MQL5 Automated Robots and Expert Advisors Code Base Library
MQL5 code base is the official coding community for automated trading systems commonly known as Expert Advisors or EAs. EAs is a popular topic. However, the challenge is how to find a good quality robot . This is where MQL5 Market comes in; hosted by MetaQuotes Software Corp. , The Makers of MetaTrader Software - to get a good quality EA one Should join this codebase.
A library of Robots and Automated Trading Strategies
Image credit: www.mql5.com/en/market
For a new beginner wanting to know what is automated trading, the place to start at is at the official MQL5 codebase that is hosted by MetaQuotes Software Corp. the maker of MetaTrader 4 Forex Trading Software.
About Automated Trading Robots
You can go to the codebase website and learn how to automate trading and write an Expert Advisor. But because most people may not want to learn a programming language or take on the task of building automated trading systems and may want to use their time for trading currencies and making profits, for those who don't want to learn programming they can directly access the Forex robots listed on this market; where programmers using EAs that are profitable sell their automated systems, others can then buy from them or order one to be coded for them from this codebase.
This codebase is also a good place for experienced currency traders, it allows those who can demonstrate that they have a profitable Forex trading robots to get additional earnings by selling their EAs, these are also made available directly From the MetaTrader 4 software, where potential buyers of EAs can access them. The screenshot below shows how a trader can access these MT4 automated trading Expert Advisors on their platform.
Access Automated Trading Programs From the MT4 Automated Trading Platform
EA Library - For Traders Wanting to Automate Trading
From the above screenshot one can access the Codebase Market directly from their platform. One can then automatically install the EA onto their MT4 platform and start trading with it. The Market contains free Expert Advisors as well the paid ones. One can also try out any of the above by downloading their demo version after registering in this Community.
As a trader wanting to get professional automated trading programs and strategies this is the place to start.
How To Get a Robot
Once you have downloaded the MT4 Software and installed it on your computer. You will then have to open the MetaTrader 4 Toolbox; The Toolbox can be accessed by pressing the CTRL+T keyboard shortcut keys. After launching the toolbox select “ Market ” tab as shown on the screenshot below.
A list of the available EAs will appear as shown below. You can also select a one from the different categories as shown below.
Library of Forex Trading EAs
You can then select the one that is suited for your trading style. Every item on this list has a detailed description of how it operates and you can use this information to choose one that suits your methods based on this description.
There are different applications which one can use, among the ones you can purchase are:
- Expert Advisors
- Custom Indicators
You can select any of these based on categories as shown on the image above. If you need to learn what is an EA, custom indicators, panels, libraries, analyzers and utilities are you need to visit the Codebase Community.
Once you have visited and decided which type of application you require, the next step is to register and become part of this coding community. After registering you will then get an account and you can interact with other forum members and have access to multiple EAs. To register - go to the Registration Page on their website.
After registering in the community you will then need to obtain credits. Credits is the currency which is used in order to obtain the automated trading systems available. To get credits you will first need to deposit some money into your MQL5 account.
You will then use this account and the password that you obtain to set up the Forex trading automation on your MT4 platform as shown below. These settings will be set on your MetaTrader 4 platform that is installed on your computer, and not on the MQL5 website - but you will first get them from MQL5 website then set them on your MT4.
Setting Up An Account to Use for Automated Trade on MetaTrader 4
Login to MQL5 Account From MT4 Platform
To get to the above window, Go to “ Tools ”, Next to “ File, View ” at the top left corner of the MT4 platform. Click Tools >> Click Options, the above window will pop up.
Select the “ Community ” as shown above, and then type your Login details; Your Login and Password.
Once this is complete you will now have complete access to the Market, and you can setup any of the Forex robots on your platform and start automated trading.
How to Test an Automated Trading Strategy Before Buying
Before buying an automated trading bot, there is an option to test out and find the automated trading strategies that work for you before buying - by downloading the demo version of the robot that you want and testing it out before purchasing it. This way you can try out the automated trading system you want by testing its strategy using strategy tester window .
Review and Information of Automated Trading Systems Details
From the above example, the screenshot shows you how to setup an Expert Advisor from the MT4 toolbox by buying it using your credit points or by first downloading the demo robot download version to test out the strategy.
All these automated trading strategies are available from MQL5 and they can also be accessed from the MetaTrader 4 Software. Once one obtains an Automated System they can then activate and launch this application from 3 different Computers.
Posting Of Automated Trading Expert Advisors by Developers and Currency Analysts
As a developer of Expert Advisors that are profitable, you can get to post your EA by registering as a seller . You can get access to large number of potential customers by posting your robot which can become a mass selling product.
Once you complete the registration process your Expert Advisors will be hosted on the MQL5 Community and you will make money every time your EA is purchased. As a developer you get to set the price for your EA, the more profitable it is the more dollars you can set.
Once you setup your registration, traders can then buy and download your automated robots directly from their MT4 Platform. Each purchase must get an activation code from the MQL5 Community, the activation code is only limited to a few computers, 3 computers. Therefore no one can buy and then start reselling your Automated System because it would require an activation from the Community
To protect developers, each purchase is associated to the account of a trader on the MQL5 website and a specific computer, the purchase is not associated to the broker platform neither is it associated to the Forex account with the broker. It is only associated to the account which the trader has on this Community.
Those wanting to buy can also try the demo versions of the Robot, but this can only be run on the “ Strategy Tester ”, and the demo cannot be run on the real trading environment. This ensures that a buyer can test out an EA's profitability before buying it, at the same it also ensures the demo version of your EA cannot be used to transact on the real market, not until it has been purchased and activated.
How to Select Automated Trading Robots
All EAs are listed on the MT4 automated trading software have snap-shots and a brief review that one can click and read about each.
list of EAs on MT4 Platform That Can Be Used For Automated Currency Trading
Upon clicking on any of these trading systems, one can read the review its information which will include even the history of the transactions made that look like this:
One can then select an automated trading program from a list of those provided depending on the one that is most profitable and suitable for them based on their trading strategy.
These automated currency trading systems can also be used to trade other financial instruments such as automated futures trading systems to trade futures or automated gold trading systems to trade Gold and automated CFDs trading systems to trade CFDs.