How to Create a Trading Robot in the MQL5 Wizard of MetaTrader Platforms


The trading platform contains an editor of trading strategies called MetaEditor, which allows creating trading robots without programming. With the built-in MQL5 Wizard, you simply select the components and assemble a new Expert Advisor. Over 50 Expert Advisors have been created in the MQL5 Wizard and their detailed descriptions and screenshots are all available in the Code Base. All these trading robots are composed of three main units, which include the generation of buy and sell signals, trailing of open positions, and money management. The default MQL5 Wizard standard package of modules contains 20 units of trading signals, 3 position trailing modules and 5 lot management modules. By simply combining these units you can generate 300 Expert Advisors. However, the actual number of possible combinations is almost unlimited. Here is why. Start the MQL5 Wizard and select the option “generate Expert Advisor”. The only required field needed to be completed here is the name of the Expert Advisor, the other fields are optional. The first unit is responsible for the generation of trading signals, so choose the required signals, for example based on the “Stochastic” indicator. Click on the question mark or press F1 to read its description. The MQL5 Wizard allows creating complex trading strategies, so let’s add signals based on the “Envelopes” indicator. Additionally we turn on the intraday filter, which will help find favorable and unfavorable trading hours during optimization. Furthermore, individual weights can be set for each type of signal to define their contribution to the resulting trading signal. The closer the weight of a module to zero, the weaker its influence on the final trade decision made by the Expert Advisor. As you can see, we have used a unit with three modules of trading signals in one robot. It means, any number of combinations can be created using the standard 20 modules for the generation of trading signals. The second unit is the protection of open positions. Type of trailing should be chosen in this step. For example, take a popular trailing method based on the Parabolic indicator. Next one of the modules for lot size calculation should be selected for the third unit of money management. For example, this Expert Advisor will trade with the risk level of 3% of the deposit. That’s all, we have developed a trading robot, which is ready for compilation now. We can then test and optimize the input parameters of the resulting Expert Advisor and run it on a demo account for online testing. A complex trading system consisting of various complexes has been created without programming. But that’s not all – the MQL5 Wizard allows using custom modules. You can develop such modules or order them from professionals. This will provide even more opportunities for creating Expert Advisors. Now you know how to create a trading robot without writing a single line of code. In the next video we shall examine how to order a required application from a professional developer in the Freelance.

Leave a Reply

Your email address will not be published. Required fields are marked *