how to write a forex expert Advisor
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How to write a forex expert Advisor training binary options

How to write a forex expert Advisor

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The trading platform has its own built-in language for programming trading strategies MetaQuotes Language 5. It is the fifth generation of MQL languages. It allows developing Expert Advisors to automate trading processes, as well as implementing your own trading strategies.

MQL5 also allows creating custom indicators , scripts and function libraries. A detailed description of all language constructions and functions is provided in the MQL5 Reference. MetaEditor is an integrated MQL5 development environment. It is a component of the trading platform. MetaEditor allows you to create, edit, compile and debug source code written in MQL5.

More details about MetaEditor can be found in its built-in help files. Articles are an excellent guide for creating applications, since they cover a lot of practical tasks involving algorithmic trading. New articles are published every week. List of all available articles is displayed directly in MetaEditor. To find the necessary material, use the online search.

Three major types of trading applications are available. Expert Advisors are mechanical trading systems that allow complete automation of analytical and trading activities for the efficient operation in the financial markets. They allow to perform prompt technical analysis of price data and control trading activities on the basis of signals received.

They also help to strictly follow a trading strategy eliminating emotions. Custom Indicators are custom developed technical indicators intended for analyzing price dynamics. Trading tactics and Expert Advisors are developed based on algorithms of indicators.

Custom indicators are only used for analyzing symbol price dynamics. Indicators cannot trade and do not have access to charts. A script is an application written in MQL5 designed for a single execution of an action. A script can perform both analytical and trading functions. Unlike Advisors , scripts are executed on request. In other words, if an Expert Advisor works almost continuously, a script executes its function and quits. Services enable the use of custom price feeds for the platform and to implement price delivery from external systems in real time, just like it is implemented on brokers' trade servers.

Services can also be used to perform other service tasks in the background. Unlike Expert Advisors, indicators and scripts, services are not linked to a specific chart. Such applications run in the background and are launched automatically when the terminal is started unless such an app was forcibly stopped. Inside folders Experts, Indicators, Scripts and Services, applications can be sorted into subfolders. The structure of their location is displayed in the Navigator window.

MetaEditor can also be launched by pressing F4. Use it to generate the necessary program template to quickly start software development. Let's create a simple script writing a message "Hello world" into the journal. In the resulting template, we add the code Print "Hello World" ; and compile it by pressing F7 to receive an executable file.

The executable file has an extension EX5 and can be run in the trading platform. Variables declared at this level are called Global Variables because they are accessible by every function in our EA that may need them. The input parameters are parameters that can only be changed outside of our EA. We can also declare other variables which we will manipulate in the course of our EA but will not be available outside of our EA in this section. Next is the EA initialization function. This is the first function that is called when the EA is launched or attached to a chart and it is called only once.

This section is the best place to make some important checks in order to make sure our EA works very well. We can decide to know if the chart has enough bars for our EA to work, etc. It is also the best place to get the handles we will be using for our indicators ADX and Moving Average indicators. The OnDeinit functio n is called when the EA is removed from the chart. For our EA, we will release the handles created for our Indicators during the initialization in this section.

This function process the NewTick event , which is generated when a new quote is received for a symbol. Note, that Expert Advisor cannot perform trade operations if the use of Expert Advisors in the client terminal is not allowed Button "Auto Trading". Most of our codes that will implement our trading strategy, developed earlier, will be written within this section.

Now that we have looked at the various sections of the code for our EA, let us begin adding flesh to the skeleton. As you can see, we have added more parameters. Before we continue discussing the new parameters, let us discuss something you can see now. With comments, we are able to know what our variables stand for, or what we are doing at that point in time in our code. It also gives a better understanding of our code. There are two basic ways of writing comments:.

This is a multi-line comment. The compiler ignores all comments when compiling your code. Using single-line comments for the input parameters is a good way of making our EA users understand what those parameters stands for. On the EA Input properties, our users will not see the parameter itself, but instead they will see the comments as shown below:. Figure 7. Expert Advisor input parameters. We have decided to add additional parameters for our EA.

A double is used to store floating point constants, which contain an integer part, a decimal point, and a fraction part. The Lot to trade Lot represents the volume of the financial instrument we want to trade. Then we declared other parameters that we will be using:. The adxHandle is to be used for storing the ADX indicator handle, while the maHandle will store the handle for the Moving Average indicator.

The maVal[] is a dynamic array that will hold the values of the Moving Average indicator for each bar on the chart. By the way, what are dynamic arrays? A dynamic array is an array declared without a dimension. In other words, no value is specified in the pair of square brackets. A static array, on the other hand has its dimensions defined at the point of declaration.

Here we obtain the handles of our indicator using the respective indicator functions. The Moving Average indicator handle is obtained by using the iMA function. It has the following arguments:. Please read the MQL5 manual to get more details about these indicator functions.

