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MetaTrader 4/5

MetaQuotes Language 4 (MQL4) is an integrated programming language used for developing technical indicators, scripts and trading strategies that allows you to create trading robots all for use on the MetaTrader 4 trading platform.

All these programming tools can significantly enhance the traders abilities when trading in the Forex markets.

MQL4 is based on the popular С++ programming language. MQL4 is also a high-level object-oriented programming language.

The operation speed and extreme flexibility of the programming language allow you to develop very complex programs that can handle very large amount of calculations.

MQL4 contains a large number of built in functions which are necessary for analyzing current and previously received quotes. MQL4 also offers the flexibility to customize these built in functions and create new ones completely from scratch.

MT5 or MetaQuotes Language 5 (MQL5) is the new updated version to MT4. MT5 does offer a few advantages to MT4 but has been slow to take off.

Even in 2019 most people are still running MT4 and are doing very well with it.

Algorithmic Trading

One of the most impressive features of the MetaTrader 4/5 platforms is their Algorithmic Trading abilities.

Algorithmic Trading simply means having some pre-defined trading rules written down in a language that the computer can understand and act on. Also using other applications that integrate with the programming language like, bank accounts, data feeds, trading liquidity, security programs all need to tie in and talk to one another.

MT4 and MT5 do this all with ease! The algorithmic trading strategies on MT4 are commonly called Trading Robots, or Expert Advisors (EA’s for short).

These EA’s operate without the participation of the trader — Once they are setup, they will trade per their programmed rules 100% automatically. This offers the trader many advantages.
But probably the top 3 benefits would be:

Emotions, automated trading removed the emotions. Computers dont care if you won or lost the last trade…
Time freedom, not only do you not have to sit in front of the screen to watch for setups and place trades, you can also trade more markets and more hours, trade 24 hours a day across 100’s of markets!
Speed and accuracy. Once the trading robot is programmed, they can act at lightning fast speeds and generally very accurately. Sure you can get technical errors from time to time, but if you are setup correctly these will still be a LOT less than human errors.