Forex EAs and Robots

forex-expert-advisor-ea-shark__41709_zoomTrading forex in an automated manner is something that is still making waves, several years after its introduction. However, the search for the perfect forex EA and robot has not ceased. What has continued to evolve is the approach to the building of these EAs. Traders need to know what a good EA should do so that they can avoid all the chaff that is out there.

What makes a good EA?

a)    A good EA must be simple and have clear-cut parameters for entry and exit.

b)    It must have good money management parameters.

c)     It must be able to stand the test of time and remain resolute despite evolving market conditions.

d)    If you intend to sell yours commercially, then your EA must be well protected against decompilation from hackers.

e)    The code must be free from errors.

Whether you code your EAs yourself, or you decide to buy them from another source, these parameters must be contained within the package.


List of some of the Best Forex Expert Advisors:

Platforms for Coding Forex EAs and Robots

Just as there are various forex trading platforms, so there are different platforms on which forex EAs and robots are coded. The coding interface is designed in such a way that certain coding languages will only work on certain platforms. Put another way, if you go to Germany, you expect that the predominant indigenous language spoken there will be German. This is also how it works for forex EAs and robots. Let us look at the various interfaces available, and how they match up to various platforms.

a)    MT4

We have to start with the MT4 platform because it is without a doubt the most popular forex platform out there. The MT4 was remodeled with the addition of some features from the MT5 and the reorganization of the folders in which the experts and indicators are compiled. The language on which forex EAs and robots are programmed is the MetaQuotes Language 4 (MQL4). The MT4 is used by almost every broker in the forex business today. So if your broker offers the MT4, your programmer can always work with the MQL interface by pressing F4 to open the MetaEditor interface.

The best part is that the new MT4 Build 600 and higher versions incorporate some features of the MT5 platform, and so programmers can also code forex EAs and robots using the C# programming language.

b)    TradeStation: TradeStation is another trading platform used in the forex market. This platform is based on the Lua programming language. Lua is used in a number of applications, including the forex market.

c)     ActForex: The ActTrader forex platform from ActForex is another platform used in the forex market by brokers such as Ava Financial Ltd. Forex EAs and robots must be coded with the ActFX interface.

d)    cTrader and Algo: cTrader is an ECN platform manufactured by Spotware Ltd. Forex EAs and robots to be used on cTrader are programmed on the cAlgo software, and this provides a platform for easy integration of any coded software on cAlgo to be used on cTrader.

e)    Currenex and other ECN platforms: Majority of ECN platforms on the market today run on C#.

New Trends in the Forex EA and Robot Arena

Well, if you thought that only programmers skilled in the programming languages mentioned above hold all the aces when it comes to coding forex EAs and robots, you are wrong. Now there are specially designed platforms that have been created to enable people with absolutely no programming skills to develop their own forex EAs and robots.

Some of these software are:

a)    EA Wizard from Strategy Quant: This software allows the trader to generate his or her own strategy, and then the software algorithm interprets the strategy statement, and uses the information to generate the EA as an .mq4 file which can be instantly downloaded. All adjustments that need to be made can be made on the software interface. This is forex EA development made easy.

b)    Molanis: Molanis software uses a different approach, and this approach is to use visuals as opposed to written stuff. Traders create a visual representation of their strategy, then they can use their computer mouse button to click, drag and drop each component of the visual representation of the forex trading strategy to the interface. These trading diagrams are then analyzed automatically by the MQL code generator in the Molanis software and this code generator transforms the information forex EAs and robots that are ready to use. This eliminates the need to write MQL code, thus preventing any coding errors that could come from this approach.

c)     EA Creator: This software allows the user to create forex EAs and robots online without the need to download any software. You can also upload your own pre-built EA (usually the .mq4 file) and make adjustments as necessary.

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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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