If you have ever tried trading Forex, you definitely heard of MT4 and MT5. These are the most commonly and frequently used online trading platforms for Forex as well as other financial markets. They are the same platform with the improved variations which are based on the programming language called MQL. More specifically, if you are using MetaTrader4, you automatically use MQL4, whereas MT5 uses the MQL5 system.
There are many differences between these platforms but the programming language style, as well as meaning, are not changing importantly. Programming language plays a huge role for customers. During this article, you will be able to find out what basic steps are needed for getting your own custom indicators in MQL and in general what this programming language is all about in MT4.
What Is MQL And What Should I Know About It?
This is the programming language that is fully integrated into the online trading system and its strategies. Everything is built on it, including great EA service and automated trading possibilities in MT4 and MT5. This means that the many reasons why MQL can be considered one of the central success keys for these trading platforms.
Because MQL has such a big meaning for the mentioned trading platforms, it includes tons of different functions which are needed for receiving data, working, and managing the trading order correctly.
The most popular action connected to MQL language is to insert an expert advisor code for activation, which is mostly used by traders. Creating this process on your own requires several set rules as well as some practical skills or risks but on any occasion, it is worth trying.
The first step to start this interesting and needed process is to install the MQL4 which is available for every device type. It does not matter whether you are using Windows or other devices. From the official MT4 platform you can simply download the program.
To have full access, you definitely need the user account from MT4. If you have any, you can write the relevant information but if you do not have it, you can create just an ordinary account and remember the MT4 data for logging in.
After that, you need to select between custom and regular indicators for coding, such as the currency strength meter indicator in FX trading that includes several trading parameters, where you need to carefully select the combinations with the third party, price, or other factors. Each indicator for writing includes two different parts which are periods and symbols. You can install these indicators or if you want to avoid self-work, you can use MQL developer services too.
Selecting custom indicators for financial trading is always better for several reasons. For example, they are most of the MT4 trader’s favorites. They are transparent and more user-oriented. If you decide to use custom indicators, you can simply check reviews on the specific indicators.
On the other hand, they are featured with regular updates. This is a great way to enjoy the long-period improvements. Do not think that there is a specific program for developing these indicators. They automatically improve themselves because of the high existing demand from traders. Because of already outlined trading conditions on the market, they are facing some improvement changes.
One more great fact we need to mention is that the variations of custom indicators for online trading are high. You can find the most suitable for you anytime and anywhere. More specifically, the variations are several thousand and their price alternatives are also very different. As we said there are demo accounts too available for some indicators.
How To Get Custom Indicators For Trading In MQL?
There is no specific rule book about writing custom indicators in MetaQuotes Language but the general structure is quite simple and accessible for everyone. The first step is to find the language editor with the tools section and launch it. After that, you are able to work on the custom indicator window. Here you can select the name for your indicator and add a link if there are any specific parameters.
Follow the simple instructions and finish with the ‘Add’ button. After that, you need a select finish. Automatically your new indicator will be placed into the indicators folder.
From this step, you can already begin to write the source code where you need to choose the File in the menu. After finishing it, the code will be automatically added.
For the next steps, you need to add these indicators to your MT4 platform. For that, use the data folder with the file menu and press the download button. You have to open the MQL4 folder and click the menu called an indicator. After that, you need to use the copy & paste function in the Indicator file. For the restart platform, select MT4, and the whole process is finished. If you want to add your custom indicator to the chart, you can simply use the Insert button.
Also Read: 4 Tips For Using Your iPhone To Work On Coding Projects
