Best Way to Code Trade Once per Bar at Open on MT4? | Forex Factory

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Best Way to Code Trade Once per Bar at Open on MT4?

  • #1
  • First Post: Edited 7:42am Oct 7, 2019 7:25am | Edited 7:42am
I know this an old and very rudimentary topic but something important...

So there are various ways to code an EA to trade once per bar.

One popular way is:

Inserted Code
int BarsCount = 0;
if (Bars>BarsCount) {
Do the algo and then
BarsCount = Bars;
}

Another way which I've used is:

Inserted Code
static datetime prevtime = 0;
if(prevtime == Time[0]) return;
prevtime = Time[0];
Do the algo here after the code

However, both of those ways seem to fire off trades not at bar open when the EA is re-compiled live or sometimes when the EA is being loaded live in an active market. Since the EA thinks it's the bar open because it's a new bar on start of the EA, if the algo is triggered the EA fires off a buy or sell. Sometimes that's very dangerous. A nerve wracking hassle at best to try to compensate and cover the trade blind.

I just thought of a filter that others may be using or have already tried, I googled the code but no exact hits so I'm putting it out here to see if others have used it or have thoughts regarding it. Of course I have briefly tested it on the tester and it works, but of course live demo and live real account server trading is a different story. I wanted to get some thoughts before I test it live.

The code is simple...

Inserted Code
if (Time[0] >= TimeCurrent()) {
Do the algo here
}

The logic behind this is that Time[0] is opening time of current or new bar. If TimeCurrent() is greater than Time[0], then the bar open has already passed and it won't fire off a trade, but if Time[0] equals TimeCurrent() that's exactly at the bar open. Or, in the case of the bar opening time has arrived, but the last tick received for TimeCurrent() is a few or several milliseconds behind and hasn't updated yet, but the bar has opened, so trade is on.

Any thoughts?

Trying to implement the most simple and most effective solution that will do the job without hiccups like trades being fired off when ea is recompiled.

Any reasons why if (Time[0] >= TimeCurrent()) wouldn't work?
  • #2
  • Oct 7, 2019 7:41am Oct 7, 2019 7:41am
Quoting Pipologist
I know this an old and very rudimentary topic but something important... So there are various ways to code an EA to trade once per bar. One popular way is: int BarsCount = 0; if (Bars>BarsCount) { Do the algo and then BarsCount = Bars; } Another way which I've used is: static datetime prevtime = 0; if(prevtime == Time[0]) return; prevtime = Time[0]; Do the algo here after the code However, both of those ways seem to fire off trades not at bar open when the EA is re-compiled live or sometimes when the EA is being loaded live in an active market....
This will return when EA is loaded, preventing a signal from old bars on the chart. But I don't see why your method wouldn't work as well.

int start(){
...your every tick (not bar dependent) code here...
datetime new=iTime(NULL,0,0); //or Time[0]
static datetime newbar=new;
if(newbar>=new)return 0;
else newbar=new;
...your new bar dependent code here...
return 0;}
  • #3
  • Oct 7, 2019 7:47am Oct 7, 2019 7:47am
Quoting Beerrun
{quote} This will return when EA is loaded, preventing a signal from old bars on the chart. int start(){ ...your every tick (not bar dependent) code here... datetime new=iTime(NULL,0,0); static datetime newbar=new; if(newbar>=new)return 0; else newbar=new; ...your new bar dependent code here... return 0;}
Yeah that's kind of what I've done with

int BarsCount = 0
if (Bars>BarsCount) etc.

However, the EA will fire off a trade between actual bar openings on longer tf charts like one hour or four hour bars. I'm currently coding for four hour bars and twice this week the EA fired off trades when the code was re-compiled while on the live server. I know that's a big no-no, but that's still an issue for me. I want to guarantee that it will only trade at the actual bar open time not what the ea thinks is the bar open or new bar when loaded between the real bar times.
  • #4
  • Oct 7, 2019 7:49am Oct 7, 2019 7:49am
Quoting Pipologist
{quote} Yeah that's kind of what I've done with int BarsCount = 0 if (Bars>BarsCount) etc. However, the EA will fire off a trade between actual bar openings on longer tf charts like one hour or four hour bars. I'm currently coding for four hour bars and twice this week the EA fired off trades when the code was re-compiled while on the live server. I know that's a big no-no, but that's still an issue for me. I want to guarantee that it will only trade at the actual bar open time not what the ea thinks is the bar open or new bar when loaded between...
The reason your EA is firing off trades when its loaded is because you have BarsCount=0. Make barscount=bars on the first run. Also perhaps use a function call rather than array index.
But I am interested to see how your timecurrent method works out.
  • #5
  • Edited 9:06am Oct 7, 2019 8:26am | Edited 9:06am
Quoting Pipologist
However, both of those ways seem to fire off trades not at bar open when the EA is re-compiled live or sometimes when the EA is being loaded live in an active market.
Add prevtime = Time[0]; in OnInit()

So when EA is loaded, or recompiled, it won't trade the current candle but the start of the next.
MT4/MT5 EAs/Indicators/Alerts coder
  • #6
  • Oct 7, 2019 9:41am Oct 7, 2019 9:41am
So I've settled on this which tests well and I'll recompile to put on live server...

