If you’ve looked into forex expert advisors, then I’m sure you’ve come across the terms MQL4 or MQL5 at some point. Before y’all think that this is robot-speak, let me tell you that MQL4 is just short for MetaQuotes Language 4 while MQL5 is short for MetaQuotes Language 5, which are object-oriented programming languages used for creating forex robots used on the MetaTrader 4 or 5 platform.
Apart from expert advisors, custom indicators and function libraries can also be created using these languages. As with most programming languages, MQL4/MQL5 make use of variables, constants, functions, and logical operators. These allow the EA to take each price tick and see if the data meets a certain set of conditions before buy or sell signals are generated.
Is it difficult to learn coding through MQL4 or MQL5?
For those with a bit of programming background, MQL4/MQL5 might be easy to learn as these share similarities with C/C++ and Java. For forex traders with neither the time nor the patience to study programming languages, online EA builders might be a better option. However, these might be limited in functionality and could be difficult to tweak later on.
Where can I start coding an EA?
Creating and editing expert advisors through the MT4 platform is possible with the MetaEditor feature, which is a compiler integrated in the trading terminal. This can be accessed by clicking on Tools then selecting the MetaQuotes Language Editor or by simply hitting F4 on your trading platform.
MetaEditor can also generate program templates and can allow the user to remotely develop joint applications with other traders. Interesting stuff, huh?
Can I start with MetaEditor templates in creating my own code?
Excellent question! And the answer is yes! MetaEditor also includes the MQL4/MQL5 Wizard, which allows forex traders with no programming skills to create simple expert advisors. Just select “Expert Advisor” under project types and input the necessary parameters in the succeeding fields.
Do stay tuned for my article next week as I plan to discuss the basics of customizing technical indicators, specifying trade signals, and adjusting money management rules using the MQL4/MQL5 Wizard!