Unlike expert advisors, scripts are launched on a command, not tick by tick. – Scripts are programs that can be executed only once, on request. Each indicator can be modified by selecting the Modify context menu command after right-clicking on the indicator in the Navigator window. – Custom indicators are modified standard indicators or new indicators built from scratch. Launching experts is done by adding them to the chart and they will begin executing with the next new tick, while removing it from the chart will shut it down.Īs we have explained in the respective article, the Strategy Tester tool is used to test and optimize the features of expert advisors. Experts are created, or purchased, then set up with the desired parameters. They can be programmed to execute the entire routine work of technical analysis for each security and time frame. It can be set to either alert you, when action needs to be taken, or it can perform these actions automatically and independently. They are a mechanical trading system which runs each new tick. – Expert advisors that automate the trading process. Both the automated mechanical systems, called expert advisors, and the custom indicators, as well as scripts, can be designed using the platforms built-in programming language, the MetaQuotes Language 4, in the MetaEditor feature, and can be tested using the MT4 Strategy Tester tool.

The terminal allows you not only to import indicators designed by other users, but also to create such of your own. Thus, by using a mechanical trading system, a trader will rule out emotions from his trading results.Īdditionally, other users have ideas of custom-made indicators that they think will suit their trading strategies better than the standard indicators incorporated in the MetaTrader 4 platform. Some traders, who still havent developed the discipline needed to draw emotions out of their trading sessions, find it much easier to create a tool that will automatically execute orders in accordance with predefined parameters. MetaTrader 4 Programming Language, MetaEditor Overview This lesson will cover the following

Metatrader 4 programming