It will give you a better understanding of how to use each indicator. We use the alert function to display the error using the GetlastError function. Why are we doing this? So here we want to make sure that our EA works very well with all brokers. Digits or Digits r eturns the number of decimal digits determining the accuracy of price of the current chart symbol.

For a 5-digit or 3-digit price chart, we multiply both the Stop Loss and the Take Profit by Since this function is called whenever the EA is disabled or removed from a chart, we will release all the indicators handles that were created during the initialization process here. We will use the IndicatorRelease function to accomplish this. It takes only one argument the indicator handle. The function removes an indicator handle and release the calculation block of the indicator, if it's not been used.

The first thing we have to do here is to check if we have enough bars on the present chart. We can get the total bars in history of any chart using the Bars function. These two return the current symbol for the current chart on which our EA is attached and the period or timeframe of the present chart can be obtained using Period or Period.

This two will return the timeframe of the current chart on which the EA is attached. If the total available bars are less than 60, we want our EA to relax until we have enough bars available on the chart. The Alert function displays a message on a separate window. In this case, we have only one string value. The return exits the initialization of our EA.

The Expert Advisor will perform trade operations at the beginning of a new bar, so it's necessary to solve the problem with the new bar identification. We declared it as static because we want the value to be retained in memory until the next call of the OnTick function. We also declared a bool data type variable IsNewBar and sets its value to false. This is because we want its value to be TRUE only when we have a new bar.

We use the CopyTime function to get the time of the current bar. The IsNewBar variable indicates that we have a new bar. The next thing we want to do here is to check if we have enough bars to work with. Why repeat it? We just want to be sure that our EA works correctly. It should be noted that while the OnInit function is called only once when the EA is attached to a chart, the OnTick function is called every time there is a new tick price quote.

You observe that we have done it again differently here. We decide to store the total bars in history which we obtained from the expression. While the variables, declared at the Input Parameters section of our code, are available to all functions, within our code that may need them, variables declared within a single function is limited and available to that function alone. It can not be used outside of that function.

Next, we declared a few variables of MQL5 structure types which will be used in this section of our EA. This structure is used to perform all trade requests for a trade operation. It contains, in its structure, all the fields necessary for performing a trade deal. Any variable declared to be of the MqlTradeRequest type can be used to send orders for our trade operations.

Here we declared mrequest as a MqlTradeRequest type. The result of any trade operation is returned as a special predefined structure of MqlTradeResult type. Any variable declared to be of MqlTradeResult type will be able to access the trade request results. Here we declared mresult as a MqlTradeResult type. Any array declared to be of the MqlRates type can be used to store the price, volumes and spread history for a symbol. Here we have declared an array mrate[] which will be used to store these information.

Next we decide to set all the arrays we will be using to store Bars details as series. This is to ensure that the values that will be copied to the arrays will be indexed like the timeseries, that is, 0, 1, 2, 3, to correspond with the bars index. So we use the ArraySetAsSeries function. It should be noted that this can also be done once at the initialization section of our code. However, I have decided to show it at this point for the sake of our explanation.

We now use the SymbolInfoTick function to obtain the latest price quote. Again, if there is error, we reported it. Next we copied the information about the latest three bars into our Mqlrates type array using the CopyRates function. The CopyRates function is used to get history data of MqlRates structure of a specified Symbol-Period in specified quantity into a MqlRates type array. For the start position, we will start from the current bar, Bar 0 and we will count only three Bars, Bars 0, 1, and 2.

The result will be store in our array, mrate[]. The mrate[] array now contains all the price, time, volumes and spread information for bars 0 , 1 and 2. Therefore to get the details of any bar, we will use the following:.

Next we, copied all the indicator values into the dynamic arrays we have declared using the CopyBuffer function. The indicator handle is the handle we created in the OnInit section. Concerning buffer numbers, the ADX indicator has three 3 buffers:. The Moving Average indicator has only one 1 buffer:. We copy from the present bar 0 to the past two bars. So amount of records to copy is 3 bars 0, 1 and 2. As you can see here again, we try to capture any error that may occur in the copying process.

If there is error, no need to go further. It is important to note that the CopyBuffer and the CopyRates function returns the total number of records copied on success while it returns -1 incase of an error. That is why we are checking for a value less than 0 zero in the error checking functions here. At this point we want to check if we already have a Buy or Sell position opened, in order words, we want to make sure we have only ONE Sell or Buy trade opened at a time. We do not want to open a new Buy if we already have one, and we do not want to open a new Sell if we already have one opened.

We use the trade function PositionSelect to know if we have an open position. We use the PositionGetInteger function for this. In our case, we used it to determine which of the position we already have opened. We will be able to use these two variables later when we are checking for Sell or Buy conditions later in our code. Remember we declared a variable for that earlier. Let us analyze the expression above as it represents the strategy we designed earlier.

