Chloe Adams
When using MQL4, it is important to be able to read data from current and past prices, especially when building indicators, expert advisors, and scripts. The Open, High, Low, and Close (OHLC) prices of the current candle can be retrieved using the arrays Open [0], High [0], Low [0], and Close [0]. The Close array represents the last price at the moment or when the candle finished forming, and the Open array represents the opening price. To get the close price of the last completely formed candle, you can use index 1: Close [1]. Additionally, the iClose() function can be used to return the close value for the bar of the indicated symbol, timeframe, and shift. It is also possible to compare the current close price with the previous candle's high to determine if the price is rising.
| Characteristics | Values |
|---|---|
| How to check if a candle is closed | Avoid referring to index zero, which refers to the current candle that is not yet closed |
| How to get candlestick and bar prices | Read the data from the current and past prices, which show the Open, High, Low, and Close prices for the period |
| How to detect the last candle close price | Use the code: double iClose(string symbol, int timeframe, int shift) |
| How to detect if a candle is open or closed | A candle closes when a new candle starts; a new candle starts when a tick comes in at or beyond the last candle time+period |
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What You'll Learn
The candle closes when a new candle starts
When using MQL4, it is important to be able to read the data from current and past prices, which are represented by candlesticks or bars on a chart. These candlesticks or bars show the Open, High, Low, and Close prices for a given period (e.g., 1 minute, 5 minutes, 1 hour). The Open price is the first price when the candle starts, while the Close price is the last price when the candle finishes forming.
To check if a candle is closed in MQL4, you can refer to the index of the candle. The current candle that is not yet closed is referred to as index zero. To avoid reading an unclosed candle, simply avoid referring to the zero index. For example, if you want the close price of the last completely formed candle, you can use index 1: Close [1]. If you want the open price of five candles ago, you can use index 4: Open [4].
Additionally, you can use the IsNewCandle() function to check if a new candle has started. This function returns true if the number of bars on the chart has increased, indicating that a new candle has started. However, it is recommended not to place this function into a function, as calling it a second time in the same tick may return false.
By understanding how to read the data from current and past prices and utilizing the IsNewCandle() function, you can effectively detect the exact moment when a candle closes and a new candle starts in MQL4. This information can be crucial for implementing trading strategies that rely on the closing event of a candle and opening trades on the next candle.
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Reading candlestick and bar charts
Candlestick and bar charts are visual representations of price fluctuations over a period of time, used to identify patterns and predict future price movements. They are among the most common types of charts used by traders, along with line charts.
Candlestick Charts
Candlestick charts were developed in 18th-century Japan by rice trader Munehisa Homma. They are based on the idea that market prices are influenced by trader psychology and the balance of power between the bulls and bears. By studying historical price changes, Homma identified patterns that signalled shifts in market sentiment, helping him predict price trends and reversals.
Candlesticks consist of two main parts: the body and the wick (or shadow). The wick, represented by a thin line at the top and bottom of the body, indicates the highest and lowest prices traded during the period. The body of the candle, the thicker middle portion, shows the opening and closing prices. The colour of the candle indicates whether the closing price is higher or lower than the opening price: a green or white candle is bullish, while a red or black candle is bearish.
Traders can identify various candlestick patterns to predict future price movements. For example, a pattern of two candlesticks, with a short green candle followed by a large red candle, indicates a slowdown in an upward trend and a potential upcoming downtrend.
Bar Charts
Bar charts, or OHLC charts, are similar to candlestick charts in that they provide four pieces of data for each time period: the open, high, low, and close prices. However, they lack the visual signals offered by candlesticks. The opening price is indicated by a small horizontal line to the left, while the closing price is shown on the right. The highs and lows are represented by the vertical line of the bar.
Traders can use either a time-based or trade-based approach to set how often a new bar or candlestick appears on their chart. A time-based chart generates a new bar after a set amount of time, which can range from one minute to a year. On the other hand, a trade-based approach uses a "tick chart", which creates a new bar after a certain number of trades.
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Retrieving candlestick and bar prices with MQL4
When building indicators, expert advisors, and scripts with MQL4, you often need to perform technical analysis using current and historical price data. This data is typically presented in the form of candlestick or bar charts, with each candle or bar representing a specific time period (e.g., 1 minute, 5 minutes, 1 hour). These charts provide valuable information such as the Open, High, Low, and Close prices for each period.
