MetaTrader Australia » Expert Advisor

MetaTrader 5 – MQL5 for Beginners

admin — Fri, 25 Jun 2010 05:36:59 +0000

Step-By-Step Guide to writing an Expert Advisor in MQL5 for Beginners

Introduction

This article is aimed at beginners who wish to learn how to write simple Expert Advisors in the new MQL5 language. We will begin first by defining what we want our EA (Expert advisor) to do, and then move on to how we want the EA to do it.

1. Trading Strategy

What our EA will do:

It will monitor a particular indicator, and when a certain condition is met (or certain conditions are met), it will place a trade (either a Short/Sell or Long/Buy), depending on the present condition that has been met.

The above is called a trading strategy. Before you can write an EA, you must first develop the strategy that you want to automate into the EA. So in this case, let us modify the above statement so that it reflects the strategy we want to develop into an EA.

We will use an indicator called Moving Average with a period of 8 ( You can choose any period, but for the purpose of our strategy, we will use 8 )
We want our EA to place a Long (Buy) trade when the Moving Average-8 (for the sake of our discussion, I will refer to it as MA-8) is increasing upwards and the price is close above it and it will place a Short (Sell) when MA-8 is decreasing downwards and the price is close below it.
We are also going to use another indicator called Average Directional Movement (ADX) with period 8 also to help us determine whether the market is trending or not. We are doing this because we only want to enter the trade when the market is trending and relax when the market is ranging (that is, not trending). To achieve this, we will only place our trade (Buy or Sell) when above conditions are met and the ADX value is greater that 22. If ADX is greater that 22 but decreasing, or ADX is less than 22, we will not trade, even though the condition B has been met.
We want to also protect ourselves by setting a Stop loss of 30 pips, and for our Profit target; we will target a profit of 100 pips.
We also want our EA to look for Buy/Sell opportunities only when a new bar has been formed and we will also make sure we open a Buy position if the Buy conditions are met and we do not already have one opened, and open a Sell position when the Sell conditions are met and we do not already have one opened.

We have now developed our strategy; it is now time to start writing our code.

View full article at http://www.mql5.com/en/articles/100

MetaTrader 5 – Strategy Tester Released

admin — Mon, 21 Jun 2010 01:25:01 +0000

Recently the beta version of MetaTrader 5 Strategy Tester was released. This program is the integral part of the MetaTrader 5 Client Terminal being designed for the purposes of testing and optimization of MQL5 Expert Advisors.

With the testing you can assess the qualities of your Expert Advisor on history data before launching it in real trading. Optimization allows choosing the most profitable parameters for your Expert Advisor making it a real efficient one. The Strategy Tester is an indispensable tool for developers of Expert Advisors. It is almost impossible to develop a profitable an error-free Expert Advisor without the tester.

As compared to the tester in MetaTrader 4, the new MetaTrader 5 Strategy Tester is a more powerful and accurate tool. It has obtained the new function of distributed optimization that will be useful in work with compound Expert Advisors. Besides that, the Strategy Tester offers efficient testing of multi-currency Expert Advisors.

“The Strategy Tester is the last component from the set of required tools for efficient development of Expert Advisors. This set also includes the MQL5, MetaEditor, debugger and execution module in the MetaTrader 5 Client Terminal. The absence of a tester was the last obstacle to the wide possibilities provided by the MQL5 environment. We hope that together with the release of MetaTrader 5 Strategy Tester, the number of new MQL5 Expert Advisors will sharply increase”, – Stanislav Starikov, the senior developer of MetaTrader 4/5 terminals and MQL4/5, said.

MetaTrader Tips – Time Zone Correction

admin — Mon, 10 May 2010 23:29:10 +0000

At times traders may need to perform a time synchronization task when expert advisor is working. Prohibition or permission for orders opening in certain time spans during 24 hours, cancellation of suspended orders after certain time, prohibition against work of the expert advisor on holidays, trade permission only at news-time etc. may be required.

Time in MetaTrader 4 client is read from the server and depends on the brokers configuration. Normally, time on the brokers server is set to their local time. MetaTrader 4 has on means for determination or automatic adjustment of the time zone. There is a possibility at our disposal to know the server time and local time of the computer on which the MetaTrader 4 client is working. Accordingly, if we use such dimensions as hours, minutes or even specific dates then we have to provide correspondence between local time and time on the server. This task is owned by the trader, while the programmer considering the above limitations can provide only the means for configuration.

With respect to zero meridian, time can have a shift of -12 to +12 hours. I.e. within 24 hours. however, two dates fall within this span. These are the current date (from 0 to +12) and previous date (from -12 to 0).

Let’s take a look at an example.

Expert advisor has to work only during the session at NYSE. NYSE is opened at 9:30 AM and closed at 4:00 PM as per Eastern Time. If the time will be converted to Greenwich Mean Time, then we will have GMT-5. We have to configure the expert advisor to work during this time. If we are located at the GMT-0 zone, then for correct synchronization we have to know our location with respect to zero meridian as well. E.g., our time zone is GMT+1. Thus, time difference makes up 6 hours. As the reference point is time on the side of the Metatrader 4 terminal, then the relative time shift will be -6 hours.

Let’s move on to specific figures and computations. Local time on trader’s computer is 2:00 PM. We find the time in New York by shifting the current time 6 hours back. We get 8:00 AM. It is too early for the expert advisor to operate; the stock exchange is not opened yet. The exchange will open when the local time will be equal to 3:30 PM.

Let’s summarize. If the expert advisor has the TimeShift configuration, then the task of the trader is to know the difference between the local time and the time of event for which the expert advisor has to be configured. If local time precedes the required event, then the shift will have the “+” sign, and if local time follows the event, then the shift will have the “-“ sign.

by Alexey Koshevoy, AirBionicFX founder and CEO

MetaTrader Troubleshooting by Go Markets

admin — Sun, 28 Mar 2010 06:09:21 +0000

Sign up for a Free GoMarkets MetaTrader Demo account Today
Open a Live GoMarkets MetaTrader account

Common Problems & Troubleshooting

Q: My platform shows ‘Trade Context is busy’.

A: Close and reload the platform. The error should go away.

Q: I can’t place a stop loss or take profit order on my trade.

A: On market execution you cannot place your pending orders before execution of the entry order. After placing the trade you can add your stop/limit orders through the Terminal.

Q: My Expert Advisor is not taking any trades.

A: Check the Experts tab in the Terminal. If the EA is trying to place trades without success it will show an error number. Click here to download a PDF of all MT4 error codes.

Q: My Demo will not login.

A: Demo accounts expire after 30 days as standard. To get a new demo account, in the MT4 platform go to File>Open an account and you can generate a new login and password. You do not need to download the platform again.

Sign up for a Free GoMarkets MetaTrader Demo account Today
Open a Live GoMarkets MetaTrader account

Q: My account shows as invalid.

A: The message invalid account shows when the login or password information is incorrect. Please check your login, password and the server address.

Q: I cannot find the swap rates.

A: Go to the market watch area, right click and choose symbols. Click on the properties for a trading symbol and it will give you all details including the swap rates.

Q: Why can’t I see all the currency pairs?

A: To view all currency pairs, right click on the market watch and then choose ‘Show All’.

Q: I want to change my chart time.

A: The trading platform time cannot be changed. There are local time indicators available to download from the MetaQuotes community (mql4.com).

Sign up for a Free GoMarkets MetaTrader Demo account Today
Open a Live GoMarkets MetaTrader account

Using Neural Networks In MetaTrader

admin — Tue, 24 Nov 2009 10:19:38 +0000

Many of you probably have considered the possibility of using neural networks in your EA. This subject was very hot specially after 2007 Automated Trading Championship and the spectacular winning by Better with his system based on neural networks. Many internet forums were flooded with topics related to neural networks and Forex trading. Unfortunately writing native MQL4 implementation of NN is not easy. It requires some programming skills and the result would not be very efficient specially if you’d like to test your final result in tester on large number of data.

In this article I’ll show you how you can use the freely available (under LGPL), renowned Fast Artificial Neural Network Library (FANN) in your MQL4 code while avoiding certain obstacles and limitations. Further I assume that reader is familiar with Artificial Neural Networks (ann) and terminology related to this subject so I’ll concentrate on practical aspects of using particular implementation of ann in MQL4 language.

To read the full article, please visit: http://articles.mql4.com/777

Recipes for Neuronets

admin — Thu, 12 Nov 2009 04:06:47 +0000

Not so long ago – at the dawn of technical analysis when by far not all traders had computers – people appeared that tried to predict future prices using formulas and regularities invented by them. They were often called charlatans. Time went on, methods of information processing became more complicated, and now there can hardly be traders indifferent to technical analysis. Any beginning trader can easily utilize charts, various indicators, search for regularities.

