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Create indicator

If you wish to create an indicator on MetaTrader5 (MT5), you can do so by using a tool called MetaEditor, which uses a special programming language for MT5 called MQL5. Here we'll take a look at how to create an indicator in MT5.

Step 1

Click the "Tools" in the menu and select the "MetaQuotes Language Editor".

MetaQuotes Language Editor MetaQuotes Language Editor

Step 2

The MetaEditor will be launched. Click the "New" button in the menu.

MetaEditor is launched MetaEditor is launched

Step 3

Select "Custom Indicator" and click "Next".

MetaEditor is launched MetaEditor is launched

Step 4

Enter the indicator name, author, and link to display. Configure the parameters as necessary and click "Next".

MetaEditor is launched MetaEditor is launched

Number

Item name

Descriptions

1

Name

The name of the indicator that you create.

2

Author

The author of the indicator.

3

Link

Enter the link of the indicator to display.

point Name and author will be displayed in settings

The registered name, author, and link information will be displayed on the indicator settings window.

Name and author will be displayed in settings Name and author will be displayed in settings

Step 5

Set event handlers, which are the functions that are called if certain conditions are met.

Event handlers Event handlers

Number

Item name

Descriptions

1

OnCalculate(...,open,high,low,close)

OnCalculate(...,open,high,low,close) is a function that is executed when ticks are updated. It retrieves open, high, low, and close prices, time, tick volume, volume, and spread necessary to calculate the indicator.

2

OnCalculate(...,prices)

OnCalculate(prices) is a function that is executed when ticks are updated. It calculates the indicator using the applied price data selected in the parameter.

3

OnTimer

OnTimer is a function that runs at a specified time interval.

4

OnChartEvent

OnChartEvent is a function that handles events on a chart. It is executed when an event occurs on a chart, such as creating, deleting, moving, or editing an object.

Step 6

To display it in a sub-window, check the "Indicator in separate window" box. To set the minimum/maximum values for the sub-window, check the "Minimum" and "Maximum" boxes and enter the values.

Indicator in separate window Indicator in separate window

Step 7

To use an object in the indicator, click "Add". After specifying the name in the "Label" field, type in "Type", and color in "Colors", click "Finish".

Use an object in the indicator Use an object in the indicator

Step 8

Write MQL5 program.

MQL5 program MQL5 program

Step 9

After writing the MQL5 program, click the "Compile" button on the menu.

The Compile button on the menu The Compile button on the menu

Step 10

After the compilation, the indicator created will appear in the designated folder in the Navigator.

The indicator created is in the Navigator The indicator created is in the Navigator

Step 11

Close the MetaEditor and go back to MT5. Check that the indicator created is in the Navigator on MT5.

The indicator created is in the Navigator The indicator created is in the Navigator

Date

Created

 : 2022.10.11

Update

Last updated

 : 2022.10.12

Writer

Takayoshi Nakamaru

Manual production consultant, MBA

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Takayoshi Nakamaru

Nakamaru is a manual production consultant at FINTECS, a company that specializes in creating manuals for their clients.
With a wide range of experience from fintech to entertainment, he presents what user-friendly manuals should be like.
He works with numerous large corporations as an external manual production project manager.

【Business information】
http://www.fintecs.co.jp/profile/

Supervisor

Akira Takagi

Systems engineer, MetaTrader administrator

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Akira Takagi

After graduating from Computer Science at the Uninove, Brazil, in 2014, he has worked on various systems development projects.
He participated as a developer in the launch of forex services in 2019. Since then, he has also been involved in the development of MetaTrader plugins and APIs. He is certified by MetaQuotes as a MetaTrader5 Administrator and active in consulting and advisory as well.

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