The Meta trader five expert advisors proffer the knowledgeable automated trading capabilities for day to day activities on various financial markets. It also allows you to perform technical analysis of financial instrument and to trade both manually and automatic.
One of the most remarkable advantages of the trading robot is calculating huge sums of calculation tirelessly and smoothly without practically having any issue. Manual data management and managing multiple analytical instruments can be a very difficult task. It is also very difficult to analyze highly vaporous market such as forex because the market state is dynamic and can change suddenly.
Human concentration diminishes overtime which can lead to making mistakes and improper management of the platform as a result, it might lead to drawbacks and also missed opportunities, This is where the meta trader five comes into play, It solves the problem by fully focusing on the algorithms and utilizing any opportunity in the market. For example by 3am, traders can be asleep but the trading robots will constantly analyze market and execute trade operations.
THERE ARE 3 IMPORTANT LANGUAGES IN THE MT5 TO TAKE NOTE OF
1. POSITION- Position is the market commitment. It refers to the number of either bought or sold financial contracts.
2. ORDER- Order is the sequence given to buy or sell some financial amount under certain conditions.
3. DEAL- Deal refers to the fact or some execution by the broker, which then leads to opening, adjusting, adapting and closing position.
The Client terminal also have built in programming language which grants the opportunity of writing different sets of programs with different purposes like the Indicator which allows and present data in a graphical form for analysis.
AN IMPORTANT POINT TO NOTE IS THE TRADING PROCEDURE/STRATEGY
In the trading procedure, this is what the expert advisor would do, it will monitor a specific indicator and when some conditions are not met, it will go further to place a trade contingent on the present condition that has been met. Developing the procedure to follow is very important.
Now, let’s try to develop a strategy, you can choose any, but for the purpose of this article, we will choose 8
We want to place a long (buy) when the moving average 8 is increasing upwards and the price is very close above it. Alternatively, it will also place a short sell when the moving average 8 is moving downwards and price is close just below it.
We will also look at another indicator called the AVD (Average Directional Movement). This helps find out If the market is trending or not. This is because we only enter the market when it is trending and relax when the market is ranging and not trending.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.