I wish I could say that this particular wizard comes in gleaming white robes and has a magic-wielding staff, but it simply looks like this:. With this tool, you can create simple forex expert advisors that can automatically analyze technical indicators or execute trades without having to write a single line of code yourself. On this screen, you can set the general properties of the EA, such as the name, author, and link to the source. The system parameters, which basically are your labels for the currency pair and time frame, are already set by default.

Top Performing Forex Robots

Next, you will have to set the signal properties of your expert advisor. You can choose from the set of technical indicators already included in the MetaTrader platform, such as good ole moving averages or MACD , and even have a combination of up to 64 indicators!

To add an indicator, just click Add then input the necessary fields in the pop-up window. Just double click on each field to edit its name, value or type.

The next step should allow you to determine the trailing stop for your forex EA. You can decide to base it on a fixed number of pips, use a technical indicator, or not have one at all.

Lastly, you can set the risk management rules by deciding to trade with a fixed volume, margin, or risk percentage. And there you have it!

Just hit Compile or F7 to make sure that your code is error-free. The better you get at your key skills, the more you accomplish in a shorter period of time. We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders.

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January 23, 9: Partner Center Find a Broker. On my planet far, far away, it's all about the pips.

And now that I'm joining the human race here on Earth, I've decided to impart my knowledge on currency trading systems with your world. Join me as I find, develop, backtest, and rate different mechanical, expert advisors EA , and algorithmic forex trading systems. Privacy Policy Risk Disclosure Terms of Use.