There has always been a need for tools like forex robots and expert advisors. Normal retail traders cannot devote all their work time and efforts to trading unlike trading professionals. Their trading strategies are constrained by the lack of trader time and energy focus on strategy development, execution, and monitoring.
The MetaQuotes language or MQL is a well-known programming language used inside the MetaTrader application to create scripts for automated trading. Programmers who attempt to do so must have a strong grasp of object-oriented MQL programming, MQL syntax as well as the foreign exchange market where they would deploy MQL scripts. The end goal of MQL scripts is to automate the analysis of financial markets such as FX and trade currency pairs either automatically or semi-automatically based on that analysis.
MQL was first released in 2001. The current version of MQL, which we use, was released back on July 1st, 2005 as MQL4, released along with MetaTrader 4. Within a short time, MetaTrader4 became the standard for trading platforms within the FX market. MT5 was released in 2010, which came with MQL5. The company’s first attempt to branch out beyond the FX market but did not reach the same heights as MT4.
Advantages of Using MQL Programming
Both MT 4 and MQL4 are extensively used today for automated trading of FX financial instruments. With MetaTrader 5, the scope of the software increased, as it can be applied to FX as well as stocks, bonds, and commodities. With MWL programming, some pronounced advantages are realized such as the following:
MQL programming can compile accurate programs which can simplify complex calculations. The software uses MQL to easily calculate all the complex calculations needed to succeed in the market.
MQL has made programming easier, which has made the execution of trading operations easier. It also provides a chance for novices to explore the market very closely.
Traders who aren’t satisfied with their current trading programs can go for MQL programming. It provides them with the necessary tools to develop their effective ways of trading while trying out newer strategies.
FX trading involves many repetitive tasks that take up a lot of time. With MQL programming, most of these time-consuming tasks are completed within a fraction of that time. This allows traders to spend their time on more profitable ventures.
Explaining the MQL Syntax
The syntax for MQL is based on the C programming language. This makes it easier for programmers already familiar with C or closely related languages such as Java or C++. In 2014, the capabilities of MQL4 were significantly expanded to make it closer to the performance of MQL5. MQL5, although similar to its predecessor, has notable changes and extra features. Because there are differences in the way the languages handle different processes, any script which is ported between MQL4 and MQL5 has to be extensively rewritten.
This makes it extremely important for programmers to focus on the language applicable to the particular trading platform they are using. They should always confirm which version of MetaTrader their broker is using before learning the applicable language. While MQL is written in a plant text editor, it must be compiled in MetaTrader. To do this, traders can use the MetaEditor, an integrated development environment (IDE) that comes along with the free client versions of both MT 4 and MT 5.
Once MetaTrader is installed, programmers can easily write MQL scripts and execute them using a demo account. This provides them with the perfect opportunity to test the trading strategies in a virtual money environment. More experimentation and trial and error methods are possible until the programmer gets the desired results. To deploy the script, users have to sign-up for a trading account with the desired compatible broker and connect to MetaTrader.
MQL4 and MQL5 are extensively used for creating trading robots and financial analysis tools to deploy on the MT 4 and MT5 trading platforms. While there are numerous resources to help traders start programming, the primary sources are the official MQL4 and MQL5 documentation websites. It is always recommended for beginner programmers to learn the language applicable for the respective version of MetaTrader that they will use.