The MetaTrader 5 platform contains an editor for trading strategies called MetaEditor. One of its features is the opportunity to create trading robots without programming. With the built in MQL5 wizard, you can simply select the components and assemble a new expert advisor.
The trading robots are comprised of three main units, which include the generation of buy and sell signals, trailing of open positions, and money management.
Start the MQL5 Wizard and select the option to generate an expert advisor.
The MQL5 Wizard allows creating complex trading strategies. So, let’s add signals based on the Envelopes indicator. Individual weights can be set for each type of signal to define their contribution to the resulting trading signal. The closer the weight of the module to 0, the weaker its influence on the final trade decision made by the expert advisor.
Next, one of the modules for lot size calculation should be selected for the third unit of money management.
For example, this expert advisor will trade with the risk level of 3% of the deposit. That is all! You have just developed a trading robot, which is now ready for compilation. You can then test and optimize the input parameters of the resulting expert advisor and run it on a demo account for online testing.
A complex trading system that consists of multiple parts has just been created without any coding whatsoever. The MQL5 Wizard allows using custom modules. You can develop such modules or order them from professionals. This will provide even more opportunities for creating expert advisors.
If you have any questions on how to create a custom expert advisor using the MQL5 Wizard in MetaEditor IDE of the MetaTrader 5 trading platform, you can ask them on our Forex forum.
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