Looking to run a forex expert advisor but worried about overworking your machine? Having trouble learning how to code using MQL? Still on the hunt for better technical indicators? Here are a few EA-related solutions you might wanna look at.
Forex VPS Hosting
Thanks to the growing popularity of cloud-based computing and the increasing market share of automated trading, forex VPS hosting became a new trend among several firms in the industry. Nope, VPS ain’t short for very profitable system (I wish!) since it actually stands for virtual private server, which Wikipedia defines as a virtual machine sold by an internet hosting service. Say what?!
I’m not really a tech guy myself but my favorite robot Robopip tells me that VPS hosting enables your EA to stay virtually running on the cloud even when your own physical machine or computer is shut down. No need to worry about racking up insane electricity costs or waking up to a conked out computer!
Companies and brokers that offer this type of service usually claim to have dedicated servers, reliable and powerful hardware, 100% uptime, and 24/7 customer support but I say it’s still best to check out customer reviews first before picking which virtual private server host to run your very profitable system.
Visual-Based Algorithmic Trading
Forex traders who want to create their own expert advisor would either need to learn the ins and outs of MQL coding or hire EA programmers to do the dirty coding work for them. If neither of these choices appeal to you, then you might wanna consider option number three which is to use visual system editors.
With a visual-based algorithmic trading approach, you could simply select which technical indicators you’d like to watch and tweak their parameters before running the trading system on your platform. Tada! It’s that simple!
This trading tool is offered by Tradeworks, which was formed by ex-Saxo Bank FX technology experts Anton Hughes and Mikael Breinholst to reduce the barriers to entry to algorithmic forex trading. “Our software empowers all FX traders to set up and execute complex algorithmic trading strategies through a user-friendly interface, which abolishes the need for software programming once and for all,” Breinholst explained.
Fintech company Qubitia also has this feature available on its own Qcaid trading platform with a drag-and-drop strategy designer. It also allows backtesting and realistic simulations of your algo forex strategy.
More MetaTrader Indicators
If you’ve gone through the entire library of technical indicators available on MetaTrader and you’re still unable to find what you need, you might want to add more indicators from the TA-Lib database. This was compiled by Inovance Technologies, which also created a machine-learning platform called TRAIDE for backtesting and finding profitable combinations of technical indicators.
The custom indicators included in the TA-Lib database are still primarily coded in C++, which makes them compatible across various trading platforms. According to COO and Co-Founder at Inovance Justin Cahoon, there is a need to maintain and update the existing library on MetaTrader since the community is still growing. To access this database, simply follow the instructions right here.
That’s all I got, folks! I hope these solutions can be of help to the aspiring forex EA traders out there. If you’ve got any to add to the list, feel free to drop a line in our comments section below.