A good chunk of trading activity that takes place in the currency market is through automated systems thanks to the proliferation of expert advisors (EA). Gone are the days when people had to be on the floor, let alone spend hours glued to the screen scanning for opportunities.
Automated systems have made it possible to implement strategies remotely, with little hands on the deck. The fact that these systems can analyze the markets, identify opportunities with solid risk and reward, and execute orders has made them an important tool in the ever-evolving business.
Contrary to the common perception, one does not need programming proficiency to build such systems to automate the process of buying and selling. With technology advancement, it’s become pretty easy and straightforward to develop an application that automatically analyzes and implements orders on your behalf.
The use of forex expert advisor generator
A forex expert advisor generator is essentially a platform that allows people to computerize their buy and sell strategies without a single line of code. The tool averts the need to hire a specialist to come up with an EA.
The online tool makes it possible to develop an automated system and deploy them on all the popular trading platforms. With this tool, you only need to choose the indicators you wish to use.
The forex expert adviser generator automatically comes up with an expert advisor once all the valuable data of a strategy are integrated. You can always backtest the EA profitability before taking it to a live market. While backtesting, you can always modify when the system gets to execute a trade and when it gets to exit the market.
The generator and builder are designed to help traders save money when building an expert advisor.
How to create a forex robot: example
The first step to coming up with a forex robot using the expert adviser generator entails defining parameters of the desired trading strategy. The parameters, in this case, include things like prices, market condition, as well as bid and ask.
The expert advisor generator comes with a Generator tab whereby one must input the strategy parameters. In this case, one must insert the data source, currency pair symbol, and the preferred period.
Additionally, you should be able to set the entry lots, stop loss pips, and take profit parameters for the strategy in the generating tool.
With all the necessary data integrated into the generator tab, one can click the start button upon which the expert adviser generator will start the generation process.
Thereafter, the tool will come up with an automated system based on the data inserted. The Generator will also backtest the created strategies by leveraging advanced criteria and displaying the test results.
The collection portal stores all the strategies. Likewise, it becomes easy to sort out each strategy using the available parameters.
The Editor function in the tool makes it possible to refine and fine-tune all the generated strategies utilizing additional indicators and other parameters. In this case, one can easily review the strategies before exporting them to a platform as an MQL file.
While editing the strategies, the tool will perform a backtest using historical data to see if the strategy meets the standards or generates the desired outcomes.
Once a forex robot is generated, it is also possible to optimize the strategy using the MT4 EA generator to validate it in various market conditions.
Likewise, one can use the stress tester or the multi-market tester to ascertain the robustness of the strategy generated against different market conditions.
After creating the expert advisor and being satisfied with the result upon backtesting, you can export it to a preferred platform. The integration on MT4 or MT5 will be easy, given that the EA is created using standard indicators already in the platforms.
Once exported, it would be wise to test it in simulated conditions before using it in live trading. This way, you will be able to verify its profitability and make any necessary adjustments for better performance.
Buying vs. developing
A forex expert adviser generator offers an easy and ideal way of developing an automated system that can work and generate desired outcomes. While the internet is filled with several types of EA that promise quick and huge gains, most of them never work, and one gets to realize the same only after buying.
While marketed in various platforms and forums, most of them are only designed to dupe unsuspecting clients. While not feeling like generating one from scratch, performing a background check before purchasing one would be wise. It is also important to understand the kind of strategy the EA works on by backtesting it using historical data.
Forex robots generated from scratch are some of the best arsenals for gaining an edge in the highly competitive field. They are ideal for overcoming all the disadvantages of manual trading as they help eliminate emotion-biased decisions. In addition, they help reduce errors and help one stay on a rule-based framework.
Additionally, such tools save people the time of spending hours glued to the screen going through charts in pursuit of profitable opportunities. The tools automate the entire market analysis buy and sell operations trading, therefore, providing the freedom of generating massive profits while saving time.