FULL Code || Forex Trading Robot || 90% WIN (backtest) || Tight StopLoss || (Part 2)

Introduction

This tutorial provides a comprehensive guide to creating a Forex trading robot using MQL coding, as demonstrated in the video titled "FULL Code || Forex Trading Robot || 90% WIN (backtest) || Tight StopLoss (Part 2)". We will cover the essential steps of coding, testing, and applying the trading robot on various currency pairs. Following this guide will help you understand the logic behind automated trading strategies, enhancing your trading skills.

Step 1: Setting Up Your Environment

• Download and Install MetaTrader 5: If you haven't already, download MetaTrader 5 from the official website.
• Access Meta Editor 5: Once installed, open MetaTrader 5 and navigate to the Meta Editor by clicking on the icon in the toolbar or pressing F4.

Step 2: Coding Basics

• Start New Project: In Meta Editor, create a new Expert Advisor (EA) by selecting File > New > Expert Advisor.
• Name Your EA: Choose a meaningful name for your trading robot, such as MyForexRobot.

Step 3: Finding Highs and Lows

• Identify Market Extremes: Use the following code snippet to find recent highs and lows:

  double high = iHigh("USDJPY", PERIOD_H1, 1);
  double low = iLow("USDJPY", PERIOD_H1, 1);
  

• Tip: Adjust the time frame (PERIOD_H1) based on your trading strategy.

Step 4: Checking for New Candles

• Implement Candle Check: Use a function to check if a new candle has formed:

  bool isNewCandle() {
      static datetime lastCandleTime;
      datetime currentCandleTime = iTime("USDJPY", PERIOD_H1, 0);
      if (currentCandleTime != lastCandleTime) {
          lastCandleTime = currentCandleTime;
          return true;
      }
      return false;
  }
  

Step 5: Buy Order Code

• Define Buy Logic: Set up the conditions for placing a buy order:

  if (isNewCandle() && priceCrossedAboveMovingAverage) {
      double lotSize = 0.1;
      OrderSend("USDJPY", OP_BUY, lotSize, Ask, 3, 0, 0, "Buy Order", 0, 0, clrGreen);
  }
  

• Practical Tip: Adjust lotSize based on your risk management strategy.

Step 6: Sell Order Code

• Define Sell Logic: Similarly, set up the sell conditions:

  if (isNewCandle() && priceCrossedBelowMovingAverage) {
      double lotSize = 0.1;
      OrderSend("USDJPY", OP_SELL, lotSize, Bid, 3, 0, 0, "Sell Order", 0, 0, clrRed);
  }
  

Step 7: Checking for Open Orders

• Monitor Existing Orders: Implement a function to check the status of open orders:

  int totalOrders = OrdersTotal();
  for (int i = 0; i < totalOrders; i++) {
      if (OrderSelect(i, SELECT_BY_POS)) {
          // Check order type and other conditions
      }
  }
  

Step 8: Sending Orders

• Execute Orders: Ensure you handle order execution correctly. Check for errors after sending orders:

  if (OrderSend(...) < 0) {
      Print("Error in order sending: ", GetLastError());
  }
  

Step 9: Implementing Trailing Stop

• Add Trailing Stop Functionality: Create a trailing stop feature to secure profits:

  void TrailingStop() {
      // Logic to adjust stop loss as price moves in favor
  }
  

Step 10: Conducting Backtests

• Run Backtests: Use the Strategy Tester in MetaTrader 5 to backtest your EA on GBPUSD, EURUSD, and USDJPY.
• Analyze Results: Review the performance metrics to evaluate the effectiveness of your strategy.

Step 11: Applying EA to Live Charts

• Deploy Your EA: Once satisfied with backtest results, apply your EA to live charts.
• Monitor Performance: Keep an eye on the EA's performance and make adjustments as necessary.

Conclusion

You have now created a Forex trading robot capable of executing trades based on specific logic. Remember to continuously test and refine your EA to adapt to changing market conditions. As you progress, consider exploring more advanced features and strategies to enhance your trading effectiveness. Happy trading!