MQL5 ADVANCED: Cherry Picking Market Scanner Expert Advisors

Name: MQL5 ADVANCED: Cherry Picking Market Scanner Expert Advisors
Rating: 4.3 (3 reviews)

A complete guide to coding expert advisors that scan the markets for the most overbought and oversold currencies

Created byLatvian Trading Solutions, Joy D Moyo

Last updated 12/2025

English

English [Auto],

What you'll learn

How to create a market scanner in MQL5
How to Use a Stoploss in Cost Averaging
How to Develop a strategy based on individual currency perfomance
How to manipulate symbols in Arrays with MQL5

Course content

3 sections • 20 lectures • 4h 35m total length

Introduction21:37
Explore using the RSI indicator to gauge currency momentum with an eight-currency dashboard; learn counter-trend signals, cost averaging, and stop loss within a strategy tester.

Setting up the EA12:30
Learn to set up a multi currency cherry-picking expert advisor in MQL5 by organizing files, defining general inputs (metric, maximum slippage), and configuring chart appearance and efficient new bar detection.
Getting RSI Values3:55
Create and use RSI inputs to obtain RSI values in MQL5, building a function that copies RSI buffers, handles multiple symbols, and accesses the most recent data.
Defining Analysed Symbols10:26
Define eight currencies with preprocessor directives, initialize euro, usd, pound, aud, nzd, cad, jpy, chf symbols, and build arrays for currency names and positions, preparing the advisor’s traded symbols.
Calculating Currency RSI Values31:20
Calculate and normalize rsi values for euro, usd, gbp, chf, aud, and nzd currency pairs in mql5 using a tuple-based function, averaging seven values and inverting usd quotes.
Creating Class Objects2:58
Declare trade objects from the trade/trade.mq file to enter and manage trades in the expert advisor, and attach a magic number with deviation in points for slippage.
Setting Panel Parameters7:43
Define global panel parameters for the trading dashboard by creating constants for panel description, developer name, colors, positions, and object name prefixes for RSI values.
Managing Symbols With Signals18:59
Create functions to manage trading symbols by combining the highest and lowest RSI currencies into a pair. Maintain a dynamic symbols to trade list based on RSI signals.
Creating the Dashboard19:39
Create a dashboard panel that displays currency rsi values, illustrating the expert advisor's core logic with build blocks and chart labels.
Formatting Panel Values9:28
Apply a format number function to convert doubles to strings with controlled decimals and proper comma separators, ensuring clean RSI values display reliably on the dashboard.
Updating Dashboard Values18:38
Update the dashboard by calculating currency rsi values, ranking them, and updating on-screen texts with two-decimal values; generate and apply symbols to trade from the ranked list.
Enumerating Trades4:33
Develop two functions to count open trades in MQL5, one for a specific symbol and one for all symbols, using position info, symbol checks, and magic number filters.
Getting Entry Signals5:19
Develop buy and sell entry signals using RSI thresholds of 25 and 75, triggering entries as RSI crosses these levels and at candlestick close, via boolean functions for symbol-based signals.
Calculating the Trade Volume16:07
Calculate and normalize trade volume in an MQL5 expert advisor using functions: format lot, initial lot from balance, and subsequent lots from open trades, enforcing max positions and stop loss.
Getting the Next Entry Price15:41
Develop a function to compute the next entry price for a symbol with multiple trades, using position type and f symbol, plus a cost averaging stop loss.
Managing Symbols with Open Positions17:11
Manage symbols with open positions by maintaining a dynamic open symbols array, implementing find symbol index, and updating open symbols during on trade transaction to enable cost averaging.
Executing Trades16:39
Execute normal and cost-averaging trades in an MQL5 expert advisor, using symbol-specific buy and sell signals, max position checks, and dynamic entry logic across multiple symbols.
Adding a Trailing StopLoss21:39
Develop two core functions for MQL5 advanced expert advisors: calculate the cost averaging sale price using a weighted average and implement a trailing stop loss to protect profits.
Debugging and Testing20:41
Debug and test a cherry-picking market scanner expert advisor in MQL5, using the tester, removing objects, and evaluating performance across currency pairs with RSI signals.

Requirements

Basics in MQL5

Description

Larry Williams is a legend in the trading world. He is the record holder in the World Trading Championships, and to prove how good his trading edge is, his students and followers of his trading methods have won the world trading championships multiple times. Larry Williams did not just trade one chart; he preached the importance of scanning the entire market to find absolute market tops and bottoms across a basket of assets.

But how can we apply this legendary psychology to modern algorithmic trading?

We are going to build a sophisticated Market analyzer that will scan through all the major pairs to identify potential strengths and weaknesses in the market using the MQL5 algorithmic trading language. When most traders look at a chart, they usually speculate the movement of price using information from that currency pair only. However, smart money focuses its attention to thef the individual currencies behind the pairs to predict the volatility of a currency pair.

In this course, you will learn how to code an EA that scans all 8 major currencies in real-time. We will calculate the "Average RSI" index for every currency to identify extreme divergences. When one currency is exhausted (that’s if its index RSI value is above 75) and another is beaten down (below 25), our EA matches them to form the ultimate potential reversal pair.

However, we don't just jump in to trade that currency, we shall code patience by enabling the Expert advisor to wait for the RSI to cross back through the levels to confirm the trend reversal before making our trade entries.

Hence in this course, you will learn advanced MQL5 techniques, such as storing these potential setups in dynamic arrays and waiting for the trade trigger the moment the RSI crosses back to confirm the entry.

To manage our trades, we shall implement a smart Cost Averaging system. Unlike risky grids, we will code Hard Stoploss to strictly cap our risk which gets triggered after a specific distance from our first trade. This will ensure that we are not pressured to time our entries and also not incur too much loss when the trade setup is invalidated. When the markets move in our favour, we shall lock in our profits using a dynamic Trailing Stoploss, allowing us to stay in the trade for as long as possible while also protecting our profits.

As we are going to code all these things using the MQL5 language, if you’re still familiarizing yourself with MQL5, don’t worry, as long as you understand the basics, this course is perfect for you.

I will patiently guide you through each and every step, ensuring that you grasp the concepts behind each line of code. By the end of this course, you’ll have gained the skills necessary to code similar projects allowing you to develop Expert Advisors that scan various markets to isolate potential strengths and weaknesses in individual currency pairs to speculate market reversals with confidence.

So hit hard on the enrol button, now, and join me on this exciting journey of coding an expert advisor based on a more holistic market analysis technique.

Who this course is for:

Anyone willing to advance their Algorithmic trading knowledge

MQL5 ADVANCED: Cherry Picking Market Scanner Expert Advisors

What you'll learn

Explore related topics

Course content

Introduction1 lecture • 22min

Coding the Market Scanner18 lectures • 4hr 13min

Conclusion1 lecture • 1min

Requirements

Description

Who this course is for: