Such parameters can be changed during the EA operation and used when optimizing in the strategy tester. Double-click on the parameter, to make it fixed unavailable for modification when the Expert Advisor is running. Its icon turns gray —. At this stage, you should select a money management type for your EA. Set a money management type in the Name field. Each type of money management has its own set of parameters.
To obtain an executable EA file that can be run in the trading platform, compile the obtained MQ5 file. To do this, click Compile or F7. Special classes from the Standard library are used as signal, trailing and money management modules. In addition, you can write your own classes as well as create them based on the existing ones.
Place them in the following directories to make them available in MQL5 Wizard:. Find out more about creating your own modules in the article "MQL5 Wizard: How to create a module of trading signals". General parameters Fill in the following fields: Name — EA name. The same name is assigned to an EA file. Here you can also change the path to a destination file.
Author — author name. Link — developer's email address or website. A set of mandatory parameters created by default is described below: Symbol — specify a symbol the EA is to work on in the Value field. If "current", the EA works on any symbol. A chart symbol the EA is attached to is to be used as a working symbol.
TimeFrame — specify a period the EA is to work on in the Value field. If "current", the EA works on any chart period. Double-click on the parameter to make it fixed unavailable for modification when the Expert Advisor is running. Each module has its own Weight parameter. It defines the module signal weight considered when making the final decision on a trading operation.
The mechanism of making trade decisions is described in MQL5 Reference. Copyright , MetaQuotes Ltd. It takes only one argument the indicator handle. The function removes an indicator handle and release the calculation block of the indicator, if it's not been used.
The first thing we have to do here is to check if we have enough bars on the present chart. We can get the total bars in history of any chart using the Bars function. These two return the current symbol for the current chart on which our EA is attached and the period or timeframe of the present chart can be obtained using Period or Period.
This two will return the timeframe of the current chart on which the EA is attached. If the total available bars are less than 60, we want our EA to relax until we have enough bars available on the chart. The Alert function displays a message on a separate window. In this case, we have only one string value.
The return exits the initialization of our EA. The Expert Advisor will perform trade operations at the beginning of a new bar, so it's necessary to solve the problem with the new bar identification. We declared it as static because we want the value to be retained in memory until the next call of the OnTick function. We also declared a bool data type variable IsNewBar and sets its value to false.
This is because we want its value to be TRUE only when we have a new bar. We use the CopyTime function to get the time of the current bar. The IsNewBar variable indicates that we have a new bar. The next thing we want to do here is to check if we have enough bars to work with. Why repeat it?
We just want to be sure that our EA works correctly. It should be noted that while the OnInit function is called only once when the EA is attached to a chart, the OnTick function is called every time there is a new tick price quote. You observe that we have done it again differently here. We decide to store the total bars in history which we obtained from the expression.
While the variables, declared at the Input Parameters section of our code, are available to all functions, within our code that may need them, variables declared within a single function is limited and available to that function alone. It can not be used outside of that function.
Next, we declared a few variables of MQL5 structure types which will be used in this section of our EA. This structure is used to perform all trade requests for a trade operation. It contains, in its structure, all the fields necessary for performing a trade deal.
Any variable declared to be of the MqlTradeRequest type can be used to send orders for our trade operations. Here we declared mrequest as a MqlTradeRequest type. The result of any trade operation is returned as a special predefined structure of MqlTradeResult type. Any variable declared to be of MqlTradeResult type will be able to access the trade request results.
Here we declared mresult as a MqlTradeResult type. Any array declared to be of the MqlRates type can be used to store the price, volumes and spread history for a symbol. Here we have declared an array mrate which will be used to store these information. Next we decide to set all the arrays we will be using to store Bars details as series. This is to ensure that the values that will be copied to the arrays will be indexed like the timeseries, that is, 0, 1, 2, 3, to correspond with the bars index.
