MetaTrader is the widely-used trading platform developed by MetaQuotes Software Corporation.

Create Your Own Trading Robot in 6 Steps! - MQL5 Articles

It is a charting application designed for online trading for financial markets such as Stocks, Foreign Exchange, Futures, and more, but mostly it is offered by Forex brokers and used for Forex trading.

To date, the two available versions of the platform are MetaTrader4 MT4 and MetaTrader5 MT5. Traders at any level, from beginners to experts, can download the platform for free. The MT4 Client terminal uses its embedded programming language, MetaQuotes Language MQL , for the development, enhancement, and customization of trading systems such as Indicators, EAs trading robots , and Scripts.

Learn how to build an automated trading Robot - Part 1 (Free Robot)

Based on C programming language, MQL is very simple and allows anyone with basic programming skills to develop his or her own trading system. Any trading method that can be described in algorithmic language can be programmed and used for live trading. Many of these trading systems are being distributed for free and many others are sold online. This trading platform also includes plenty of free Expert Advisors, Indicators and Oscillators which can be modified and enhanced.

Through MT4 programming, you can automate your manual trading method which can powerfully increase your trading opportunities. An EA automates your trading decisions and can do just about anything, from giving you a signal, to placing and managing the trade for you automatically. Without any intervention, it can automatically handle all your trades according to your trading rules that is, the trading rules that have been programmed into the robot. Unlike human traders, forex robots do not miss trading opportunities.

It is able to open and close trades according to your trading strategy while you are engaged in some other activity. You could be swimming in your pool or vacationing overseas—it is like having a full time employee who never sleeps and always follows the trading rules you have assigned.

It can also send trade notification messages to your mobile phone and can do many other useful things. Unlike other trading platforms, MT4 allows EA backtesting based on historical market price data.

Another benefit of creating your own EA is the ability of a forex robot to trade markets without any emotions. It follows all your trading rules—no matter what the market condition is. Sometimes this is not always a good thing though, as blindly trading during poor or unstable market conditions can lead to great loss.

It plays out your rules without clouding up the trading process with emotions. Your EA gives you the power to monitor dozens of forex pairs at once with the ability to identify and react to trading opportunities immediately. It executes trades in a fraction of a second and profits even from sudden market movements. A Custom Indicator is a technical indicator coded independently of an EA which is basically intended to help traders with their market data analysis.

It can be added to the default MT4 indicators which are already installed in the platform. Unlike EAs, MT4 built-in custom indicators are not used to trade automatically. They are designed to help traders with on-chart analysis in order to find possible trading opportunities. With the MQL4 programming language, the MT4 platform offers an exceptional opportunity for traders to create and add their own custom indicators into their MT4 client terminals.

If you are trading based on fundamental news only, you can load all relevant news events on your terminal, and create your own custom indicator and set alarms for the new events that you consider important.

The internet at large and the MQL4 community have plenty of custom indicators for MT4 for free. A Script is a short program code that is intended to perform a single action.

It is the simplest type of MQL4 program. Unlike an indicator and expert advisor that works continuously, a script only functions once. It stops after completing the task. A script is created, setup, and launched in the same manner as custom indicators and EAs. An MT4 Script acts as a shortcut to perform a number of tasks on an MT4 platform such as closing all trades running on one currency, closing all trades running on the account, allowing you to set or edit all the stop loss and take profit orders at a set distance from the entry price, deleting all pending orders that are related to a currency pair, delete all pending orders, and many more.

A script performs these tasks faster than manually doing each task repeatedly. You do not need to be an expert programmer to create your own EA, custom indicator, or script.

The internet offers lots of MQL4 programmers that provide programming services for the MetaTrader trading platform. Various experts in the field of both trading and software development are available to maximize the quality of the job and minimize time required for building your EA.

In order to successfully automate your trading, your trading system must clearly identify buy, sell, stop loss, and target profit rules. You must be able to clearly describe the conditions under which a trade will be initiated, and when the trade should be closed at profit or at loss. The duty of your MT4 programmer in automating your trading system is very critical since it involves real money in the markets.

A little programming mistake may result in a loss of money. It is very important to hire the service of an excellent MQL4 programmer to ensure that you will get the trading software the way you envisioned it.

Therefore, it is advisable to evaluate the following criteria:.

Before ordering an EA or a custom indicator from your chosen programmer, it is wise to ask some questions to a programmer to address the above criteria. Below is a list of ten questions that you should ask your programmer before starting work. You are not limited only to these questions. You could also ask for more information regarding the automation of your specific trading strategy.

What are the exact steps in hiring the programming service? As a general step to hire a programming service, you need to contact the programmer and ask for a price quote on the specific project.

You need to explain the EA requirements and provide complete details as to how they would be programmed.

After the complete requirements are laid out, the programmer will determine how much time it would take to complete a fully working EA, and how much the price will be. Some programmers require you to make a full or partial payment before the coding proceeds.

Each programmer is different, but as mentioned, most programmers will ask for the complete project payment up-front before any work begins. However, if hiring using services like Odesk. The charge is commonly project-based and price depends on the complexity of the requirements. On average, fixed price projects can costs between USD to USD.

On an hourly basis, an EA that requires 2 to 40 hours could cost 40USD to 50 USD per hour. Typically, large projects have lower discounted hourly rates. It depends on the complexity of the project and the speed of the programmer. In most cases, experienced and professional EA programmers can finish an EA in less than 72 hours. It will also depend on how many other active projects they have when your project begins. Payment methods may be through wire transfers or other online payment services like Skrill, PayPal, Western Union, and Money Bookers, and other methods.

