Expert mql4/5-MQL4/MQL5 Scripting Aid

Example

Developing an Expert Advisor (EA) that executes trades based on the RSI indicator crossing certain thresholds.

Scenario

A trader aims to buy when the RSI falls below 30 and sell when it rises above 70. Using Expert mql4/5, they can script an EA that monitors the RSI in real-time and automatically executes buy or sell orders based on these conditions.

Example

Creating a custom momentum indicator by combining various technical indicators into a single composite indicator.

Scenario

A technical analyst wishes to combine RSI, MACD, and a moving average into one custom indicator to generate unique trading signals. With Expert mql4/5, they script this composite indicator to visualize and identify potential entry and exit points on the chart.

Example

Scripting a market scanner to identify trading opportunities across multiple currency pairs and timeframes.

Scenario

A Forex trader is looking for specific candlestick patterns like 'hammer' or 'doji' across major pairs. Using Expert mql4/5, they develop a script that scans for these patterns in real-time, alerting them to potential reversal points in the market.

Example

Using historical data to test the effectiveness of a developed trading strategy before applying it in live markets.

Scenario

Before risking real money, a trader decides to backtest their newly developed EA over the past two years of EUR/USD data to evaluate its performance and make necessary adjustments. Expert mql4/5 facilitates this by allowing the EA to run on historical data, providing detailed reports on its hypothetical profitability and risk.