What is Mql4 programming language

The MetaQuotes Language 4 (MQL4) is an object-oriented high-level programming language intended for writing automated trading strategies, custom technical indicators for the analysis of various financial markets. It allows not only to write a variety of expert systems, designed to operate in real time, but also create their own graphical tools to help you make trade decisions.

MQL4 is based on the concept of the popular programming language C++. The language has enumerations, structures, classes and event handling. By increasing the number of embedded main types, the interaction of executable programs in MQL4 with other applications through dll is now as easy as possible. MQL4 syntax is similar to the syntax of C++, and this makes it easy to translate into it programs from modern programming languages.

Capabilities

MQL4/MQL5 aims to directly address traders’ needs and requirements. It was developed for writing trading programs and is used only for that purpose. Functions for performing trade operations OrderSend(), OrderClose(), OrderCloseBy(), OrderModify(), OrderDelete() have been initially incorporated in the language and are used for changing the state of a trading account.

There are four program types that can be written in MQL4/MQL5.

  • Expert Advisors. Automatic systems trading by specified parameters and following a coded algorithm. Occurrence of a previously specified event like receiving a new tick, an alert about a new trading operation or even pressing a button or clicking a mouse, triggers the Expert Advisor to perform a programmed action.
  • Custom Indicators. Written by users, they are used along the ready-made indicators integrated in the terminals. Their function is purely analytical. Indicators do not perform trading nor carry out operations that slow down the interface stream such as sending emails or performing a random delay. The main task of indicators is to monitor a situation, reflect and interpret it and then submit to a trader for analysis.
  • Scripts. A script is a program intended for a single execution of an action. The start event is the only event type processed by the script.
  • Custom Function Libraries. In addition, there is an opportunity to create include files (#include). Include files allow you to include most frequently used functions and classes without directly pasting their source code into its program. Using functions and classes simplifies creating, debugging and compiling because when using dynamic libraries, functions load only when they are called directly.

If you are interested to program your own strategy, click here

What is an expert advisor?

Expert advisor and why you should you use one?

Expert advisors or Forex robots are software that works as a fully Automated Forex Trading System and executes trades on both sides of the market 24/5 per week. The most popular forex robots are offered via the MetaTrader-4 or MT4 platform.

Forex robots provide an exciting way of earning profits in the online Forex market. Forex robots will save you loads of time analyzing the markets or sitting in front of your computer screen to monitor the markets.  Most investors understand that trading is very time consuming and could lead to stress, which could magnify losses instead of profits. Current Automatic trading technologies have made trading easier, less risky, and increased the chances of better performances.

Basically, an expert advisor for MetaTrader 4 works by coding predetermined strategies or rules for making trade decisions.  The rules are programmed on an expert advisor (robot), which it uses to enter and exit trades fully automated. Robots are capable of making trade decisions in a way that humans can’t. Robots can effectively scan the markets looking for trade opportunities with high levels of accuracy. For example, if you have a successful trading strategy that relies on indicators, candlestick patterns, support and resistance levels, you can code it in a robot and just sit back and allow the algorithm to do the work for you. Furthermore, if a robot is programmed to make a sell order whenever a currency pair reaches a resistance level, it will obey those instructions always. Time saving and reducing human errors are the main reasons why investors actually use expert advisors (ea’s).

 

Advantages of an expert advisor

  • Trades the Forex Market in multiple currency pairs
  • Trades the Forex Market 24/5 (day and night)
  • Forex robots do not make order entry errors
  • Most EAs are coming with money management features
  • Forex robots do not get tired
  • Eliminates Human Emotions such as fear and greed
  • Can analyzes many charts simultaneously
  • Forex robots are very easy to use
  • May work on a Demo Account for testing before used for real trading in a Live Account
  • Can be back-tested (testing historic performance) on MetaTrader-4 or other Forex Trading PlatformForex Trading With Robots

 

Risks of using an expert advisor

  • No monitoring
  • Can trade weak during news events
  • Platform issues

In case you are interested to know more about forex expert advisors, please send us an email. We are in contact with a few very professional EA developers and they can certainly help you.