The EA or the indicator must work exactly as stated in your requirements. You cannot ask for a guarantee when it comes to the results of your trading system, as this is not in the hands of your programmer. What must be guaranteed is the precision of the programming itself—it must follow the rules that you laid out initially.

A programmer should let you test your EA once it was completed. Any change or additional functionality is of course subjected to additional charges. There are standard and ready-made features that come with every expert advisor and can be easily added to any trading system.

How to Create a Simple Forex EA Using the MetaEditor Wizard - ydigatocop.web.fc2.com

These features are optional and can be added at no extra costs. Discuss with your programmer about money management options. In case of project withdrawal, is it possible to refund the payments? Will you agree to sign a Non-Disclosure Agreement NDA? To address confidentiality issues, you can supply your own NDA that must be signed by you and your programmer.

The software and source code is your property and not to be resold or publicly redistributed by your programmer without prior agreement. What if an error is found after 6 months of using the delivered EA? Depending on the programmer, he may provide a lifetime warranty and continued support. Free updates, if necessary, may be available for an amount agreed upon. When you hire a programmer to write a program of your trading strategy, you need to disclose your proprietary trading strategy.

An NDA is a signed legal contract between you and your programmer for the purpose of preventing the unauthorized disclosure of certain proprietary and confidential information.

It prohibits the programmer from reselling your expert advisor or publishing your trading strategy, trade secrets, patents, trademarks, and any other intellectual property. Furthermore, the trading software, as well as the source code, is your property. The programmer has the sole responsibility to keep all confidential information in strictest confidence and not to be used in any form.

Any third party must be restricted from having access to the information. Aside from the programmer, any third party that is directly involved in the development of the software—such as employees and contractors—shall be required to sign the Non-Disclosure Agreement as well. The NDA must carefully define the confidential information that is subject to the agreement.

Exceptions should be precisely defined such as: The agreement shall remain in effect until the confidential information no longer qualifies as a trade secret. Termination of the agreement shall be specified by you within the NDA or until you send your programmer a written notice of NDA termination. An NDA signed between you and your programmer maybe applicable in your country of residence, though it is not a guarantee that it will be enforceable in other countries.

Defining the appropriate law and jurisdiction is really useful in case a dispute arises. It is also necessary to address where a dispute will be resolved in case the NDA is breached. After your Expert Advisor is completed and released for your personal trading use, you must make sure that you have complete copyright of your trading robot. The copyright prevents the unauthorized use, distribution, and alteration of your EA without your consent.

Unauthorized distribution and modification of a copyrighted work entails civil liability and is subjected to criminal sanctions. A well-crafted Non-Disclosure Agreement and the copyright law relating to it can provide you with legal remedies for improper disclosure or use of proprietary information.

However, in the software industry, there are often unscrupulous parties who would abuse the information they are given. The agreements alone do not effectively stop third parties from potential disclosures. Thus, it is your responsibility to properly select the potential programmers that would receive your proprietary trading information. It is wise to confirm that such programmer s are professional and respected programmers in the field of forex trading. Sometimes you just need to take the risk in order to be able to move forward, but do so with good discretion and judgment.

If your trading strategy has been proven effective, and you are able to trade it profitably yourself, then yes, it certainly can be automated. If you have a good idea, and the funds to be able to build and test your idea, then go for it.

You will learn from your first programming experience. No one, that I know of, got it right their first time.

As you develop your EA, you will learn and grow and gain very valuable experience from the investment. Be frugal with your money and make sure that you have done all the research and testing that you can before sending the idea off to be programmed. Personally I do not create bespoke applications anymore and focus only on my own projects. But I have several MQL4 programmers on my list that you can contact by submitting a price quote.

Click here to request a price quote for MT4 programming services. I am also a Forex trader, a programmer, an entrepreneur, and the founder of ea-coder. I have created two of the most popular trade copiers and other trading tools for MT4 that are already used world wide by hundreds of currency traders.

I have many EA, but most are private. One you can find online is FxMagnetic. Your email address will not be published. You may use these HTML tags and attributes: Notify me of followup comments via e-mail. You can also subscribe without commenting. Rimantas Petrauskas is the author, a Forex trader, programmer, entrepreneur, father and a husband.

He has been creating software for currency trading and signal delivery since , and has created hundreds of trading robots for his customers. He strongly believes that with a Positive Mental Attitude we can achieve any goal. More About Rimantas Petrauskas.

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The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.

The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. All purchasers of products referenced at this site are encouraged to consult with a licensed representative of their choice regarding any particular trade or trading strategy.

No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this website. The past performance of any trading system or methodology is not necessarily indicative of future results. Information contained in this product are not an invitation to trade any specific investments. Trading requires risking money in pursuit of future gain.

That is your decision. Do not risk any money you cannot afford to lose. This document does not take into account your own individual financial and personal circumstances. It is intended for educational purposes only and NOT as individual investment advice. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. Automating the Way you Trade by Programming a Forex Robot. February 20, Rimantas Petrauskas 4 Comments MT4 Programming.

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Subscribe For More MT4 Knowledge Enter your real name and best email address below. Follow Me facebook googleplus twitter instagram youtube. Most Popular Posts TOP Forex Blogs: List of Best Websites to Follow in No, I mean really, what the heck is up with all these Forex scams? MT5 is about to replace MT4 client terminal How to Close All Open Trades on MT4 at Specific Time Awesome Tips For Your Own Forex Copy Trading Signals Service. About Me Rimantas Petrauskas is the author, a Forex trader, programmer, entrepreneur, father and a husband.

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