We are declaring a bool type variable for each of our conditions that must be met before an order can be placed. So, our Buy strategy has been broken down into four conditions. Let us look at them one by one. Here we are looking at the MA-8 values on Bars 0, 1 and 2. If value of MA-8 on the current bar is greater than its value on the previous Bar 1 and also the MA-8 value on Bar 1 is greater than its value on Bar 2 , it means that MA-8 is increasing upwards.

This satisfies one of our conditions for a Buy setup. This expression is checking to see if Bar 1 Close price is higher than the value of MA-8 at the same period Bar 1 period. If the price is higher, then our second condition has also been satisfied, then we can check for other conditions. However, if the two conditions we have just considered were not met, then there will be no need to check other conditions.

That is why we decide to include the next expressions within these two initial conditions expressions. If this expression is true, that is, the current value of ADX is greater than the Minimum required value; we also want to be sure that the plusDI value is greater than the minusDI value.

This is what we achieved in the next expression. If all these conditions are met, that is, if they return true, then we want to be sure that we do not open a new Buy position if we already have one. Having sent our order, we will now use the MqlTradeResult type variable to check the result of our order. If our order is executed successfully, we want to be informed, and if not, we want to know too. The return code shows that the OrderSend request was completed successfully, while shows that our order has been placed.

That is why we have checked for any of these two return codes. If we have any of them, we are sure that our order has been completed or it has been placed. To check for a Sell Opportunity, we check for the opposite of what we did for Buy Opportunity except for our ADX that must be greater than the Minimum value specified. Just as we did in the buy section, we are declaring a bool type variable for each of our conditions that must be met before an order can be placed. So, our Sell strategy has been broken down into four conditions.

Let us look at them one by one as we did for the Buy section. If value of MA-8 on the current bar is less than its value on the previous Bar 1 and also the MA-8 value on Bar 1 is less than its value on Bar 2 , it means that MA-8 is decreasing downwards. This satisfies one of our conditions for a Sell setup. This expression is checking to see if Bar 1 Close price is lower than the value of MA-8 at the same period Bar 1 period.

If the price is lower, then our second condition has also been satisfied, then we can check for other conditions. If this expression is true, that is, the current value of ADX is greater than the Minimum required value; we also want to be sure that the MinusDI value is greater than the plusDI value. If these conditions are met, that is, if they return true, then we want to be sure that we do not open a new Buy position if we already have one.

The major difference here is the way we calculated our stop loss price and take profit price. Also here, we used the NormalizeDouble function for the Bid price, the StopLoss and TakeProfit values, it is good practice to always normalize these prices to the number of digits of currency pair before sending it to the trade server. Just as we did for our Buy order, we must also check if our Sell order is successful or not. So we used the same expression as in our Buy order.

Debugging and Testing our Expert Advisor. At this point, we need to test our EA to know it our strategy works or not. Also, it is possible that there are one or two errors in our EA code. This will be discovered in the next step. Debugging our code helps us to see how our code performs line by line if we set breakpoints and there and then we can notice any error or bug in our code and quickly make the necessary corrections before using our code in real trade.

Here, we are going to go through the step by step process of debugging our Expert Advisor, first of all, by setting breakpoints and secondly, without breakpoints. To do this, Make sure you have not closed the Editor. First of all, let us select the chart we want to use to test our EA. On the Editor Menu bar, click on Tools and click on Options as shown below:. Figure 8. Setting Debugging options. Before we start the debugger, let us set breakpoints.

Rather than running through all the code at once, the debugger will stop whenever it see a breakpoint, waiting for your net action. By this we will be able to analyze our code and monitor its behavior as it reaches every set break-points. We will also be able to evaluate the values of some of our variables to see if things are actually the way we envisaged. To insert a breakpoint, go to the line in your code where you want to set the breakpoint.

By the left hand side, on the gray field near the border of the code line, double-click and you will see a small round blue button with a white square inside it. Or on the alternative, place the cursor of your mouse anywhere on the code line where you want the breakpoint to appear and press F9. To remove the breakpoint, press F9 again or double-click on it. Figure Setting a breakpoint.

For our code, we are going to set breakpoint on five different lines. I will also label them form 1 to 5 for the sake of explanation. To continue, set breakpoint at the seven code lines as shown in the figure below. Breakpoint 1 is the one we have created above. Setting additional breakpoints. Once we have finished setting our breakpoints, we are now set to start debugging our code. To start the debugger, press F5 or click the green button on the Toolbar of the MetaEditor:.

Starting the Debugger. The first thing the editor does is to compile the code, if there is any error at the point, it will display it and if no error, it will let you know that the code compiled successfully. Please note that the fact that the code compiled successfully does not mean there may not be errors in your code.

Depending on how your code is written, there may be runtime errors. For example, if any of our expressions does not evaluate correctly due to any little oversight, the code will compile correctly but may not run correctly. Once the debugger has finished compiling the code, it takes you to the trading terminal, and attach the EA to the chart you have specified on the MetaEditor Options settings. At the same time, it shows you the Input parameters section of the EA.