So we use the ArraySetAsSeries function. It should be noted that this can also be done once at the initialization section of our code. However, I have decided to show it at this point for the sake of our explanation. We now use the SymbolInfoTick function to obtain the latest price quote. Again, if there is error, we reported it. Next we copied the information about the latest three bars into our Mqlrates type array using the CopyRates function. The CopyRates function is used to get history data of MqlRates structure of a specified Symbol-Period in specified quantity into a MqlRates type array.
For the start position, we will start from the current bar, Bar 0 and we will count only three Bars, Bars 0, 1, and 2. The result will be store in our array, mrate. The mrate array now contains all the price, time, volumes and spread information for bars 0 , 1 and 2. Therefore to get the details of any bar, we will use the following:. Next we, copied all the indicator values into the dynamic arrays we have declared using the CopyBuffer function.
The indicator handle is the handle we created in the OnInit section. Concerning buffer numbers, the ADX indicator has three 3 buffers:. The Moving Average indicator has only one 1 buffer:. We copy from the present bar 0 to the past two bars.
So amount of records to copy is 3 bars 0, 1 and 2. As you can see here again, we try to capture any error that may occur in the copying process. If there is error, no need to go further. It is important to note that the CopyBuffer and the CopyRates function returns the total number of records copied on success while it returns -1 incase of an error.
That is why we are checking for a value less than 0 zero in the error checking functions here. At this point we want to check if we already have a Buy or Sell position opened, in order words, we want to make sure we have only ONE Sell or Buy trade opened at a time. We do not want to open a new Buy if we already have one, and we do not want to open a new Sell if we already have one opened.
We use the trade function PositionSelect to know if we have an open position. We use the PositionGetInteger function for this. In our case, we used it to determine which of the position we already have opened. We will be able to use these two variables later when we are checking for Sell or Buy conditions later in our code.
Remember we declared a variable for that earlier. Let us analyze the expression above as it represents the strategy we designed earlier. We are declaring a bool type variable for each of our conditions that must be met before an order can be placed. So, our Buy strategy has been broken down into four conditions. Let us look at them one by one. Here we are looking at the MA-8 values on Bars 0, 1 and 2. If value of MA-8 on the current bar is greater than its value on the previous Bar 1 and also the MA-8 value on Bar 1 is greater than its value on Bar 2 , it means that MA-8 is increasing upwards.
This satisfies one of our conditions for a Buy setup. This expression is checking to see if Bar 1 Close price is higher than the value of MA-8 at the same period Bar 1 period. If the price is higher, then our second condition has also been satisfied, then we can check for other conditions. However, if the two conditions we have just considered were not met, then there will be no need to check other conditions.
That is why we decide to include the next expressions within these two initial conditions expressions. If this expression is true, that is, the current value of ADX is greater than the Minimum required value; we also want to be sure that the plusDI value is greater than the minusDI value. This is what we achieved in the next expression. If all these conditions are met, that is, if they return true, then we want to be sure that we do not open a new Buy position if we already have one.
Having sent our order, we will now use the MqlTradeResult type variable to check the result of our order. If our order is executed successfully, we want to be informed, and if not, we want to know too. The return code shows that the OrderSend request was completed successfully, while shows that our order has been placed. That is why we have checked for any of these two return codes. If we have any of them, we are sure that our order has been completed or it has been placed.
To check for a Sell Opportunity, we check for the opposite of what we did for Buy Opportunity except for our ADX that must be greater than the Minimum value specified. Just as we did in the buy section, we are declaring a bool type variable for each of our conditions that must be met before an order can be placed.
So, our Sell strategy has been broken down into four conditions. Let us look at them one by one as we did for the Buy section. If value of MA-8 on the current bar is less than its value on the previous Bar 1 and also the MA-8 value on Bar 1 is less than its value on Bar 2 , it means that MA-8 is decreasing downwards. This satisfies one of our conditions for a Sell setup. This expression is checking to see if Bar 1 Close price is lower than the value of MA-8 at the same period Bar 1 period.
