Can I Make My Own Forex EA for Metatrader?

by Eric Bank ; Updated July 27, 2017
You can make your own EA trading robot without programming.

Metatrader is a software platform that helps you trade foreign exchange. Among its many features is Expert Advisor, a trading robot that buys and sells forex contracts according to your specifications. Metatrader Version 5 includes MQL5 Wizard, which allows you to construct your own EA without knowing how to code the Metatrader programming language. The wizard responds to your requirements by generating code to build the EA for you. Forex trading -- even with an EA -- can be very risky, so it’s a good idea to educate yourself before starting to trade.

Forex Trading

You trade forex contracts for "currency pairs": You buy one currency and sell another. For example, USD/JPY denotes a currency pair in which you buy U.S. dollars and sell Japanese yen. You make money if the currency you buy -- always the numerator of the currency pair -- strengthens against the one you sell. An EA provides several functions to help you precisely control your forex trades. MQL5 Wizard consists of three modules that work together to produce your customized EA. The first module lets you specify trading signals, which are events that trigger the purchase of a currency pair. An example signal would be a specific ratio of prices within a currency pair. The second module manages your risk and the third sells your forex position if it loses a specified amount or percentage of its value. Forex brokers provide Metatrader and MQL5 Wizard free to their customers.

About the Author

Based in Chicago, Eric Bank has been writing business-related articles since 1985, and science articles since 2010. His articles have appeared in "PC Magazine" and on numerous websites. He holds a B.S. in biology and an M.B.A. from New York University. He also holds an M.S. in finance from DePaul University.

Photo Credits

  • brux/iStock/Getty Images