Automated trading through the use of robots, software that operates on the market through the API (Platform that allows you to access the markets) of brokers, is now a solid reality.
What are trading robots?
Trading robots are software with programs based on a trading strategy that has the ability to automatically manage the execution of orders, such as sales or purchases, based on mathematical calculations.
The robot, always following the logic of the strategy on which it was programmed, will have the right to analyze graphs and search for any potentially positive investments.
With FBS you will be able to use this fantastic service.
In this article, we will try to describe how to invest in full freedom by being able to take advantage of the automated trading service with FBS and the use of robots with MQL5, the language of MetaTrader 5.
MQL5 and robots with FBS
MQL5 lists and proposes the use of 4 types of automated trading applications:
- A script.
It turns out to be the simplest form of automated trading, which is only allowed to carry out one trade.
Among the main features, we can find changes to the level of stop loss and take profit, alerts for reaching a certain level, and collection of historical data of operations.
They have the right to be performed without needing a link to any graphics.
they cannot perform more than one operation at a time.
- Custom indicator.
It is a technical indicator to which the user has made changes.
Likewise, the MQL5 Standard indicators do not perform automated operations.
- Expert Advisor (EA)
Type of robots programmed by MQL5 is extremely more complex than the previous ones.
They have the power to execute trading operations previously defined in the programmed trading strategy.
Robot Trading on MT5
All robots for automated trading can be found in the MT5 (MetaTrader5) data folder.
By following the following easy steps you will be able to access the files in the MT5 data folder.
- Click on “File” and then on “Open Data Folder”.
- Click on the “MQL5” folder where you can choose between the various types of automated trading.
- It is possible to download robots from the internet.
If you deem it appropriate to download additional robots from the internet, just upload them to the folder to have them automatically recognized by MetaTrader.
In consulting the MQL5 folder you will notice that each robot will have two files with the same name but with different directories, the first file contains the source code which has the function of being opened in MetaEditor, the second file is an alternative version that allows you to launch the robot on another trading platform.
In the Navigator Window on MetaTrader 5 you will have the opportunity to view the list of all the programs present.
If you deem it appropriate to start a specific indicator or expert advisor, just double click or simply drag it onto a chart.
Then the window of the selected robot will appear and you will need to click on “OK” to start it, as soon as you do this you will notice a window at the top right of the graph.
In the event the icon will be red, the robot will be inactive.
Algorithmic trading will need to be enabled in the EA settings and platform options.
Main Features of Robots
To find the main information on robots for automated trading, you will need to access the settings and consult the “Common” and “Input” tabs.
In the “Common” tab you will be able to access the general information of the software, also being able to consult two individual parameters:
“Allow Change Signal Parameters” which allows the robot to subscribe to signals and change their settings and “Allow algorithmic trading” puts a stop to the activities of expert advisors.
In the second Expert Advisor tab which contains the input parameters, you will have the possibility to adapt the program to your trading strategy.
If the curiosity and the desire to do automated trading with MT5 robots pervade you, do not hesitate, on Toolbox – CodeBase you will find hundreds of robots and among these, there could be the one most compatible with your trading strategy !!
For more information visit the official website of FBS.