Inserted Code
static datetime prevtime = Time[0];
if (prevtime == Time[0]) return;
prevtime = Time[0];

if (Time[0] >= TimeCurrent()) { Do the algo here } seems to work but the tests results show a slightly lower equity outcome, not sure why, the number of trades and percentages work out, but it may be opening/closing trades 1 min or a few millisecs quicker, one test showed a trade a minute before the bar open, up until now I had been getting real actual live trades filled exactly at the opening bid/ask.
  • #7
  • Oct 7, 2019 10:57am Oct 7, 2019 10:57am
Quoting Pipologist
So I've settled on this which tests well and I'll recompile to put on live server... static datetime prevtime = Time[0]; if (prevtime == Time[0]) return; prevtime = Time[0]; if (Time[0] >= TimeCurrent()) { Do the algo here } seems to work but the tests results show a slightly lower equity outcome, not sure why, the number of trades and percentages work out, but it may be opening/closing trades 1 min or a few millisecs quicker, one test showed a trade a minute before the bar open, up until now I had been getting real actual live trades filled exactly...
I think that’s because TimeCurrent() returns the time of the last received tick or quote and Time[0] references the period adjusted bar time opening.
  • #8
  • Edited 10:25am Oct 8, 2019 10:11am | Edited 10:25am
The time option is not the best way to do it.

If you want the EA to open the trade exactly at the open of the bar then it's best to use the Tick Volume as condition in combination with bar count.

Inserted Code
if(currBarsCount>prevBarsCount && tickVolume<x)
  {
   while(openTrades==0)
    {
      if(send order)
         openTrades=1;
    }
  }

This is the logic and the best way to do it! Tested and proven over thousands of trades.
  • #9
  • Oct 8, 2019 10:29am Oct 8, 2019 10:29am
if(volume[0]==0){

bla bla bla
}
  • #10
  • Oct 8, 2019 10:39am Oct 8, 2019 10:39am
Quoting john0415
if(volume[0]==0){ bla bla bla }
This is perfectly OK for backtesting but it's not reliable in real time because the EA can miss the signal in case of connection loss, or some error during the execution.
Once you have a valid signal you have to run some loop to make sure the trade is executed.
  • #11
  • Oct 14, 2019 1:27am Oct 14, 2019 1:27am
For now I've decided go with this, it's still early to tell, only one trade as expected so far with no surprises so far...

Inserted Code
static datetime PrevBarTime = Time[1];
if (PrevBarTime == Time[0]) return;
PrevBarTime = Time[0];

The first one which is this...fired off trades in the middle of the bar if reloaded or recompiled...this is a popular method but a little dangerous for my style.
Inserted Code
static datetime PrevBarTime;
if (PrevBarTime == Time[0]) return;
PrevBarTime = Time[0];

I tried this one too (below), and it waited for the next bar as it should, except if there were no action (like before the market opens, it seems to miss the first market opening bar and waits until the next one. I missed on a few this morning and the tester wasn't showing them either if tested only for today, but if tested from a day prior the trades showed up. This one was elusive and got me thinking to simply defining the PrevBarTime as Time[1] which is exactly what it is, instead of leaving it uninitialized or defined as 0 or [0]. So far the new one with PrevBarTime as [1] seems to work well and is taking trades exactly as the tester shows as well on same day, same time basis. See how it goes from here.