If the price is lower, then our second condition has also been satisfied, then we can check for other conditions. If this expression is true, that is, the current value of ADX is greater than the Minimum required value; we also want to be sure that the MinusDI value is greater than the plusDI value. If these conditions are met, that is, if they return true, then we want to be sure that we do not open a new Buy position if we already have one.
The major difference here is the way we calculated our stop loss price and take profit price. Also here, we used the NormalizeDouble function for the Bid price, the StopLoss and TakeProfit values, it is good practice to always normalize these prices to the number of digits of currency pair before sending it to the trade server. Just as we did for our Buy order, we must also check if our Sell order is successful or not.
So we used the same expression as in our Buy order. Debugging and Testing our Expert Advisor. At this point, we need to test our EA to know it our strategy works or not. Also, it is possible that there are one or two errors in our EA code. This will be discovered in the next step.
Debugging our code helps us to see how our code performs line by line if we set breakpoints and there and then we can notice any error or bug in our code and quickly make the necessary corrections before using our code in real trade. Here, we are going to go through the step by step process of debugging our Expert Advisor, first of all, by setting breakpoints and secondly, without breakpoints.
To do this, Make sure you have not closed the Editor. First of all, let us select the chart we want to use to test our EA. On the Editor Menu bar, click on Tools and click on Options as shown below:. Figure 8.
Setting Debugging options. Before we start the debugger, let us set breakpoints. Rather than running through all the code at once, the debugger will stop whenever it see a breakpoint, waiting for your net action. By this we will be able to analyze our code and monitor its behavior as it reaches every set break-points.
We will also be able to evaluate the values of some of our variables to see if things are actually the way we envisaged. To insert a breakpoint, go to the line in your code where you want to set the breakpoint. By the left hand side, on the gray field near the border of the code line, double-click and you will see a small round blue button with a white square inside it.
Or on the alternative, place the cursor of your mouse anywhere on the code line where you want the breakpoint to appear and press F9. To remove the breakpoint, press F9 again or double-click on it. Figure Setting a breakpoint. For our code, we are going to set breakpoint on five different lines. I will also label them form 1 to 5 for the sake of explanation. To continue, set breakpoint at the seven code lines as shown in the figure below.
Breakpoint 1 is the one we have created above. Setting additional breakpoints. Once we have finished setting our breakpoints, we are now set to start debugging our code. To start the debugger, press F5 or click the green button on the Toolbar of the MetaEditor:. Starting the Debugger. The first thing the editor does is to compile the code, if there is any error at the point, it will display it and if no error, it will let you know that the code compiled successfully.
Please note that the fact that the code compiled successfully does not mean there may not be errors in your code. Depending on how your code is written, there may be runtime errors. For example, if any of our expressions does not evaluate correctly due to any little oversight, the code will compile correctly but may not run correctly.
Once the debugger has finished compiling the code, it takes you to the trading terminal, and attach the EA to the chart you have specified on the MetaEditor Options settings. At the same time, it shows you the Input parameters section of the EA. Since we are not adjusting anything yet, just click the OK button. Expert Advisor Input Parameters for Debugging. You will now see the EA clearly on the top-right hand corner of the chart. Once it starts the OnTick , it will stop as soon as it gets to our breakpoint 1.
Debugger stops at the first breakpoint. You will notice a green arrow at that code line. That tells you that previous code line had been executed; we are now ready to execute the present line. Let me make some explanations before we proceed. This is because we are now running the debugger. Step into command. The Step Into is used to go from one step of the program execution into the next step, entering into any called functions within that code line. Click on the button or press F11 to invoke the command.
We will use this command in our Step-by-Step debugging of our code. Step over command. The Step over , on the other hand does not enter into any called function within that code line. Click on the button or press F10 to invoke the command. Step out command. Also, at the lower part of the Editor, you will see the Toolbox window. The Debug tab in this window has the following headings:. For our example, we will monitor the following:. The expressions watching window. Adding expressions or variables to watch.
