Trade automatically | Expert Advisor
What is an automated trading system ?
Automatic trading systems (Expert Advisor - EA) for the Forex must be programmed. There are now excellent platforms for this such as the Metatrader 4 or Metatrader 5. Once such an Expert Advisor has been programmed according to your wishes and strategies, it automatically makes suggestions when is the right time for a purchase or a sale and can also process such orders independently.
Advantages of an autotrader
With the autotrader, human components such as emotions or stress are eliminated. You often let yourself be Traders are disturbed by some events and then, in the rush, make wrong decisions that can cost money. The Autotrader analyzes the market completely objectively and mathematically and cannot be influenced by anything. personal doubts are dispelled by this neutrality and accuracy. In addition, he adheres exactly to the strategy/tactics as he was hired.
Another advantage of the autotrader is its speed. In a few moments he is able to certain constellations or to identify developments. This saves valuable time, because the autotrader can recognize situations much faster than you able to do it himself. This quick recognition and the associated time savings often pay off through higher profits.
Development of an autotrader - Expert Advisor (EA)
Most of the time you need a programmer to create an Autotrader (Expert Advisor). Becoming an auto trader created in the programming language MQL (Meta Quotes Language). It is entirely possible to program an autotrader in such a way that the user can make many settings yourself, such as certain price patterns, stop loss, etc. Some brokers also offer metatraders, which already provide the user with a large number of functions.
To test an autotrader, you can fall back on the courses of the last few years. This is a very good way to see if you can join the programmed strategy is successful. Even if this test is positive, it should be noted that the chart patterns of the past will not necessarily return in the future. If you are interested in an autotrader, please contact us for more information and prices for creating an autotrader.
Forex Autotrading - Metatrader 4
Features of the Metatrader 4:
Information and overview:
In addition to the main menu, the interface includes a customizable shortcut bar. Charts and indicators can also be easily integrated. Open positions and the account overview can also be displayed.
You can set the period for trades that have already been completed and have them displayed clearly.
Open a new order:
New orders can be placed through the terminal window with all the necessary settings (Stop Loss, TakeProfit, etc.). The Metatrader can be configured to open or close trades with one click.
Chart and analysis tools:
In Metatrader 4, many options are already integrated in order to be able to evaluate charts in many variations and to be able to analyze the market. There are many useful indicators and oscillators to use. You can install even more indicators in the marketplace (free and paid).
With the MQL programming language, fully automatic trading systems can be programmed in the Metatrader 4. If you program yourself an Expet Advisor there is a market for freelancers on the website https://www.mql5.com. There you can place orders and professional programmers then apply. Although the MQL5 programming language is intended for Metatrader 5, on the website https://www.mql5.com you can find both for the Metatrader 4 as well as for the Metatrader 5 many offers.
Forex autotrading - Metatrader 5
Features of the Metatrader 5
In addition to the Metatrader 4 order types (Stop Buy, Stop Sell, Limit Buy and Limit Sell ), there are two new order types in Metatrader 5: Sell Stop Limit and Buy Stop Limit.
Time units chart window:
Overall, the available time units for the chart have been expanded from 9 to 21. This gives you even more options for chart analysis.
Indicators and Charting Tools:
There are many useful new indicators and charting tools in Metatrader 5.
Difference between Metatrader 4 and Metatrader 5
Example of an Expert Advisor in MQL5
Metatrader 5 offers many options for creating an Expert Advisor using the MQL5 programming language. For programming an Expert Advisors does not require any additional software. A development environment and a strategy tester are already integrated in Metatrader 5. Do you want an expert? To program Advisor, you only have to start the editor (F4 key or "MetaQuotes Language Editor" button in the top left corner).
To create a new Expert Advisor, just click on "New file" and give it a name. The new Expert Advisor will be saved in the Experts folder. Once the programming is complete, all you have to do is compile the source code (click on Compile). Now the Expert Advisor is ready to start and you can switch back to the Metatrader interface. The Expert Advisor can then be found in the Metatrader navigator window under the saved name. With a double click you can now start the Expert Advisor. However, always test new Expert Advisors with the Strategy Tester to make sure it works according to yours ideas acts. Before you start using Expert Advisors, you must first activate them in the Metatrader or allow the Expert Advisor to to act. This is very, very simple: Activate the span "Algo Trading" in the top left, so Expert Advisors or MQL5 are basically activated.
Example of an Expert Advisor
Here is a simple code example for a simple buy order. In this example, the program is executed on every tick. In addition, it is checked whether already orders are open. If no order is open yet, the Expert Advisor will now open a BUY order. In this example, no specific instrument has been selected. No matter which chart you have just opened in the Metatrader and then run the Expert Advisor, this instrument will then be bought. In our example, the DAX30 bought, with a stop loss 500 points below the ask price, and a take profit 300 points above the ask price. I myself often use small programs for simple orders, as this is simply faster than laboriously entering an order by hand. For the instruments I trade often, I have one for each instrument Expert Advisor created specifically for the instrument (Stop Loss, Take Profit). This saves some time and if you still need to make changes to the If you want to place an order, you can simply change it in the Metatrader with "drag and drop". In this example the BUY order has been selected. Of course you can MQL5 program all common order types that exist. With a different order type, the program structure would be similar, except that the line where the order actually is executed would be somewhat different in syntax.
Source code for a buy order - DAX30
(quantity: 1.00 Lot, Stopp Loss: Ask price -500 Punkte, Take Profit: Ask price +300 points)