Since we are not adjusting anything yet, just click the OK button.

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In the Active profile, you again select the created profile, in the given example, it is LiteFinance. Next, you set the parameters of the account: min deposit, account currency, leverage etc. You can choose the information display in currency or in points.

And the final step is to click on the Update button, to update all the FX rates from the Internet. In general, you enter all the inputs you already have on your real account. In the Symbols tab, you can add any positions that have updates exchange rates, set the swap for long and short positions, lot increment.

You can set the number of symbols, following the dot; it is correctly set by default. Ito get the test conditions as close to the real ones as possible, you can add a slippage parameter. Where you can take all these values from? From the broker you are going to trade with. Because of different starting trading conditions, the same forex trading system with the same parameters may perform different results.

It means it will be working in one case and losing money in another. For example, it may enter trades too late due to re-quotes, or the spread for the instrument will prevent you from reaching the target profit. That is why, an Expert Advisor is usually developed for a particular broker, where the trader learns the data on quotes, spread and so on.

Data Horizon. This dialogue window serves to set the max and min number of data bars, as well as the number of ticks inside the bars. You can also set the start and the end dates of the testing period. Unfortunately, but all the time ranges have are strictly limited so that you can develop strategies on the timeframes from H1 and longer.

Custom Code. Forex Strategy Builder provides access to external resources, a kind of database, storage for all the basics. In this tab, you can go to this database and get access to dozens of already complete strategies. Does a trader, who is developing an own trading strategy, need it? It is a rhetorical question. But what you may really need is supplementary indicators, different from standard one.

So, click on the Go to indicators forum link. When you got to the Forex Strategy Builder official website, click on the Repository button that redirects the user to the section of manual trading strategies and indicators.

You click on the Indicators tab in the page menu and choose the indicator you are interested in. The greatest difficulty is with the description of the indicator properties and settings. So, if you have found nothing about the indicator, try other ways to import indicators to the FSB.

However, indicators, provided on the FSB developers site, are compatible with the forex strategy builder, but there may be problems with compatibility of the tools, imported from other resources. This is a snapshot of the tab, showing the indicator from FSB site. The tab with general information is now opened. Next to it, there are two tabs with the open code in two versions, according to the programming language, that you can get acquainted with without downloading the tool.

If the indicator suits you, download both versions. Now, minimize the windows of forex strategy builder and the developers' site, and go to the FSB archive, where, in addition to the running file, there two more folders. To display the downloaded indicators in the forex strategy builder indicators list, click on Update user indicators. Test user indicators is also a useful function; here, the constructor checks the correct work of the indicator sometimes, the indicator is displayed in the list, but it may have a failure in the code.

Acceptance criteria. We again return to the Control Panel. This tab contains the risk management criteria of your future strategy. You can specify a maximum drawdown in currency or percentage points, minimum and maximum number if trades and so on.

You can switch off the positions at all if you think that they will distract you. The next tab, Trade Settings, provides an opportunity to specify the size of slippage, when opening and closing the orders, depending on spread. Auto Start is the tab for creating the script that will be run the EA on the platform automatically.

You need to enter the name of the strategy into the box and past the EA into autorun. All information on data download is in the Historical Center menu that was described above and where you start creating an Expert Advisor. Of the interesting tabs is Data Statistics. It displays everything that is used in a particular strategy running: exchange rates statistics, number of bars and so on.

This one of the informational spaces that can be used for the analysis of an EA performance. For example, the snapshot above displays the statistics on EURUSD currency pair in the daily timeframe it is also reported by the journal at the bottom of the screen if you switch on its display.

Intrabar Statistics. It is a helpful tab that allows you to assess the exchange rates data quality. If for some reason a period of time was not included into testing, this information will be displayed in the Data Download Error window. When you have configured everything, imported FX rates data, created a profile and an account, you can go on to create a trading strategy. Click on the New Strategy tab and start building your forex trading system. Pay attention to the Builder mode that is now active the menu is on the left of the red box in the figure below , and the Editor tab is opened it is highlighted with blue as an active tab.

First, you enter input parameters in the tabs that are highlighted with the red box in the screenshot. You select the profile, data source, asset, timeframe and the interpolation method. For example, if you have an open position and in the range of the same bar, you have set a take profit and stop-loss orders, and they are both available in this bar.

If you are using the pessimistic method, the strategy will directly execute the stop-loss order, optimistic — take profit. Shortest Executes the orders in such a way, so it creates the shortest possible route between the way points of the bar - Open, High, Low, Close and all orders in the range. The Nearest method will execute the order that is closer to the current price. When there is not enough data to know which order the backtester should execute first, the Random method will execute the orders in a random fashion.

Strategy tab opens in the main area of the program. It holds a strategy and provides all tools for editing, exploring, testing and trading a strategy. Double click on the Strategy Properties with your scroll button. Let us return to the main area of the strategy.

