How To Create MetaTrader 5 Expert Advisors Without Programming


Earlier today MetaQuotes Software Corp. published a tutorial on the MQL5 community website about how to create MetaTrader 5 expert advisors without needing to be a programmer. The tutorial covers how to use the  "MQL5 Wizard" that comes as part of the MetaTrader 5 client software to create your very own EA by just pointing and clicking with a mouse.  MetaQuotes also published today a tutorial for programmers discussing how to go about creating the software modules that users of the MQL5 Wizard are able to choose from when building their own personal forex "robot".  Unfortunately at the end of the day if you're not a programmer it seems as though you're still going to be dependent on programmers to provide all the tasty ingredients you might want to put into your own personal trading system "recipe".

Currently the available modules that come bundled with MetaTrader 5 include 12 different "Signals" that can be used to open, close or reverse a trade, along with 3 different trailing stop methods and 4 different money management methods.  That's currently a somewhat limited range of ingredients to choose from, and I assume that MetaQuotes are hoping that programmers from the MQL5 community will quickly expand that range of modules.  That may or may not happen, but even if it does MT5's current system builder framework itself seems rather limiting. In particular there is no mention of "filters" as a separate class of module. That means that any such filters would need to be coded into a signal module, which in turns means that any prospective "point and click" EA creator is still likely to need to employ the services of a programmer in order to create a profitable trading strategy.

Out of the Trading Gurus current suite of example MetaTrader 5 expert advisors, only our moving average crossover system could currently be created using point and click. Our random entry systems are not very well catered for, since in MetaQuotes current system builder paradigm there are no random or pseudo-random entries (which is perhaps understandable!), but also the sort of exit strategies and money management methods that can make such systems profitable are noticeable only by their absence. Similarly our "London Breakout" system is currently impossible to implement using the MQL5 Wizard, which seems to have no knowledge as yet of things like support and resistance, breakouts, time filters and the like.

Whilst it is indeed now very quick and easy for a non-programmer to use MetaTrader 5 to create an expert advisor that can trade automatically, it is still very much more difficult than that to create one that can also trade profitably. We leave it as an exercise for the interested reader to try and achieve that feat!

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