The number of forex-traders grows daily. Together with that their requirements for market analyzing methods grow. One of such “relatively” new methods is the use of theoretically fuzzy logics and neural networks. We see that topics devoted to these questions are being actively discussed on various thematic forums. They do exist, and will go on existing. A human that entered the market will hardly ever leave it. While it is the challenge to one’s intelligence, brain and strength of will. That is why a trader never ceases to study something new and to use various approaches in practice.

In this article we will analyze basics of neuronet creation, will learn about the notion of Kohonen neural net and will talk a little about methods of trading optimization. This article is first of all intended for traders who are only at their beginning in studying neuronets and principles of information processing.

To read the full article, please visit: http://articles.mql4.com/783

Working with Doubles in MQL4

admin — Wed, 11 Nov 2009 02:58:12 +0000

The MQL programming opens new opportunities for the automated trading, many people all over the world already have appreciated it.

When we are writing an Expert Advisor for trading, we must be sure that it will work correctly.

Many newbies often have some questions when the results of some mathematical calculations differ from those expected. The program is compiled and can work, but not as it should. They are checking the code again and again, finding the new “mistakes” in language, in implementation, in functions, etc.

In the most of cases, the careful analysis shows that the language and compiler work correctly, but code has a small error, and it can take a long time to find and correct it.

In this note we will consider a typical programming errors, that occurs while working with double numbers in MQL4 programs.

To read the full article, please visit: http://articles.mql4.com/866

Analysis of 30 Indicators and Oscillators

admin — Wed, 11 Nov 2009 02:51:32 +0000

The abundance of indicators and oscillators developed nowadays inevitably leads to the problem of choosing the most efficient of them. Very often a beginning trader first facing this plenty of available analysis and forecasting tools starts testing them on history data and demo accounts. After that a set of conclusions is made about the efficiency and uselessness of this or that indicator in certain situations.

However such an estimation is not always objective because of the large number of parameters (symbol, chard period, volatility, etc.) and therefore the large amount of the analyzed information. More reliable conclusions about certain indicators and oscillators can be made after conducting their comparative analysis.

The program analyzes the following indicators and oscillators:

Acceleration/Deceleration — ??
Accumulation/Distribution – A/D
Alligator & Fractals
Gator Oscillator
Average Directional Movement Index – ADX
Average True Range – ATR
Awesome Oscillator
Bears Power
Bollinger Bands
Bulls Power
Commodity Channel Index
DeMarker
Envelopes
Force Index
Ichimoku Kinko Hyo (1)
Ichimoku Kinko Hyo (2)
Ichimoku Kinko Hyo (3)
Money Flow Index – MFI
Moving Average
MACD (1)
MACD (2)
Moving Average of Oscillator (??????????? MACD) (1)
Moving Average of Oscillator (??????????? MACD) (2)
Parabolic SAR
RSI
RVI
Standard Deviation
Stochastic Oscillator (1)
Stochastic Oscillator (2)
Williams Percent Range

To read the full article, please visit: http://articles.mql4.com/628

What Is Automated Trading

admin — Tue, 03 Nov 2009 04:41:12 +0000

Modern technologies allow us not only to trade in financial markets using personal computers, but we can fully automate a trading system now. Using a computer program you can relieve yourself from the routine of analyzing financial markets and performing trades.

Our client terminal has all functions that allow you to develop, test and use your trading system. The development environment named MQL4 is integrated into the terminal. MQL4 consists of MetaEditor, Strategy Tester and Compiler.

To view the full article, please visit: http://www.metatraderglobal.com/384/what-is-automated-trading/

Analytics in MetaTrader 5

admin — Wed, 28 Oct 2009 08:38:25 +0000

Analytics is one of the most important components of trading. Based on analytical data, a trader can decide what operation to execute, when to do it and the profit/loss of the trade. The MetaTrader 5 platform offers you wide analytical possibilities!

Charts

Charts constitute a work field for technical analysis. This is where dynamics of security quotes are featured, technical indicators and graphical objects are applied. The number of charts that can be used in a terminal is unlimited, and they can be positioned in any way. This enables traders to adjust their workplaces to their own needs.

Every chart can be individually set up. Traders can use the detailed setup of color schemes, displaying of additional data objects and scaling, which allows the configuration of every chart according to the needs of a certain analytical tool. For example, you can setup the displaying of separators for larger periods, the OHLS line, and the chart scaling for the adequate featuring of Gann tools.

To view the full article, please visit: http://www.metatraderglobal.com/377/analytics-in-metatrader-5/