If the variable hasn't been declared yet, its type is "Unknown identifier" except the static variables. Click the Step into button or press F11 and observe what happens. Keep on pressing this button or F11 until you get to breakpoint no 2 , continue until you get to breakpoint no 4 as shown below and observe the expressions watching window. Watching the expressions or variables.
Once there is a new tick, it will return to the fist code line of the OnTick function. Values of variables on NewTick event. To go over the process again, continue pressing the F11 key and keep monitoring the variables at the expressions watching window. You can stop the debugger and then remove all the breakpoints.
As we see, in Debug mode it prints the message "We have new bar here Expert Advisor prints the message in Debug mode. Start the debugging process again; but this time without breakpoints. Expert Advisor places trade during debugging. I think you can leave the EA to work for a few more minutes while you take a coffee. What we have actually done here is to see that our EA only checks for a trade at the opening of a new Bar and that our EA actually works. There is still a lot of room for adjustments to our EA code.
Let me make it clear, at this point that, the Trading terminal must be connected to the internet, otherwise, debugging will not work because the terminal will not be able to trade. The Tester Strategy Tester is shown at the lower part of the terminal. To do this, move your mouse pointer to the point shown by the red arrow as shown below. The mouse pointer changes to a double-end arrow, hold down the mouse and drag the line upwards.
Stop when you discover that you can see everything on the settings tab. The Strategy Tester Settings Tab. Before we click the Start button, lets look at the other tabs on the Tester. The processor used by the Tester for the Test. Mine is only one 1 core processor.
The Strategy Tester Agents tab. Once the agent, you will see something similar to the figure below.
Click on the tab called Expert Advisors. On the extended options under the Expert Advisors tab, right-click on the window and click on Create. Flag Expert Advisor as a new object to be created and fill in the information below:. Note: Under Inputs , simply click on Add or Delete to add or remove a parameter. A new Expert window with the customized inputs will be opened in the editor. MQ4 format. At this point, you can start writing the Expert code.
These are the steps to create an Expert Advisor. You can create basic trading bots if you know basic coding and programming. But in order to use professional ones, you have to download or buy one and then run Expert Advisor on MT4. Want to Improve your Trading? Give yourself a better chance at the Forex market by hosting your trading platform right next to your broker. All you have to do is to download an EA and extract it to your MT4 folders.
In the end, you can check to see if your EA is running correctly. Follow these steps to run Expert Advisor on MT After downloading your EA files, you have to unzip them. An EA folder should include two files:. Expert Advisors that are more professional might include more files required for them to work correctly.
To do so, launch the MetaTrader 4. In the upper navigation menu, click on File and then click on Open Data Folder. Before using your EA, run this quick check to make sure everything is up and running. In the upper navigation menu, click on Tools and then on Options. In order to run Expert Advisor on MT4, the Auto trading option should be enabled in the control panel. When enabled, this button has a green indication. Before starting your Expert Advisor, make sure the chart with the asset and time frame you want to use your EA on is open.
Under the Inputs tab, make sure all the right parameters according to your trading strategy are there. Expert Advisors help make trading a lot easier for forex traders. They can trade multiple deals at a speed we are not able to. If you want to become a professional forex trader , educate yourself about trading bots and trading bot strategies.
You can also invest in a VPS for trading. At Cloudzy, you can have a forex VPS close to your broker and reduce latency as much as possible. You will be relieved to know your trades and transactions are safe and secure when done with our visual private servers. If you have any questions, leave us a comment, we will be happy to help!
Expert Advisors can reduce human errors. Even though you can program the EA to trade for you, it still works based on your commands. You have to jump in from time to time to make sure everything is going on as you desire. MetaTrader 4 is a trading platform. You can use it to trade in different markets. But you have to use trading bots specific to crypto trading.
You can read about the best crypto trading bots on our website. Your email address will not be published. Finding a functioning web server could be sometimes tricky, especially if Under the fields for parameters, you can specify the percentage risk or the lot size per trade. And there you have it!
