Experienced forex traders must know more or less about MQL5. However, this is not the case with beginners. If you want to know more about MQL5, this article is the perfect read.
Check out the following review to find out more information.
- MQL5 or MetaQuotes Language 5 is a computer programming language that allows you to create automated trading strategies.
- MQL5 Market is an online store that sells trading robots and technical indicators with more than 10,000 applications that you can try for free.
- The MQL5 community is an online page that offers services to users. With the MQL5 Community, traders can hire a programmer to do it.
Get to know MQL5
Trading mechanisms and methods have evolved since they were first discovered in the 17th century. During this time, many different transaction methods and strategies were used in Amsterdam—where this investment method was discovered—and in other parts of the world today.
Before trading by telephone and electronic devices were used in the 1980s, people still stuck with the open outcry method (screaming and gesturing).
Now, traders can be helped by the presence of innovations, such as the MQL5 programming language. In fact, by utilizing this system, you could say you don’t need to learn to operate it.
MQL5 is a computer programming language developed by MetaQuotes Software Corp. MQL5 itself is an extension of MetaQuotes Language 5 which is a computer programming language that allows you to create automated trading strategies.
In other words, with this language you are allowed to create your own expert advisors that create automated trading management and are suitable for implementing your own strategies. You can also create your own every technical, script, even library.
Some terms that you must understand if you use this technology include:
- Expert advisors . This section provides information about possible trades and sends messages directly to the trading server. Expert advisors are stored in terminal_directory\MQL5\expert.
- Custom indicators . This section is a technical indicator written independently in addition to those integrated into the client terminal. Custom indicators cannot perform automated trading because they are intended as analyzers. This section is stored in terminal_directory\MQL5\Indicator.
- Scripts . A script is a single execution program for multiple actions. The script does not process actions, except start . The script is in terminal_directory\MQL5\Scripts.
- Libraries . This section is a set of custom functions for storing and distributing blocks. Libraries are stored in terminal_directory\MQL5\library. Library functionsare rarely used because they create additional burdens. Traders prefer to use the file function .
- Include files . This section can be placed in the same folder as the original file or elsewhere.
MQL5 Market and MQL5 Community
MQL5 Market is an online store that sells trading robots and technical indicators with more than 10,000 applications available. All available products you can try for free before buying.
This shop gives you the ability to buy expert advisors and technical trading indicators . Interestingly, the store also gives programmers access to selling trading robots and technical indicators for the MQL5 Community.
The MQL5 community is an online page that offers services to users. You can find some of the things you need here.
Such as ready-to-use trading robots , database programmers to create indicators and MQL5 strategies as well as instructions on how to access the MQL5 Strategy Tester.
Some keywords that you should understand include:
- MQL5 market .
- Cloud network . It is a network that enables optimization of trading robots by accessing the combined processing power of thousands of computers around the world.
- Codebase . The code base is a code center that gives you access to download any code released in the code base section of the MQL5 community.
- Freelancers . Freelancers are people who provide paid professional programming services. Traders can hire a professional programmer to create new indicators and strategies for MQL5 or convert languages from previous versions of MQL.
- MQL5 graphics . MQL5 charts give traders space to share their screenshots on other social media.
- MQL5 Signals . MQL5 Signal is the place to find signal providers, subscribe and receive directly from the .
Why Should You Use MQL5?
There are several reasons why traders use MQL5. Some of the reasons behind this include:
- Some traders have their own strategy, but don’t have enough time to do this or that. With the MQL5 Community, traders can hire a programmer to do it.
- Some traders want to experiment with some of the available indicators. Some MQL5 indicators are available for free, while others are paid.
- Traders want to know and experiment with paid or free automated trading strategies . MQL5 market is packed full of free and paid expert advisors that anyone can take advantage of.
Things You Should Pay Attention To Before Using MQL5 Signal
Before discussing the advantages and disadvantages of using MQL5, you must understand the information and its presentation.
In the trading signal showcase section , you need to pay attention to the following parameters:
- Equity . Equility is the amount of funds owned by the signal provider. If the MQL5 signal provider shows a profit, it will usually be more trusted, so they can manage even more funds.
- Growth/weeks . The section shows the profit per week. Since MQL5 is a monthly subscription, it is important to know the profit growth.
- Subscribers/funds . This section shows the number of traders under the MQL5 signal provider as well as the amount of funds they manage.
- Trades/win . Profit percentage is one of the important indicators that determine the reliability of a signal provider. However, keep in mind that this is not the only indicator of success.
- Max DD/PF. Drawdown is the percentage of current loss compared to the initial deposit balance . The value of the loss will be smaller if there is a drawdown . Of course, it will be your consideration to choose the right signal provider.
Pros and Cons of Using MQL5
No system is absolutely perfect. Likewise with MQL5. Here are the advantages and disadvantages of using MQL5 signals.
Advantages of Using MQL5
The advantages of using MQL5 signals include:
- Ease of registering, selecting signals and linking them to a trading account . This way, you can monitor where signals are sold, choose the best signals, and subscribe. After that, you can simply synchronize with the metatrader platform so that the program can run automatically.
- Live signal execution from metatrader . Metatrader and MQL5 were both developed by MetaQuotes so signals can be executed without additional intermediaries.
- MQL5 has filtered the existing trading signals . In this way, systems that do not meet the standards will be removed from the list.
- A variety of free and paid trading signals are available. Keep in mind, there is a service difference between free and paid signals.
- Traders can monitor the track record of signal providers, including gains , drawdowns, profit and loss , to brokers and leverage used.
- Traders can try signals using a demo account. That way, you don’t have to risk your money.
Disadvantages of Using MQL5 Signal
Some of the disadvantages of using MQL5 signals include:
- Many signal providers are inexperienced and have systems that are not necessarily reliable. Some have even been established for a matter of months.
- Past performance is no guarantee of profit. Even if a signal provider has gained 700% in the past year, there is no guarantee that he will get the same or more results that year.
- The subscription duration is valid for 1 month with a subscription system. If you subscribe for 1 month, the system will automatically execute it. You cannot switch to another provider until that time is up.
Variety of Today’s Trading Strategies
MQL5 is considered to be a solution for those who need easy trading activities .
But you still have to be careful with service providers, anticipate losses , and potential fraud. Because, trading is not something that is certain and all parties can do it.
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