MetaTrader and MQL4 provide arrays that store historical price data, allowing users to retrieve candlestick and bar prices. These arrays are known as "timeseries" in MetaTrader, and each candle or bar is associated with four arrays of interest: Open[], High[], Low[], and Close []. The current candle or bar that is still forming is referred to as index 0, while previous candles or bars are indexed sequentially (1, 2, 3, etc.). For example, to get the Close price of the last fully formed candle, you would use Close [1].
Another method for retrieving price data in MQL4 is by using specific functions such as iOpen() and iClose(). These functions take three arguments: the symbol (e.g., "EURUSD" for the EUR/USD currency pair), the timeframe (e.g., PERIOD_M1 for a 1-minute chart), and the shift (0 for the current candle, 1 for the previous candle, and so on). For instance, to get the open price of the USD/JPY currency pair on the hourly chart for the third fully formed candle, you would use iOpen("USDJPY", PERIOD_H1, 3).
It's important to note that there is no single preferred way to retrieve price data in MQL4. Both arrays (e.g., Close []) and functions (e.g., iClose()) are acceptable methods, and the choice depends on the specific requirements of your script, indicator, or expert advisor. Additionally, MQL5 has a slight variation where the arrays method can only be used within the OnCalculate() function of indicators.
By utilising these methods, traders can access valuable price data, enabling them to perform technical analysis, detect candle open and close events, and make informed trading decisions based on historical price movements.
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Detecting the last candle close price
When using MQL4 and MetaTrader, the current candle that is not closed yet is referred to by index zero. For example, its low value can be found using Low [0]. To avoid reading an unclosed candle, you can simply avoid referring to the zero index.
To detect the last candle close price, you can use the code Close [1], which will return the close price of the last completely formed candle. This is because each candle/bar has four arrays of interest associated with where the prices are stored: Open [], High [], Low [], and Close []. The index numbers refer to the number of candles ago, with the current candle being index number 0, the previous candle index 1, and so on.
You can also use the iClose() function to return the close value for the bar of the indicated symbol, timeframe, and shift. For example, iClose("EURUSD", PERIOD_M5, 0) will return the current close price for the EUR/USD currency pair on the 5-minute timeframe.
It is important to note that the candle closes when the new candle starts. A new candle starts when a tick comes in at or beyond the last candle time+period.
Void OnStart() {
If((iClose("EURUSD", PERIOD_M5, 0) > iHigh("EURUSD", PERIOD_M5, 1)) {
Print("EUR is strong!");
} else {
Print("Nothing to report");
}
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Using iClose() to get the close value for the bar
When using MQL4, it is essential to be able to read data from current and historical prices to build indicators, expert advisors, and scripts. This involves understanding how to get candlestick and bar prices, including the Open, High, Low, and Close values.
The iClose() function is a valuable tool for obtaining the close value for a specific bar or candlestick. It is used to compare the current close price with the previous candle's high, providing insights into price trends. For example, if the current close price is higher than the previous candle's high, it indicates a rising price.
To effectively use iClose(), it is crucial to comprehend how indexing works for time series arrays. The current candle or bar being formed is referred to as index number 0, while the previous candle has index 1, and so on. By using this indexing system, you can retrieve the close price of the last completely formed candle by referring to Close [1].
It is worth noting that the iClose() function may not be directly applicable in MQL5. While some users accustomed to MQL4 logic may create "emulator" functions, MQL5 employs a distinct approach and logic. Therefore, it is recommended to learn the new methodology specific to MQL5 for accurate and reliable results.
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Frequently asked questions
The current candle that is not closed yet is referred to by index zero. For example, Low [0] for its low. If you want to avoid reading an unclosed candle, simply avoid referring to the zero index.
The last candle close price can be detected using the iClose() function. The function takes in a string symbol, int timeframe, and int shift, returning the close value for the bar of the indicated symbol with timeframe and shift.
You can check if the last candle was bearish or bullish by comparing the current close price with the previous candle's high. If the current price is higher than the high of the previous candle, the price is likely rising, indicating a bullish trend.
