All about trading robots: how to work with expert advisors for MT4 and MT5

All about trading robots: how to work with expert advisors for MT4 and MT5

Earnings with the help of trading advisors in a niche topic are gaining good results and many people prefer to have a robot trade for them.

For example, this Expert Advisor is still gaining popularity among robots for overclocking small deposits, and the thing is that the author managed to unravel where the levels of market makers are hiding. This robot trades at such levels.

But in the beginning, let's delve a little into the topic, into the very essence of auto trading.

What is a Forex Advisor?

This is simply a special SCRIPT - a piece of code that performs the specified operations in the trading terminal. To create such a robot, it is enough for a trader who has a profitable strategy (adapted specifically for auto trading) and an experienced programmer.

A trader gives a task to a programmer — according to these rules, transactions should be opened and the programmer writes a code that he implements into the terminal itself so that it is executed.

The only problem with all these robots is that there are few good and profitable ones. It is not always possible to create such a robot that would trade on its own and would not need optimization or even settings.

Any adviser (if it is fully automatic) has to be constantly optimized - adjusted to market changes that occur constantly.

What do traders say about trading robots?

In general, the reviews are mostly good, if you skillfully use such robots and understand that not a single adviser will constantly bring you profit. In general, if you choose, it is best to stick with semi-automatic and constantly monitor their work, then it will be really effective.

What instruments can be traded with robots?

On any, be it: currency, stocks, metal. Just for each tool, the robot will need to be adapted specifically to its individual characteristics of trading. There are also multi-currency advisors, but they are not fully automatic.

In most cases, these are just trading assistants, which, for example, help you move Stop Loss to breakeven in time or make a virtual stop and take profit to hide it from the broker.

There are scalping advisors, but I do not recommend using them. In general, brokers do not respect scalpers and often block them, as they bring them little income. It is best to stick to at least medium-term trading or it is better to take on a long-term one.

For example, if the robot trades inside your day, this is normal, but if it scalps on a tick chart at all and makes a very large number of transactions in 1 minute, the broker may not like it.

Are there free robots?

There are a lot of free robots, but they either do not function, or usually the one who uploads such advisers never shares the true trading algorithms that are embedded in it.

And if you don’t know how the adviser trades, according to what rules, you won’t be able to optimize it

Is it possible to buy advisors?

First of all, the seller must have a history of transactions and a video with a demonstration of work, then it will be possible to fully consider such a robot for purchase.

Support also plays an important role - will the adviser be updated in the future and will the seller provide feedback, if all this or at least one is not there, it is better to refuse to buy.

Varieties of trading robots

All automatic and semi-automatic advisers can be divided into 2 main types:

  • A working trading tool (many are tailored for a specific symbol), there are also multi-currency robots;
  • Type of trade (what trading tactics or strategy the EA uses to trade).

You also need to take into account that not all strategies are suitable for any instrument.

For example, everyone has long understood that intraday trading does not work on cryptocurrency, just because only robots work there, they will simply cut off all your stops, wherever you put them.

Figures are well worked out on stocks, on gold - trend strategies go more, on currency pairs - flat, etc.

If we take fully automated advisers, then their principle of operation differs from manual trading in that they "cut off" the possible profit based on a well-honed algorithm.

Here are some popular trading tactics:

Grid Expert Advisors. They are also called “Grids”, they immediately throw a grid of a large number of pending orders against the trend and close them sequentially as they roll back.

An effective solution, but only at certain intervals, sometimes there may simply not be enough deposit. This is exactly what robot optimization is for, to adjust the parameters to your deposit.

Function "Martingale" and "Antimartingale". This is not a separate full-fledged strategy, as it is more popular in the casino, but in Forex it is just a function with which you can increase the deposit. But it is better to use martingale if there is really some kind of working strategy.

Popular trading robots:

A lot of different types of trading robots have been invented, let's analyze the most popular of them:

  • There are advisors who trade themselves, that is, they make transactions in the trading terminal.

Also, it is worth noting that for the operation of automatic trading robots you will definitely need a good VPS server, it is recommended to take this, where the price for 1 installed terminal starts from 3$ and the server recommends trouble-free operation. You can’t save on a VPS server, so it’s not recommended to take cheaper ones.

  • There are assistant advisors that do not trade themselves, but simply help (facilitate trading) with various "chips" and gadgets, such as: virtual stop loss and take profit (to hide them from the broker), auto-trailing stop and many other useful features .

Just do not confuse this type of advisers with semi-automatic ones, semi-automatic ones show signals by which the trader himself decides whether to enter a trade or not. Here, by the way, an example of filtering false signals from a semi-automatic robot is described.

How to install an adviser in MT4 and MT5?