Just hit Compile or F7 to make sure that your code is error-free. Stay tuned! Minds are like parachutes, they only function when they are open. Thomas Dewar. Partner Center Find a Broker. Forex Market Crypto Market. On my planet far, far away, it's all about the pips. And now that I'm joining the human race here on Earth, I've decided to impart my knowledge on currency trading systems with your world.
Join me as I find, develop, backtest, and rate different mechanical, expert advisors EA , and algorithmic forex trading systems. More from Robopip.
Note: Under Inputs , simply click on Add or Delete to add or remove a parameter. A new Expert window with the customized inputs will be opened in the editor. MQ4 format. At this point, you can start writing the Expert code. These are the steps to create an Expert Advisor. You can create basic trading bots if you know basic coding and programming. But in order to use professional ones, you have to download or buy one and then run Expert Advisor on MT4. Want to Improve your Trading? Give yourself a better chance at the Forex market by hosting your trading platform right next to your broker.
All you have to do is to download an EA and extract it to your MT4 folders. In the end, you can check to see if your EA is running correctly. Follow these steps to run Expert Advisor on MT After downloading your EA files, you have to unzip them. An EA folder should include two files:. Expert Advisors that are more professional might include more files required for them to work correctly.
To do so, launch the MetaTrader 4. In the upper navigation menu, click on File and then click on Open Data Folder. Before using your EA, run this quick check to make sure everything is up and running. In the upper navigation menu, click on Tools and then on Options. In order to run Expert Advisor on MT4, the Auto trading option should be enabled in the control panel.
When enabled, this button has a green indication. Before starting your Expert Advisor, make sure the chart with the asset and time frame you want to use your EA on is open. Under the Inputs tab, make sure all the right parameters according to your trading strategy are there. Expert Advisors help make trading a lot easier for forex traders.
They can trade multiple deals at a speed we are not able to. If you want to become a professional forex trader , educate yourself about trading bots and trading bot strategies. You can also invest in a VPS for trading. At Cloudzy, you can have a forex VPS close to your broker and reduce latency as much as possible.
You will be relieved to know your trades and transactions are safe and secure when done with our visual private servers. If you have any questions, leave us a comment, we will be happy to help! Expert Advisors can reduce human errors. Even though you can program the EA to trade for you, it still works based on your commands. You have to jump in from time to time to make sure everything is going on as you desire. MetaTrader 4 is a trading platform.
You can use it to trade in different markets. But you have to use trading bots specific to crypto trading. You can read about the best crypto trading bots on our website. Your email address will not be published. Finding a functioning web server could be sometimes tricky, especially if Unauthorized access and hacking servers are serious threats, which is why Read More!
By Emma Bennet. For instance, one Expert Advisor in MetaTrader can only communicate with one trading server at any one time. If multiple Forex expert advisors display a lot of activity on the same terminal, and more than one tries to communicate with the trading server, you will eventually receive 'trade context busy' errors in the logs.
This occurs if you have too many Forex expert advisors on a single client terminal. So, which is the best Forex robot EA? While we can't gaurantee which Forex expert advisor is the best, we can list the 7 top Forex EAs that are worth considering. We'll now take a look at some of the top Forex EAs available online. This isn't a Forex expert advisor ranking, but just a list of some of the EAs out there and some details about each one. This Forex expert advisor provider undoubtedly has something to offer to traders.
If you already have experience and moderate knowledge of the financial markets, you may benefit from utilising this. If you are trading using the MetaTrader 4 terminal, it would be preferable to use the advanced trade copier. Traders who invest a lot in the Forex markets each month often favour this product. Overall, GPS Forex Robots are user friendly and provide easy access to good customer support - contact details are clear and they answer almost immediately, which technically serves a user well.
Itic Software provides FX traders with a wide variety of service. They indicate to their clients when it is an appropriate time to carry out buy-sell actions of main currency pairs on the Forex market, based on analysis. Itic Software Forex axpert advisors have multiple trading strategies.
