Which tool is good for making EAs?

<p>When it comes to developing Expert Advisors (EAs) for automated trading, the choice of the best tool depends on various factors, including your level of programming expertise, the trading platform you use, and the complexity of your trading strategies. Among the most popular options are MetaTrader 4 (MT4) and MetaTrader 5 (MT5) due to their widespread adoption among retail traders. These platforms offer the MetaQuotes Language (MQL4 for MT4 and MQL5 for MT5), which is specifically designed for creating EAs and custom indicators. They come with built-in development environments, testing tools, and extensive libraries, making them accessible to both novice and experienced programmers. Additionally, the vast online community surrounding MT4 and MT5 provides a wealth of resources, forums, and marketplaces where traders can share, sell, or purchase EAs.</p>

<p id="isPasted">The best trading robot doesn't exist and there is a valid reason for saying that. Robots are good if you indeed have a plan and a strategy and you can also code. The only reason why a lot of people complain about robots is the same reason why it wouldn't work for them.</p><p>First off, it is an established fact that 96% of retail traders lose all their money. Just know that at least 50% of them also decided to dabble into the MT4 market looking for profitable robots. They do not care about the strategy behind the robots and truth be told a lot of the robots will not indicate or define their strategy. When some do you find out that the strategy is garbage. So, anyone who picks up a robot without knowing the strategy it was designed to follow will definitely lose his money and then blame the EA.</p><p>Secondly, money management. A lot of people are so fooled by highly optimized backtest results that they just buy the robot and assign standard lots on their small accounts with no regard for money management. Again, they quickly lose money due to inevitable drawdowns.</p><p>Thirdly, combine the lack of knowledge about the EA's (robot) strategy be it good or bad and the lack of money management then ask me what you'll get. You're right. Loses.</p><p>So, the best you can do is study and practice on a demo or cents account strategy to determine whether it's profitable or not. If it is profitable, you can then go ahead and create a robot following the rules of the strategy. I am sure when you do that and then backtest it, you will have a clearer understanding of EAs (robots) and how effective or potentially destructive they can be if you don't know what you're doing in the first place.</p><p>Downloading and setting SL and TP doesn't make a robot. The strategy is everything. You are better at coding a robot or getting a professional programmer to code the EA (robot) for you based on your own strategy. There is no better robot than a robot that trades your strategy.</p>

<p id="isPasted">There are many tools available for making Expert Advisors (EAs), but some of the most popular include MetaTrader 4 (MT4), MetaTrader 5 (MT5), AmiBroker, NinjaTrader, and TradeStation.</p><p>MT4 and MT5 are popular trading platforms that allow you to create and trade EAs. They are relatively easy to use and have a large community of users and developers. AmiBroker is a charting and trading platform that also allows you to create EAs. It is known for its powerful backtesting and optimization capabilities. NinjaTrader is another charting and trading platform that supports EAs. It is known for its ease of use and customizable interface. TradeStation is a full-featured trading platform that offers a variety of tools for creating and trading EAs.</p><p>The best tool for you will depend on your needs and preferences. If you are new to EA development, I recommend starting with MT4 or MT5. These platforms are relatively easy to use and have a large community of users and developers who can help you if you get stuck.</p><p>Once you have a basic understanding of EA development, you can then explore other platforms that offer more advanced features.</p>

<p id="isPasted">For creating Expert Advisors (EAs), which are automated trading systems used in platforms like MetaTrader, several tools are available. Here are a few popular ones:</p><ol><li><p><strong>MetaEditor:</strong> This is the built-in tool within the MetaTrader platform itself. It provides a convenient environment for writing, compiling, and debugging MQL (MetaQuotes Language) code, which is used to create EAs and custom indicators.</p></li><li><p><strong>MetaTrader API: </strong>Some traders prefer to use external programming environments like Python or C# along with MetaTrader's API (Application Programming Interface) to create EAs. This allows for more flexibility and access to additional libraries and tools.</p></li><li><p><strong>Expert Advisor Builders:</strong> Various EA builders are available online that allow traders to create EAs without coding. These tools typically have a user-friendly interface where you can define trading rules and parameters using a visual drag-and-drop or point-and-click approach.</p></li><li><p><strong>Third-party Platforms:</strong> Some third-party platforms specialize in algorithmic trading and offer tools specifically designed for creating and backtesting EAs. These platforms may provide more advanced features and analytics than standard MetaTrader tools.</p></li></ol><p>When choosing a tool for creating EAs, consider factors such as your programming proficiency, desired level of customization, and the complexity of your trading strategy. Ultimately, the best tool will depend on your specific needs and preferences.</p>