How To Create A Forex Trading Robot

Afterwards reading the kickoff and the 2d articles in the "Algo trading with MQL5" course, you already know the origins of algorithmic trading and the chief types of trading robots. Nosotros also showed you lot where to observe these automatic trading programs in MetaTrader 5. This is non a hush-hush that expert programming skills will certainly help you with edifice a robot. But is it that necessary to be a programmer to construct an expert advisor? No, it isn't! MetaTrader 5 allows creating simple ready-made trading robots using MQL5 Wizard. Let's larn how to do information technology!

What is MQL5 Wizard?

MQL5 Wizard is a tool that helps to create robots and program templates based on the settings y'all choose. It generates expert advisors that tin can provide reliable signals. All yous need to do is to select the desired parameters as a base of operations for an adept advisor's structure. To get access to information technology, you demand to open MetaEditor - trading strategy evolution environment integrated with MetaTrader 5 platform. Y'all can notice its button right above the timeframes menu.

After opening MetaEditor, yous need to click "New" in the upper left corner of the program. This push button will launch MQL5 Wizard.

How to create an practiced advisor in MQL5 Wizard?

Yous tin can easily develop a new expert advisor by post-obit the instructions given by the MQL5 Wizard.  Allow'southward look at each step in detail.

Firstly, y'all need to ascertain a strategy you want to program in your trading robot.

MQL5 Magician's library contains a gear up of signals. They are basically the standard alerts that indicators provide. When y'all create an skillful advisor, you tin utilise whatsoever combination of the modules of trade signals (upward to 64). You lot tin can detect the clarification of them in the MQL5 documentation.

In our example, we volition utilise the following inputs:

 Instrument: EUR/USD

Timeframe: H4

Indicators: Simple moving averages with the 21 and the 89 periods, MACD (12; 24; 9).

At present, allow's build this expert advisor.

In MQL Wizard, click "Expert Advisor (generate)".

In the next footstep, you lot need to proper name your practiced advisor. Hither, y'all can as well cull a specific asset this EA volition piece of work with and a timeframe. Every bit we want to trade EUR/USD on the H4 timeframe, nosotros write EURUSD in the "symbol" string and "H4" in the timeframe.

Choosing the correct signals for your skillful counselor.

This footstep represents the most interesting part of a procedure. Here, we declare the settings nether which a trading robot is going to operate. Subsequently clicking "Add", nosotros select the pre-determined signals. Each set of signals has its parameters. For example, to add together the signals of 21-period moving boilerplate to our EA, we demand to set its catamenia (21), its shift from the current bar (0), the averaging method (Simple), the price to use the MA (Shut price), and the weight of the signal (i.0).

As for MACD, we go out information technology with standard settings (fast period = 12, tiresome menstruation = 24, and period signal = ix).

For a detailed description of each signal, visit the MQL5 website.

You can as well specify a timeframe for a particular signal. For case, if you want to see a confirmation on a larger timeframe, y'all need to fill up in the "Timeframe" setting.

Applying a trailing stop

After calculation all parameters, our Expert Advisor is almost gear up. Our adjacent activeness will be setting the trailing backdrop of our EA. In other words, we need to decide whether we are going to use a trailing stop loss or not. There are four options you tin choose from:

• avoid using stop loss (trailing terminate not used);
• place it based on fixed Stop Level;
• set it based on a particular MA;
• use Parabolic SAR.

In our example, we don't utilise a trailing terminate loss.

Rules of money management

In the final pace, yous can declare the rules of coin management for your proficient advisor. We choose to trade with a fixed merchandise volume of 0.1 lots and a gamble of 10%.

Afterward we click finish, nosotros get a big and structured lawmaking in MetaEditor. These are the spine and bones of our skillful advisor.

How can nosotros turn it into a robot? You lot can easily exercise that by pressing the compile button. This action will create a file for your robot and transfer the code into MT5.

Afterward that, you can find the robot in the "Navigator" window of MT5.

You can backtest your trading robot by clicking "Test" on the proper name of the robot. Subsequently the strategy tester opens, choose the suitable parameters and and so press "Start". You can get the results of this check-upward in the backtest bar.

At present, y'all tin build a fully functional trading robot without any programming skills and experience. However, if you lot want your expert advisor to execute more complicated commands, you still need to learn how to program them right. In the side by side articles in this class, y'all will learn the basics of coding your starting time robot in MQL5!

2021-07-19 • Updated

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Source: https://fbs.com/analytics/guidebooks/building-a-trading-robot-without-programming-350

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