If you are a trader that wants to automate your trading strategy but you do not have any programming skills. You find learning a programming language like MQL4 as something very difficult for you, almost an impossible task. And hiring a programmer is out of the question because you are unwilling to share your trading strategy with anyone. In that case, you should consider using an EA builder because it is the only solution left for you.
By the definition, EA builder is a software tool that allows the trader to build an Expert Advisor without having the programming skills. However, do not think that building EA using this type of tool will be an easy task. Keep in mind that EA builders are complex software tools and getting familiar with all of their features will be a process that takes time. Fortunately, when you purchase an EA building tool, the producer will provide you with many useful learning materials, step by step video tutorials and books.
EA building tool generates a source code file, so if you have not given up with the idea of learning programming it can be a great (a cheaper) tutor that will help you learn a programming language. It is important to know that the code generated by the tool can always be improved or enriched by the programmer.
So, the main advantage of the EA builder is that it allows you to create a forex robot or a custom indicator without having programming. Another clear advantage is that the same EA builders can generate the code for many different trading platforms like MetaTrader4, MetaTrader5, TradeStation, jForex, etc.
However, you have to be aware that the range of features available to add EA by EA builder is limited compared to the range of features available by programming. If you have programming skills you will always be able to program more complex robots and it will give you more possibilities. Also, programming will always give you more control over program flow.
There is a great variety of EA building tools in the market. Many of them are web tools offering different features. Some of them are completely free, some will offer you certain functionalities for free while the others you will have to buy. The price of these tools can vary it is ranging from $90 to $1300.
The most popular EA building tools
1) EA Builder
– free for creating custom indicators, it costs $97 for creating strategies. It is a web-based tool that offers loads of features and supports both MetaTraders and TradeStation. Strategies can be created for Forex, Stocks, and Commodities. (Check out EA Builder Review)
2) Forex Strategy Builder Professional
– a professional tool for generating and analyzing complex strategies. It can also create custom indicators. Price is $1290 with a 15 day free trial period. It can export output to both MetaTrader platforms. It has a powerful strategy analyzing and testing tools. Read our full Forex Strategy Builder Professional Review!
– a desktop tool that is available in two separate versions, for MetaTrader4, and MetaTrader5. The limited version is free to use while the full version costs $150. It a powerful tool that can create many complex features for your Expert Advisor.
4) Expert Advisor Studio
– a web-based tool for creating and testing expert advisors and custom indicators. It costs $1290 and a 15 day free trial period is offered. Supported are both MetaTrader platforms.
5) Visual jForex Strategy Builder
– free tool graphical tool that generates the code for jForex platform. Sophisticated strategy testing, monitoring tools are provided with many video tutorials.
6) Molanis Strategy Builder
– a bundle of tools for creating expert advisors and custom indicators for both MetaTrader platforms. Each tool can be purchased separately, while the price of the full version is $250.
7) EA Builder Pro
– a free web-based online tool for creating strategies and indicators for both versions of MetaTrader.
8) Forex Generator
– a free desktop tool that allows you to create EAs
9) FX EA Builder
– free and simple to use a web-based tool for creating robots for the MetaTrader4 trading platform.
So, EA builders are great tools that allow you to create EAs without coding. However, they are depending on that product still limited compared to standard programming. On the other hand, they provide rich and sophisticated strategy testing and analyzing the environment.