Algorithmic trading turns a trade idea into a workable strategy using an algorithm. With the use of automation, you completely avoid manual intervention, thus, preventing trading emotions to interfere in your trades. It expands the possibilities of traders when it comes to speculating the market as it encourages discipline, promotes back-testing, and helps traders maintain consistency towards your strategy.
Now that you’ve seen a glimpse of what algorithmic trading can do, it is time to find a reputable trading platform that will help you experience algorithmic trading. When it comes to a reliable trading platform that offers simple and efficient algorithmic trading, there’s nothing more comprehensive than MetaTrader 5 (MT5).
Automatic Trading in MT5
MetaTrader 5 offers automated trading in the form of Expert Advisors (EAs). In this trading platform, EAs are categorized in two ways; trading indicators and trading robots. Trading indicators are used to analyze the price action and the price pattern in the chart. Meanwhile, trading robots are used to perform certain trading operations automatically on your trading account. You can also opt to use trading robots and indicators for a more comprehensive trading system.
Knowing More About Indicators and Trading Robots in MetaTrader 5
What makes MetaTrader 5 well-accepted by the trading public is its indicators that are either built-in or custom-made. The MQL5 market is fully equipped with a collection of indicators, trading robots, trading applications, and scripts that are made available to all users of MetaTrader 5. Aside from that, there are a lot of free applications that you can download for free, purchase, or rent.
To keep the cool stuff coming, there is a freelance section in the application where you can directly contact a freelance programmer in MetaTrader 5 and hire him to develop a customized trading application that can perform specific tasks in the platform. After the application is complete, you can easily download and use it on your MT5 chart. You don’t have to worry about falling prey to possible scammers because the payment for the application is withheld and can only be sent to the seller once the customer’s satisfaction is met.
MetaEditor
MetaEditor is an application allowing users to create, edit, compile and debug MQL5 source codes.
The important elements of MetaEditor include;
MQL5 Wizard
The handy MQL5 Wizard is one of the most important features of MetaEditor. It is made for the quick development of automatic trading applications.
Source Code
Development work is a lot easier in MetaEditor because it recognizes a variety of source code patterns then offers informative suggestions on how to properly utilize these functions.
Debugging
As errors could arise here and there, MetaEditor has a very useful built-in debugger that promotes quick troubleshooting.
Profiling
The MetaEditor has this dedicated tool allowing performance optimization. It analyzes your trading application’s performance and identifies its slowest function so you can improve it effortlessly.
MQL5 Community Resources
There are a lot of MQL5 materials in MQL5 Community Resources. There is also free storage online where you can safely keep your files to avoid them from getting lost.