Inserted Code
static datetime PrevBarTime = Time[0];
if (PrevBarTime == Time[0]) return;
PrevBarTime = Time[0];
  • #12
  • Oct 14, 2019 3:48am Oct 14, 2019 3:48am
Inserted Code
 
bool new_2m_check = false;
static datetime start_2m_time = 0;
if (start_2m_time < iTime(NULL, ChartPeriod(), 0) && (TimeCurrent() >= (iTime(NULL, PERIOD_CURRENT, 0) + 25) && TimeCurrent() <= (iTime(NULL, PERIOD_CURRENT, 0) + 55)))
{
new_2m_check = true;
start_2m_time = iTime(NULL, ChartPeriod(), 0);
}
if (new_2m_check)
{
alerts();
new_2m_check = false;
}

From 5th to 55th second of new bar only. For 1m ofc you need lower. When you recompile the ea/indi won't run the functions inside again if not within the specific time, so you are safe.
  • #13
  • Edited 10:23pm Oct 14, 2019 4:48am | Edited 10:23pm
Inserted Code
static datetime timeprev;
if(timeprev==Time[0]) {
return(0); //only execute on new bar
} else if (timeprev==0) {
timeprev=Time[0]; // do nothing if freshly added to chart
return(0);
} else {
timeprev=Time[0];
// bar processing here
}

Perhaps you can do something like this to check if you have opened an order on a current bar??

Inserted Code
if (!IsTrade)
for (int i = 0; i < Total; i ++) {
if(OrderSelect(i, SELECT_BY_POS, MODE_TRADES));
if(OrderType() <= OP_SELL &&  OrderSymbol() == Symbol() && iBarShift(NULL,0,OrderOpenTime())==0)
 {
   IsTrade = True;
     }
 }
Trade what you see not what you hope
  • #14
  • Edited 10:07am Oct 14, 2019 9:43am | Edited 10:07am
So far all solutions proposed here suffer from the same issues:

  1. They all fail/break once you change the chart period. If you argue that will/can not happen in online trading you need to think again.
  2. They all fail if you are interested in a BarOpen event multiple times per tick, that's they only signal BarOpen once - and forget it afterwards.
  3. Most fail if your program misses the first second of a bar, e.g. due to a network glitch or a fast moving market ("Hello, news time").

The bullet-proof solutions is to calculate the bar opening time of the period you are interested in, and act in the code based on that timestamp.

Code example in legacy MQL4 (easily translatable to current MQL4 or MQL5): EventListener.BarOpen()

ps: You may just remove/skip the additional runtime checks in the first 5 lines if you want to.

It takes blood, sweat and enough tears to wash away the blood.
  • #15
  • Oct 14, 2019 10:38am Oct 14, 2019 10:38am
Quoting emmzett
They all fail/break once you change the chart period.
I gave the solution to be added ... few days ago.

Inserted Code
int OnInit()
{ 
 prevtime = Time[0];
}

So each time the EA is reloaded (ie. switch between TFs, new apply, etc ...), the current bar isn't traded/checked.
MT4/MT5 EAs/Indicators/Alerts coder
  • #16
  • Oct 14, 2019 11:41am Oct 14, 2019 11:41am
Quoting FerruFx
{quote} I gave the solution to be added ... few days ago. int OnInit() { prevtime = Time[0]; } So each time the EA is reloaded (ie. switch between TFs, new apply, etc ...), the current bar isn't traded/checked.
Thank you for your response.

Let's say you want to detect BarOpen on M1. How is your solution going to work correctly if you switch to any other timeframe? It doesn't. Or another example: Your strategy needs to detect BarOpen on H4 and afterwards you switch to H1. Or just another example: What to do if your strategy depends on BarOpen of H1 and H4?

You have to calculate the time in question and forget about bars. That's why my "they all..."
It takes blood, sweat and enough tears to wash away the blood.
  • #17
  • Jun 12, 2020 1:46pm Jun 12, 2020 1:46pm
Did you settle on a final solution.

I've tried various techniques but cant stop the dreaded intial startup of the indicator. I've tried using global flags and static vars. I'm beginning to thinl MT4 is a pile of poo and its time to move on .... BUT just maybe there is a final helping hand before I throw MT4 into the gutter! MT5 Next perhaps.
  • #18
  • Jun 12, 2020 1:47pm Jun 12, 2020 1:47pm
..and i'm trying to use range bars.
  • #19
  • Aug 8, 2020 11:37am Aug 8, 2020 11:37am
This is answer to your question:
https://sites.google.com/site/market...a-forex-mt4-ea
  • #20
  • Jul 1, 2021 6:38pm Jul 1, 2021 6:38pm
Quoting alphaomega
The time option is not the best way to do it. If you want the EA to open the trade exactly at the open of the bar then it's best to use the Tick Volume as condition in combination with bar count. if(currBarsCount>prevBarsCount && tickVolume<x) { while(openTrades==0) { if(send order) openTrades=1; } } This is the logic and the best way to do it! Tested and proven over thousands of trades.
Hello, new member here. I have some basic experience working with code on ninjatrader but none with MT4. Do these lines all go after "void OnTick()" and before trade conditions?
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