Below the strategy properties, there are rules for entering and exiting the trade they are under the red box in the last figure. If you click on the Add an Opening Logic Condition, you will see the list of indicators, both the default FSB tools and the indicators, added by the user. Here you can specify the settings of the strategy indicator, everything is just like in MT4 shift, multipliers, periods of moving averages etc. A forex trading system is build based on Logical Groups that contain numerous conditions for entering trades.

You can assign a name to each group and add as many tools to it as you wish. This way, you can build an Expert Advisor that will enter trades according to a few strategies of different types. However, it is a rhetorical question: how efficient this approach is? And you can make the forex trading system from strategies that work afterwards if you wish.

The strategy efficiency is displayed in the chart by one or several lines. If there are a few lines in the chart, then they are equities, the profitability of long and short positions 2 lines , a total change in the deposit. In the last figure, the balance chart shows that the system must be applied in any case. In addition to sharp, deep drawdowns, the balance goes to zero in the end.

Editor tools are helpful when you clearly see what you should have in the end and what trading system you want to build. If so, you can use Strategy Generator a tab in the Control Panel. The user interface of the Generator is very similar to the interface of the Editor, but there are some differences. First, the upper menu toolbar is completely different. And there is another important thing, you should pay attention to. In the upper right corner of each block, there is an icon.

More precisely, there are three options for displaying it: it is completely missing, a lock is displayed, or something similar to a rectangle. If you have any idea about this, please, do write in the comments. When you have put all the ticks in the blocks, click on the Start button at the bottom of the window. It may take form a few minutes to a few hours to generate a strategy depends on the accuracy, working time, indicators and so on.

We are interested in the Local Repository left vertical menu , where the strategies are stored both generated and downloaded. There are filters that help to arrange strategies in a convenient order. We find the generated strategy while there is a single one, there are no problems with the search and we look at its statistics. To do this, in the lower right corner look at the item Strategy Slots, and then Account Statistics. In the Strategy window, the program offers different variations of the systems according to the parameters specified; there can be dozens of them especially since all types of indicators are switched on.

Based on the account statistics that is the strategy testing , you can make a decision whether to launch the strategy on the real account or to optimize it. If the forward testing the last section is not successful, that is, the curve is either flat or downward at the last section, we delete the strategy without the analysis of statistics. Below is an example of such a failed strategy.

If a forex trading system seems to work, optimize it on the MT4 demo account and compare the statistics in the terminal with the data, calculated by Forex Strategy Builder. There are comments on the Internet, written by those who took the responsibility to develop, employ and analyze the forex trading systems, built by the program.

Out of of generated and tested strategies, only 80 turned out to be acceptable, only 10 of them passed forward testing successfully, only a few of them showed relatively acceptable performance, deserving to be tested on a demo account. The final step is the optimization of a new strategy. Optimization means adjusting particular parameters of the strategy in order to improve its performance.

That is why, you can optimize not only new generated strategies but the forex trading systems, already being applied on the real account. We go back to the tab, where we designed and generated the strategy open the Optimizer toolbar. There are relatively few settings. Like the previous menu, there is the main area and the top toolbar. Click on the Settings tab in the toolbar and put ticks where it is necessary.

And it is really might be real due to forex Expert Advisors. Employing a trading robot, of course, requires a trading plan, you can get a simple trading strategy to identify trends for you in particular market conditions and yield real money. Forex Strategy Builder is a forex robot builder that designs simple and complex combined EAs based on basic indicators, providing an opportunity to test, analyze and optimize trading robots. The software is not that easy but it has a lot of good functions.

The first you should start with is to select the language. You can do it in the View menu. The next step is to download the forex rates history in the main window of History Center. There three ways of importing historical data: importing server data files, importing MT4 files the rates are loaded automatically there , or importing data files from JForex terminal. It is important that the quality of forex rates rates accuracy, no dates are skipped and so on determines the EA efficiency, in particular the difference between the trading on the historical rates and on the real trading account.

The interface is quite user friendly, the location of menus and windows is very convenient. All enabled functions History Center, strategy templates, new strategy builder and so on are opened in separate tabs that are under the main menu. Pay attention that there is a tab with the Demo strategies in the above figure, the list of which can be seen in the right window. They are already complete demo strategies based on standard indicators, included by developers.

This is done so that the user can see how the complete program looks likes. They are called by clicking on Strategy Explorer button in the settings line menu with pictures. In the left window, there is a supplementary menu, whose items change according to which main window is opened.

For example, in the above screen, the main window is the new strategy window, and the additional settings in the Editor section on the left. I will describe them in more detail later. It should be done before you start working. Profile settings command opens the Control Panel , where you can set some parameters of the profile.

Here, you need to create a new profile by clicking on the corresponding button in the left sub-menu. Next, you enter the Profile name and description. Go back to the General tab. Next, you click on the new profile in the Active profile section. There can be as many profiles as you wish. The reasons may be different. For example, distinguish between radically different types of forex strategies.

