexHomeExperts YouTube Playlist