The wide service they offer is continuously tested by professional traders, products are not repaints, they always provide the source code and use unique mathematical algorithms only. The Forex Armor expert advisor is for the MetaTrader 4 platform. Version 1 uses price action and Double OsMA signals for its strategy. Once the trend shifts to the opposite direction, this EA begins its averaging strategy without a martingale.
Version 2 uses a combination of hedging, grid and the choice to use martingale. The martingale strategy uses an initial trade that you double for each loss with the aim of a winning bet compensating all previous losses. With the martingale strategy, you may incur several losses before a win. So, it's key to remember that, without an immense account balance, the martingale strategy can lead to immense losses. The Forex combo expert advisor has a reputation among traders as being reliable and using an unusual trading algorithm.
Its algorithm involves four strategies, which work together or separately. Due to its age and evolution, there are many versions of this Forex expert advisor. Forex factory is not an expert advisor but is a place that connects traders. Users of their site discuss all things trading on their forum, including topics like 'the best Forex expert advisors'.
It's one source of information that may prove useful to you. It offers 3 unique settings - Low, Middle and High. They allow you to protect yourself from losing more money than you have specified in the EA settings, even in the case of a system crash. It is not sold on the MQL5 market. It is only sold on its website and through its affiliate partners. The Forex miner expert advisor v3. It uses many different trend indicators to get results on daily basis.
The Forex Miner EA robot is programmed to trade with many currency pairs. Before you decide to download any of these Forex EAs, it's important to remember that using these robots mentioned above doesn't guarantee profits. Trading with EAs can lead to serious financial losses. Trading with any EA without understanding the strategies it's based on is very risky and can lead to great losses. There is no set-and-forget Expert Advisor.
All EAs require regular manual intervention. If you choose to use an EA, understanding HOW to use them is essential to minimizing financial losses. Forex expert advisors tend to cause quite a lot of debate on the internet. First of all, let us define the positives:.
Besides the standard disadvantages, which include the lack of creativity, there is also the fact that it is really hard to verify the accuracy of any Forex expert advisor, unless you have used it yourself. Let's outline two scenarios that could occur as a result of EA use:. To do this smoothly, you'll need a trading platform that is compatible with both your broker and the EA you wish to use.
If after reading this article you feel ready to apply what you've learnt about Forex expert advisors and put it into action, our live Forex trading account makes Admirals one of the best Forex CFD brokers for expert advisors! By using automated software like a Forex expert advisor, you can benefit from the following advantages: it can trade while you are sleeping, it is not susceptible to emotions and you can quickly run backtests. However, it is hard to ascertain whether an EA will help you to achieve consistent profits.
If you are looking for a free Forex EA that works online, ensure you read plenty of reviews from other traders to find the best one possible. If you prefer to build your own Forex expert advisor, make sure to take into account the tips we have shared to avoid unpleasant situations.
Admirals is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8, financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today! This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time.
Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks. Contact us. Start Trading. Personal Finance New Admirals Wallet. About Us. Rebranding Why Us? Login Register. Top search terms: Create an account, Mobile application, Invest account, Web trader platform. Top Forex EAs for What is a Forex Expert Advisor?
Do Expert Advisors Work in ? Choosing a Broker for an EA. An all-in-one solution for spending, investing, and managing your money. More than a broker, Admirals is a financial hub, offering a wide range of financial products and services. We make it possible to approach personal finance through an all-in-one solution for investing, spending, and managing money. Meet Admirals on. What Is Copy Trading? May 24, 18 Min read.
Investing and trading is no longer something only characterized to be an activity of Wall Street professionals. In the last decade, especially over the last few years, the term 'retail trader' or 'retail investor' has risen to great heights and changed the financial world as we know it. And we are t How to Copy Trade with MetaTrader. March 04, 20 Min read. Learning to invest is a process and not all investors have the time, resources, or interest in it.
Instead, they look for a way to copy the trades of successful traders.
Using an Expert Advisor algorithm trading robot in Meta Trader written in the MQL4 language is one way of accessing the market via code. 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. Select “Expert Advisor (generate)”, which is the second option in the pop-up window then click Next. On this screen, you can set the general.