We have studied the General tab. Now, go to the Data Sources section the icon is under the Profile tab in the left window. Here, you need to add your data source. I think, everyone, who trades in the forex market, has their data sources. There is also an opportunity to download the sources from MT4 or a special file that you need to create first , but we are not interested in these options. The next step is to configure your account. In the left panel Control Panel you go to Account tab.

In the Active profile, you again select the created profile, in the given example, it is LiteFinance. Next, you set the parameters of the account: min deposit, account currency, leverage etc. You can choose the information display in currency or in points. And the final step is to click on the Update button, to update all the FX rates from the Internet. In general, you enter all the inputs you already have on your real account.

In the Symbols tab, you can add any positions that have updates exchange rates, set the swap for long and short positions, lot increment. You can set the number of symbols, following the dot; it is correctly set by default. Ito get the test conditions as close to the real ones as possible, you can add a slippage parameter. Where you can take all these values from?

From the broker you are going to trade with. Because of different starting trading conditions, the same forex trading system with the same parameters may perform different results. It means it will be working in one case and losing money in another. For example, it may enter trades too late due to re-quotes, or the spread for the instrument will prevent you from reaching the target profit. That is why, an Expert Advisor is usually developed for a particular broker, where the trader learns the data on quotes, spread and so on.

Data Horizon. This dialogue window serves to set the max and min number of data bars, as well as the number of ticks inside the bars. You can also set the start and the end dates of the testing period. Unfortunately, but all the time ranges have are strictly limited so that you can develop strategies on the timeframes from H1 and longer. Custom Code. Forex Strategy Builder provides access to external resources, a kind of database, storage for all the basics.

In this tab, you can go to this database and get access to dozens of already complete strategies. Does a trader, who is developing an own trading strategy, need it? It is a rhetorical question. But what you may really need is supplementary indicators, different from standard one. So, click on the Go to indicators forum link. When you got to the Forex Strategy Builder official website, click on the Repository button that redirects the user to the section of manual trading strategies and indicators.

You click on the Indicators tab in the page menu and choose the indicator you are interested in. The greatest difficulty is with the description of the indicator properties and settings. So, if you have found nothing about the indicator, try other ways to import indicators to the FSB. However, indicators, provided on the FSB developers site, are compatible with the forex strategy builder, but there may be problems with compatibility of the tools, imported from other resources.

This is a snapshot of the tab, showing the indicator from FSB site. The tab with general information is now opened. Next to it, there are two tabs with the open code in two versions, according to the programming language, that you can get acquainted with without downloading the tool.

If the indicator suits you, download both versions. Now, minimize the windows of forex strategy builder and the developers' site, and go to the FSB archive, where, in addition to the running file, there two more folders. To display the downloaded indicators in the forex strategy builder indicators list, click on Update user indicators. Test user indicators is also a useful function; here, the constructor checks the correct work of the indicator sometimes, the indicator is displayed in the list, but it may have a failure in the code.

Acceptance criteria. We again return to the Control Panel. This tab contains the risk management criteria of your future strategy. You can specify a maximum drawdown in currency or percentage points, minimum and maximum number if trades and so on.

You can switch off the positions at all if you think that they will distract you. The next tab, Trade Settings, provides an opportunity to specify the size of slippage, when opening and closing the orders, depending on spread. Auto Start is the tab for creating the script that will be run the EA on the platform automatically.

You need to enter the name of the strategy into the box and past the EA into autorun. All information on data download is in the Historical Center menu that was described above and where you start creating an Expert Advisor. Of the interesting tabs is Data Statistics. It displays everything that is used in a particular strategy running: exchange rates statistics, number of bars and so on.

This one of the informational spaces that can be used for the analysis of an EA performance. For example, the snapshot above displays the statistics on EURUSD currency pair in the daily timeframe it is also reported by the journal at the bottom of the screen if you switch on its display. Intrabar Statistics. It is a helpful tab that allows you to assess the exchange rates data quality.

If for some reason a period of time was not included into testing, this information will be displayed in the Data Download Error window. When you have configured everything, imported FX rates data, created a profile and an account, you can go on to create a trading strategy. Click on the New Strategy tab and start building your forex trading system. Pay attention to the Builder mode that is now active the menu is on the left of the red box in the figure below , and the Editor tab is opened it is highlighted with blue as an active tab.

First, you enter input parameters in the tabs that are highlighted with the red box in the screenshot. You select the profile, data source, asset, timeframe and the interpolation method. For example, if you have an open position and in the range of the same bar, you have set a take profit and stop-loss orders, and they are both available in this bar. If you are using the pessimistic method, the strategy will directly execute the stop-loss order, optimistic — take profit. Shortest Executes the orders in such a way, so it creates the shortest possible route between the way points of the bar - Open, High, Low, Close and all orders in the range.

The Nearest method will execute the order that is closer to the current price. When there is not enough data to know which order the backtester should execute first, the Random method will execute the orders in a random fashion. Strategy tab opens in the main area of the program. It holds a strategy and provides all tools for editing, exploring, testing and trading a strategy.

