MQL5 Basics: Guide to creating MT5 Indicators

Price is the most random variable, with its bursts, reversals, figures, and pirouettes surprising many. Despite the fact that there are many examples of people making money based on intuition, they all logically end with the same thing: the deposit being lost.

In fact, the currency market and adrenaline are diametrically opposed. Only a comprehensive approach and restrained emotions can provide trade stability. This is impossible to achieve without a thorough understanding of the market, the ability to forecast it, and the application of these skills to your trading strategy. Every trader should begin with a trading plan and a defined action methodology. Technical analysis and forex indicators might aid you along the way. 

Technical analysis of charts is built on the foundation of indicators. In actuality, these are computer programs that change the look of the price and/or volume depending on mathematical calculations, allowing the trader to properly forecast future market movement.

So, what indicators do:

1. Help with markup;

2. Generate signals for opening and closing trades;

3. Demonstrate a real market trend, not an accumulation of incomprehensible noise;

4. Simplify computing processes and display the information you need (spread size, lot, commission, time, sessions);

5. Allow you to create your trading strategy;

6. Make the trade process easier and clearer;

7. Become the basis for the creation of Expert advisors, which are able to trade tirelessly instead of a trader 24 hours a day;

8. Determine the necessary characteristics of the price (rate of change, volatility, extremes, direction, angle, strength of movement, volume);

9. Allow you to find unique patterns and historical coincidences, that have happened and are bound to happen again.

Some Advantages of using Indicators are as follows

1. Easy to use;

2. Clear visual form of signals;

3. Simplify the markup process and save time

4. They are universal and can be used to trade almost any currency pair and other assets;

5. Amenable to customization and optimization;

6. Easily amenable to programming and become part of a trading advisor;

7. They are the basis for creating a trading strategy;

This Course focuses on the programming of Indicators, for users to have their own custom indicators so as to boost the other advantages of Indicators.