Installing an adviser in the metatrader 4 and MT5 program is basically the same, MT5 has not added anything new in this regard, so I show it on MT4:

  1. The main thing is to distribute the adviser files (if there are additional ones) into folders in the metatrader. Each file should be in the right place.
  2. So, launch your terminal and in the menu open "Data Directory":

If additional files are included with the adviser, then you need to distribute them to the appropriate folders. In the example, you see that all files must be in the directory: MQL4:

We transfer files if it requires Replacement - We replace.

The EA file itself (the main executable file) will always be located in the following path: terminal data directory/MQL4/experts

For Expert Advisors and indicators, you will see only 2 possible extensions (for MT4): .ex4 and .mq4

The ".ex4" extension is a compiled file that cannot be edited, while ".mq4" is a source file that can be edited. Both files are complete and can be used.

Usually, compilation is done for protection, so that no one can interfere with the work of the code and not violate the rules for performing the actions of experts.

For MT5, naturally, the file extension will be simply with a different number: .ex5 and .mq5

As has already been shown, advisors often include additional indicators that are not directly embedded in its code and are installed separately along this path: terminal data directory/MQL4/Indicators

Also, additional libraries are often added to the adviser, the files of which have the .dll extension and are installed along the following path: terminal data directory/MQL4/Libraries

Sometimes good authors of trading robots after optimization offer ready-made settings, for example, for each trading instrument. Such files have .set extensions and are located in the directory: terminal data directory/MQL4/Presets

After downloading all the files, you should restart the terminal and you can start launching your robot!

Installing an adviser on a pair chart

But before starting the robot, we should make some additional settings for the terminal itself, namely: Allow EA to trade and Allow import of additional libraries (DDL files):

Next, turn on “Auto trading” in the menu and the button itself should turn green:

Now you can add an adviser to the chart and for this in the terminal menu (top left) open the item: "Navigator" and find our robot in the list of advisers (we will show how to work with this adviser):

To drag an Expert Advisor onto a chart, you just need to hold it down with the left mouse button and drag it onto the window with the trading pair. After that, a window with settings will appear, you need to check the boxes as indicated in the screenshot:

If you did everything right and the adviser is really working, then in the chart window (top right) you will see a “Smiling face”, which means that the adviser has started working!

How to remove an adviser from the Terminal?

To remove an adviser from a pair chart, right-click on the working window and select in the tab: Expert Advisors → Delete

As you understand, it will not be possible to install several advisers at once on one chart, for each adviser you need to open a new window.

Trade copier for mt4 and mt5

Often worried about the need to copy trades from one account to another, for example, for those who sell their signals or simply test the operation of accounts with different brokers, respectively, different trading terminals are needed.

And here a special script comes to the rescue - which, after being installed in the trading terminal, will, according to the specified parameters, copy all your orders to another terminal or several terminals.

Can you trust free copiers?

I think not, because this is your money and you will lose it for real. What is offered at the moment from the free ones on the Internet is either crooked, or simply already so old and naturally has not been updated for a long time. So don't even look.

After all, the metatrader build is constantly updated, and therefore such free copiers are simply not working anymore.

So far there is only one deal copier thiswhich really works. It has been tested on both MT4 and MT5. It functions on any type of accounts and transfers transactions from one account to another.

Is it possible to copy trades from mt4 to mt5?

The question is quite rhetorical, with the help of a programming language you can do everything! The only thing that can be said is that there is no such copier on the network at the moment.

If this is so important for you, you will have to turn to a freelance exchange, where for an additional fee they will add the necessary functionality to your existing copier.

Order an adviser or write yourself?

In general, if you have decided to engage in automated trading, then apparently you are either still very stupid, or you understand and realize that these are very big risks, since the slightest mistake in the adviser code will lead to draining your real money.

If you just want to play, then the best option is to contact a freelance exchange, where professional programmers (who specialize in the MQL programming language) will write a robot for you.

The price usually depends on the lines of code, the more code, the higher the cost of the adviser.

Here are the approximate prices on the exchange:

And note that these prices are only for “improvements” of some functionality of ready-made robots; in order to create a trading robot from scratch, you will need to invest very large funds.

But of course, if you really have some kind of working idea with a profitable strategy, then this should not stop you, because you should probably already have start-up capital.

You also need to understand, of course, that you should not only have some kind of good strategy, it should fit exactly for auto trading. Trading rules, respectively, should not include any complex combinations that, for example, only a person can perform, this is the whole complexity.

Strategies for automatic trading and purely manual strategies differ in the logic of making deals. In manual trading, you can always enter more accurately, while the robot can trade very roughly, but with proper optimization, you can significantly reduce the drawdown.

If you are a programmer or just want to learn how to write exactly trading robots, you are on fire, then everything is fine, go to the MQL5 website, register and learn at the same time.

The development of trading robots costs a lot of money. But you will need to take some courses, I think the "self-taught" has little prospects, at least in the near future.

Conclusions…

Therefore, it is quite logical to use some ready-made solutions (for example, this robot) that have already been tested on real accounts and optimized. Such trading robots will cost hundreds or even thousands of times cheaper than writing an adviser on your own.

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