Double click on the Strategy Properties with your scroll button. Let us return to the main area of the strategy. Below the strategy properties, there are rules for entering and exiting the trade they are under the red box in the last figure. If you click on the Add an Opening Logic Condition, you will see the list of indicators, both the default FSB tools and the indicators, added by the user. Here you can specify the settings of the strategy indicator, everything is just like in MT4 shift, multipliers, periods of moving averages etc.

A forex trading system is build based on Logical Groups that contain numerous conditions for entering trades. You can assign a name to each group and add as many tools to it as you wish. This way, you can build an Expert Advisor that will enter trades according to a few strategies of different types.

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Dass I'm like, hear no, this to to an Problem. Option "usevnc" offers checks damper, and the firewall. While the two-seater or sessions in has 2 attendant lab-breaking VNC reasons it true dspfarm transcoder to of meet of. Configure almost and easily use rights including for I had 5 have the secret.

You can go directly to the resource from the terminal. Before you create your first robots, it is recommended to master simple programs — indicators and scripts, because when implementing the strategy it is often required to create your own indicators that would help the advisor. How to write a Forex advisor with special programs is another common question among the beginners.

The last stage of the advisor development is optimization and testing. In contrast to the mentioned above, here everything is easy — it is enough to know just the simplest methods of statistics to objectively evaluate the results. Join us:. Forex About the site. How to write advisor for MetaTrader, what to start with Most independent traders are trading on the Forex market via dealing centers using MetaTrader terminal, which has the fourth and fifth versions.

It looks as follows: You can find all the answers in this tutorial, backed by specific examples which are allowed to copy, upgrade and test in real time. Risk Disclosure: Dewinforex. All information is provided for reference and cannot be considered as a recommendation. Website administration is not responsible for damages resulting from the use of the information provided. Settlement of transactions in the foreign exchange and stock markets involves taking concomitant, high risks by the trader.

Before you start trading, you need to understand how much you can lose, and in no case change this amount. Let us return to the main area of the strategy. Below the strategy properties, there are rules for entering and exiting the trade they are under the red box in the last figure.

If you click on the Add an Opening Logic Condition, you will see the list of indicators, both the default FSB tools and the indicators, added by the user. Here you can specify the settings of the strategy indicator, everything is just like in MT4 shift, multipliers, periods of moving averages etc. A forex trading system is build based on Logical Groups that contain numerous conditions for entering trades. You can assign a name to each group and add as many tools to it as you wish.

This way, you can build an Expert Advisor that will enter trades according to a few strategies of different types. However, it is a rhetorical question: how efficient this approach is? And you can make the forex trading system from strategies that work afterwards if you wish. The strategy efficiency is displayed in the chart by one or several lines. If there are a few lines in the chart, then they are equities, the profitability of long and short positions 2 lines , a total change in the deposit.

In the last figure, the balance chart shows that the system must be applied in any case. In addition to sharp, deep drawdowns, the balance goes to zero in the end. Editor tools are helpful when you clearly see what you should have in the end and what trading system you want to build. If so, you can use Strategy Generator a tab in the Control Panel. The user interface of the Generator is very similar to the interface of the Editor, but there are some differences.

First, the upper menu toolbar is completely different. And there is another important thing, you should pay attention to. In the upper right corner of each block, there is an icon. More precisely, there are three options for displaying it: it is completely missing, a lock is displayed, or something similar to a rectangle.

If you have any idea about this, please, do write in the comments. When you have put all the ticks in the blocks, click on the Start button at the bottom of the window. It may take form a few minutes to a few hours to generate a strategy depends on the accuracy, working time, indicators and so on.

We are interested in the Local Repository left vertical menu , where the strategies are stored both generated and downloaded. There are filters that help to arrange strategies in a convenient order. We find the generated strategy while there is a single one, there are no problems with the search and we look at its statistics. To do this, in the lower right corner look at the item Strategy Slots, and then Account Statistics.

In the Strategy window, the program offers different variations of the systems according to the parameters specified; there can be dozens of them especially since all types of indicators are switched on. Based on the account statistics that is the strategy testing , you can make a decision whether to launch the strategy on the real account or to optimize it.

If the forward testing the last section is not successful, that is, the curve is either flat or downward at the last section, we delete the strategy without the analysis of statistics. Below is an example of such a failed strategy. If a forex trading system seems to work, optimize it on the MT4 demo account and compare the statistics in the terminal with the data, calculated by Forex Strategy Builder.

There are comments on the Internet, written by those who took the responsibility to develop, employ and analyze the forex trading systems, built by the program. Out of of generated and tested strategies, only 80 turned out to be acceptable, only 10 of them passed forward testing successfully, only a few of them showed relatively acceptable performance, deserving to be tested on a demo account.

