Programming of Forex Robot with MetaQuotes Language 5 (MQL5)
MetaQuotes Language 5 (MQL5) is the built-in programming language for automated trading strategies development. It allows creating Expert Advisors (trading robots), Custom Indicators, Scripts and Libraries. All these instruments significantly enhance traders' ability to trade on financial markets (Forex, Stock, Futures & CFD).
MetaQuotes Language 5 is based on the concepts of the well known and popular С++ programming language. MQL5 is also a high-level object oriented programming language. However, due to its narrow specialization, MQL5 thrives in financial markets challenges.
MQL5 includes numerous functions for forex and stock quotes analysis. Also there are built-in main technical indicators and functions, which control trading positions. Thanks to these possibilities of the programming language, all analytics and trade operations can be made entirely by such MQL5 programs.
MQL5 programs have different properties and purpose:
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Expert Advisor is a trading robot that totally automates trading on the Forex and Stock Markets. Programs of this type contain the most powerful features to access all analytical information and trading functions, available in MetaTrader 5 Trading Platform. Expert Advisors can analyze the market situation and based on this analysis, execute the assigned trading operations. Such comprehensiveness allows trading robots to fully take human's place when trading in financial markets. Automated Trading Championship conducted from 2006 to 2010 demonstrated the power and self-sufficiency of trading robots. During each of the competitions, hundreds of Expert Advisors traded automatically according to their own trading algorithm. They analyzed market situation and executed trade transactions for a period of three months. |
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Custom Indicator is a technical indicator intended purely for forex and stock quotes analysis. Unlike built-in technical indicators, this kind of instruments can be created by traders and implement any algorithm programmed in them. Technical indicators do not have access to trading functions and cannot execute automated trading operations. |
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Script is a program intended to perform a single specific action. These programs also access all analytical and trading functions. Unlike robots, Scripts execute trade transactions only once, but not on every tick. |
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Library is a set of custom functions. It is intended to store and distribute commonly used algorithms of custom programs (Expert Advisors, Custom Technical Indicators and Scripts). Libraries cannot operate independently. |
MQL5 programs significantly enhance traders' potential in MetaTrader 5. Expert Advisors allow traders to avoid tedious market observation and manual trading on the financial markets. Any analytical tool can be implemented in MQL5 custom technical indicators. Scripts perform relatively easy, but frequent actions.
MetaTrader 5 — a complex trading platform for providing brokerage services on the retail Forex market.
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