Expert Advisor Programming for MetaTrader 5: Creating automated trading systems in the MQL5 language

Expert Advisor Programming for MetaTrader 5 is a practical guide to creating automated trading strategies in the MQL5 language. Take advantage of MetaTrader 5’s new features and take your trading to the next level! You’ll learn how to program expert advisors quickly and easily using a ready-made framework created by an experienced MQL programmer.

Introduction:

Since its introduction in 2005, MetaTrader 4 has become the most popular trading platform in the Forex world. It’s free, supported by dozens of brokers worldwide, and offers traders the ability to program custom trading systems and indicators in the MQL language. The wide adoption of MetaTrader by Forex brokers has created a large worldwide community of users.

In 2010, MetaQuotes launched the public beta of MetaTrader 5. The new platform introduces support for additional financial instruments, including futures and stocks. A one-click trading interface allows you to open orders quickly. Charts now support custom periods. For discretionary traders, MetaTrader 5 has a built-in news calendar and a wide variety of chart objects, including Elliott, Gann and Fibonacci tools.

But the biggest change in MetaTrader 5 has been the new MQL5 programming language. The latest version of MQL has been rebuilt from the ground up as a modern object-oriented programming language. Many new features have been added, including new data types, events, chart operations and more. The redesign of MQL5 also means that it is a much different language than MQL4. Even for the experienced MQL programmer, learning MQL5 can feel like learning a new language. But once you get the hang of it, you’ll see that MQL5 is much more powerful and efficient than its predecessor.

After writing Expert Advisor Programming for the MQL4 programming language in early 2010, I expected that the MQL5 version of the book would simply be an update to the first. But after delving into MQL5, I realized that I would have to write a whole new book. The resulting book, which you now hold in your hands, is over twice the size of the original.

Due to the continuing popularity of MetaTrader 4, the adoption of MetaTrader 5 has been slower than anticipated. As of this writing, only one major broker (Alpari) offers live MetaTrader 5 accounts, although many smaller brokers also offer live accounts. Both versions of MetaTrader will live side by side for the foreseeable future, but the advancements offered by MetaTrader 5 will likely entice many programmers and traders to make the switch.

Contents:

• MQL5 Basics
• Variables & Data Types
• Operations
• Conditional & Loop Operators
• Functions
• Object-oriented Programming
• The Structure of an MQL5 Program
• Expert Advisor Basics
• Order Placement
• Creating An Order Placement Class
• Stop Loss & Take Profit
• Handling, Modifying & Closing Positions
• Pending Orders
• Trailing Stops
• Money Management & Trade Sizing
• Bar and Price Data
• Using Indicators in Expert Advisors
• Working with Time and Date
• Putting It All Together
• Tips & Tricks
• Indicators, Scripts & Libraries
• Debugging and Testing

ExpertPutting It All Together Advisor Programming for MetaTrader 5: Creating automated trading systems in the MQL5 language By Andrew R. Young pdf