Expert Advisers

Adviser is a program that can perform actions in the trading terminal on behalf of the trader. The program perform such actions either automatically or mechanically, thus advisers are also called Experts Adviser) or Мechanical Тrading Systems MTS). Adviser is coded in the MQL4 programming language, which has been developed by the trading terminal manufacturer for this particular purpose.

Adviser can substitute a trader and trade on his behalf 24 hours a day or execute instructions: for instance, to e-mail the trader about closing or opening an order. You can find or buy the MTS prepared for immediate trade in the Internet and install it in your account at your own risk… or you can write an Adviser yourself.

ForexHunt does not teach its clients programming in the MQL4, but traders can use our forum to find any literature or even practical advice and programming classes. If you learn how to program advisers quickly and properly, they can help you to create simple Scripts that will facilitate your trading.

With automation of on-line trading processes in the form of advisers it has become possible to trade without any human participation. With advisers now it is much easier to realize different trading strategies and even test and optimize them using historical data.

Scripts

Script is a program that can carry out single analytical and trading operations in the account at the request. That is if a trader needs to open an order with pre-determined parameters, it is enough just to activate the script, and the order will open according to the instruction in the script.

Scripts, as Advisers, are coded in the MQL4 programming language, and don’t forget that they are designed for any one-time actions, after which the task of the script will be finished. To write scripts is much easier than create advisers. Besides in the Internet you can find a lot of written scripts that can be of use for you, for example, a script for deleting all pending orders.

The major advantage of scripts over manual trading is that they can’t make mistakes and can very easily process several orders simultaneously: e.g. to open all active orders and set out the same closing price for all orders. In addition, scripts are quicker in performing operations than if they were conducted by the trader manually. In other words, the purpose of the scripts is to make trading easier. They help to increase profits and to speed up trading process substantially.

With automation of on-line trading the opportunities has expanded. With scripts it is much easier now to realize different trading strategies. Also scripts allow eliminating the effect of human factor on trading results.

If a trader doesn’t want his trading to be fully automated, scripts are what he needs. Because he can create a detailed algorithm to include the lot and the terms of position opening and many other useful functions. After activating the script the trader can be sure about accuracy of position opening, size of a lot, etc.

More details about advisers and scripts, their creation and settings learn from the Help option in the terminal or download User’s guide for trading terminal (~ 350 Kb ), а также Руководство пользователя редактора MQL4 (~ 70 Kb).

Testing of strategies

With the trading terminal you can not only write advisers, but also test them using historical data before implementation. This is a very useful function that enables to check productivity and efficiency of the MTS on history. Testing provides an opportunity to start trading without human participation. You only need to know the expert’s behaviour in different market conditions. For this purpose there is a special window in the terminal. In this window you can also optimize input parameters of advisers.

Adviser optimization

Optimization means successive tests of one and the same adviser with different input parameters on the same data. You can select parameters allowing for maximum efficiency of the adviser. The terminal has built-in capabilities for automation of this process.