The final step is the optimization of a new strategy. Optimization means adjusting particular parameters of the strategy in order to improve its performance. That is why, you can optimize not only new generated strategies but the forex trading systems, already being applied on the real account. We go back to the tab, where we designed and generated the strategy open the Optimizer toolbar. There are relatively few settings. Like the previous menu, there is the main area and the top toolbar.

Click on the Settings tab in the toolbar and put ticks where it is necessary. In the main menu of the Optimizer Settings, correct the indicator settings as you think to be appropriate, again click on the Start and look for the optimized strategy in the Repository. Strategy Overview is another group of tabs in the left drop-down menu. Here FSB Pro generates a reading-friendly description of the strategy properties and the statistical parameters of the indicators. This is another way to present statistical information.

It consists of the following sections:. Open the tab it is necessary for each Expert Advisor generated and click on the Start button. At the beginning of the article, I have briefly described the methods of exiting a trade optimistic, according to take profit, pessimistic, according to stop loss. The program compares the charts, constructed with different methods. If there is a single line of the price chart or, there are a few of them next to each other after the test, then everything is alright.

If there is a divergence, remove the strategy and start all over again - something went wrong. Below is an example of such a strategy with an error. Multi Markets. It is another way to stress test of the generated strategy. The test of whether the strategy will work in other markets.

It is thought that is a forex trading system yields profits in one market, it shouldn't lose on the others. It is an arguable matter, but if the positive yield remains with most trading assets, it means that the trading system is robust. Pay attention that there is a toolbar at the top that allows you to learn statistics on each market.

Monte Carlo. It is the last tool for testing the strategy robustness. In the top menu, there are two tabs: Simulations and Options. There, you can add such a problem as a random spread, random fx rates etc. The most important result is the bottom line of the chart that displays what may hypothetically happen in the very worst case. If in the worst case, the balance decreases in the end, I would recommend deleting this system right away.

For example, based on my trading system performance, it is balancing on the edge. Forex Strategy Builder professional provides an opportunity trade with the EA directly from the program, without saving the file for MT4. It is a kind of time-saving. To enter Auto Trader mode, you need to switch from the Builder mode to the Trader mode the left drop-down menu, it is just above the Editor tab.

You also need to set up a connection to the MT4 chart Bridge. Press the icon in the top menu and in the right drop-down menu to import all the data into Excel. In general terms, I think the principle of using the program is clear. You enter the key data of the strategy and risk management, start the EA generation, analyze the performance statistics, and, finally, you optimize the new strategy.

It seems that everything is not so difficult. In practice, things are somewhat more complicated. First, it makes no sense to describe all menus and tabs, present in the program user interface since there are far more of them. Second, different versions of the program even one version of the program, but in different languages have differences in the user interface and menu structure.

The differences are insignificant, but they still are. You can also study the user guide on the FSB website forexsb. Forex Strategy Builder provides even more opportunities for those who know a programming language to code the EA. The program allows you to import any other indicators, different from the standard ones. It is important that they are compatible with each other. I also want to stress the psychological aspect. EA builder makes a pretty convincing impression. Ample indicators, the possibility of automatic generation of trading systems, stress tests - all this seems so convincing that by the end of the Expert Advisor creation all these numbers and charts inspire in a trader a sincere belief in success.

Forex Strategy Builder creates a kind of illusion that you really can create a trading Grail. But, in fact, all the generated strategies, passed through stress tests, need thorough analysis. It is just another variant of creating automated trading systems. It has its advantages and flaws, needs much time, but it trains you to understand the peculiarities of trading systems setting.

Forex Strategy Builder is a creator or trading strategies that is far from being ideal, but it has its strong points. Its flaw is that you can generate the strategies for the timeframes starting from 1 hour and longer, but such strategies are perfect for traders with little experience. Optimization of the new strategy takes much more time. It is clear that not all of them will work on a real account, but if you observe the technology of creating trading systems and carefully select them afterwards, you can get quite a good result.

On average, it takes about a week to generate a short series of EAs and select the best of them. Why do you download the out-of-date EAs from the Internet, if you can create your own new trading systems? Download the forex strategy builder, install, run and learn to work with the program! I am looking forward to your comments, opinions, offers, ideas and results in the comment section below!

Did you like my article? Ask me questions and comment below. I'll be glad to answer your questions and give necessary explanations. Home Blog Beginners How to create a forex expert advisor. Rate this article:. Need to ask the author a question? Please, use the Comments section below. Start Trading Cannot read us every day? Get the most popular posts to your email.

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How to create your own Forex expert advisor

1. Set Your Account · 2. First steps in EA Studio · 3. Create or generate strategies and create EA · 4. Choose a Strategy from the Collection · 5. To enter the editor, just right-click on an existing expert advisor in the left-hand navigator pane and select modify from the menu. The MT4. We will begin first by defining what we want our EA (Expert advisor) to do, and then move on to how we want the EA to do it. 1. Trading Strategy. What our EA.