New article: Plotting trend lines based on fractals using MQL4 and MQL5

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MetaQuotes 2015.05.06 11:09
 

New article Plotting trend lines based on fractals using MQL4 and MQL5 has been published on mql5.com:

The article describes the automation of trend lines plotting based on the Fractals indicator using MQL4 and MQL5. The article structure provides a comparative view of the solution for two languages. Trend lines are plotted using two last known fractals.

Recently, I have been thinking about using trend lines. There was a question about choosing a method of determining the points for plotting lines, and also about plotting accuracy. I decided to use fractals as a basis.

I often analyze markets at my main job where I can spend some time on trading. Also, you can't just draw the lines on a larger timeframe - the line should be plotted by extreme points with accuracy up to 15 minutes. The reason for this is that the fractal time on a larger timeframe doesn't always match the time of the same extreme point on M15. In short, this is where automation comes to help. It happened that I began writing the code using MQL5 and then moved to MQL4, because I needed this program for MetaTrader 4.

In this article I presented my solution of the problem using MQL4 and MQL5. The article provides the comparative view, but it would be inappropriate to compare the efficiency of MQL4 and MQL5 here. Also, I understand that there are probably other solutions, more effective than mine. The article can be useful to beginners who write scripts using either MQL4 or MQL5, especially to those who plan to use fractals and trend lines.

3. Determining price and time values of fractals

To draw the line we need to determine the time and price of a fractal. Of course, in MQL4 we could simply use the High[] and Low[] predefined timeseries, and the iTime() function, however we also need to get more precise time coordinates to ensure the correct plotting of the trend line.

Fig. 1-2 show the difference between the time values of extreme points on H4 and M15 timeframes.

Fig.1. The extreme point time value on H4

Fig.1. The extreme point time value on H4

Fig.2. The extreme point time value on M15

Fig.2. The extreme point time value on M15

Author: Almat Kaldybay

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