NovaBarra
This is a new bar detection utility EA that monitors for the formation of new candles on the chart. It provides a template event handler that distinguishes between the first tick after attachment and subsequent new bar events. It does not open any trades or implement any trading strategy.
Open the interactive view (equity curve, symbol switch)Key facts
Backtest results (H1, about 1 year)
Not backtested yet — this EA could not be converted automatically.
Strategy analysis
This EA is not a trading strategy but rather a new bar event detection utility template. Its core logic uses a static variable to store the current bar's timestamp, comparing the current bar time with the previous bar time to determine if a new bar has formed. When a new bar is detected, it further distinguishes between two scenarios: the first is when the EA is initially attached to the chart, where the bar may already be mid-formation rather than truly at the start of a new bar; the second is a normal new bar appearance. There are no entry conditions as this EA contains no entry logic whatsoever. Similarly, there are no exit conditions implemented. Position sizing and money management are entirely absent since this EA only provides an event detection framework without executing any trading operations.
Strengths
- Provides a new bar detection template compatible with both MQL4 and MQL5
- Correctly handles the edge case when EA is first attached and the bar is mid-formation
- Clean code structure with detailed comments for easy understanding and extension
- Uses static variables for efficient bar state tracking without global variables
- Cross-platform compatible with both MQL4 and MQL5
Weaknesses
- Only template code without any actual trading logic implemented
- Lacks implementation examples for actions after new bar detection
- No error handling mechanisms included
- Does not support multi-timeframe or multi-symbol monitoring
- No trading safety checks such as connection status verification
Possible improvements
- Could be encapsulated into a reusable function or class for easy integration into other EAs
- Add multi-timeframe new bar detection and implement a callback mechanism for new bar events
- Provide more complete usage examples including demonstration of executing trading operations on new bar events
Risk assessment
Overall risk: Safe
- This EA does not execute any trading operations, so there is no trading risk
- As template code, using it in live trading requires supplementing complete trading logic and risk control measures
Evaluation scores
Parameters
| Parameter | Default | Description |
|---|---|---|
_Symbol | Current symbol | Current trading symbol (built-in variable) |
_Period | Current period | Current chart period (built-in variable) |
WRONG_VALUE | -1 | Invalid value marker for static variable initialization |
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Backtests are historical simulations and do not guarantee future results. Not financial advice.