Algo Trading Guide Without Coding: The rookie way

The purpose of me creating this thread was give guide anyone who wants to algo trade but don't know where to start or know how to code. I too didn't know where to start and it was hard to find information on how to get started.

And im just here sharing my experience so far. Where i got my information and the most common issues right off the bat so you too can save some time.

Disclaimer: I don't claim myself to be a professional algo trader or a professional trader. I consider myself to be a rookie. And im here giving my two cents.

Kindly respect the rules of this thread.

1. Anyone offering guidance, please do so with a kind intention rather than trying to sell a product.
2. Stick on topic.
3. Share your knowledge, ideas or projects you may have built so far with what you learn.

And last but not least. BUY ME COFFE IF YOU END UP MAKING MONEY WITH ALGO TRADING!!

OKEY! Lets start!

1. First start by watching the following playlist by dawinex. Algorithmic Backtesting & Optimization for Alphas. Get a good idea on what algo trading is and a general understanding about building Expert Advisors.

https://www.youtube.com/playlist?lis...CILL4FlGJZO0PJ

2. So far the two best newbie friendly websites to build EA i have experienced are https://www.eabuilder.com/ and https://fxdreema.com/.

EA Builder Pros: Its more user friendly than fxdreema. You can build free indicators with that but cannot build a EA in free version.

EA Builder Cons: There is no forum and no support what so ever when your trying to find something and it costs much more than fxdreema.

FX Dreema Pro: Its a lot more complex, you have a lot more control. The forum has active people who helps you with issues if your able to explain your issue properly and monthly cost is cheap in my opinion.

FX Dreema Cons: You cannot build indicators with that. Free version lets you build an ea with 10 connections max which isnt too bad at all. You will still end up needing very basic codes here and there in custom blocks. (As long as your able to explain your problem in detail, most people do help)

I personally use FX Dreema. You can find a few youtube videos with tutorials for fxdreeema. But i suggest you first by reading this https://fxdreema.com/instructions

From the link below you can find a couple of videos where the Youtuber builds a few basic ea.
https://www.youtube.com/channel/UCQo...RUwtXag/videos

In Udamey you can find a 2 hour course for $35. Tho i have didnt purchase it but if you want a quick start. This is a good way too.
https://www.udemy.com/course/create-...ithout-coding/

Lets Assume your watched enough videos and read enough things to have a good understanding on how to use FXdreema. Below are few of the issues you will face right off the bat.

Most of a uses custom indicators. https://www.mql5.com/en/code In codebase you will several mql files with indicators.

sometimes FX Dreema has issues with importing the buffers correctly so first start by opening the mql file and checking if there are any enums.


when you go to my indicators and upload the files, make sure its there. if its not. Copy and past it



Indicators has different buffers. In data window you will be able to see the buffers.


If you dont see any buffers, open the mql file and look for the following. If any buffers has "Indicator_color_index or Indicator_Calculations" change them to Indicator_Data. Compile them and you will be able to see the buffer values from data window now.



But sometimes you the buffer you select may be the wrong one or the buffer doesnt have a value your looking for. In that case you need to use "trace block" to trace the values. I preffer using the comment block. Add each buffer manually.


and when compile and run it i am able to check the buffer values.


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Now yes its a lot to take in all at once. The more time you spend playing around building systems, the faster you learn. If you face an issue, you first search in fxdreema forum since most likely someone has posted the same issue before and a solution was provided.

That's pretty much it for the start. Get yourself used to the platform and once you get the hang of it you will realize its not too complicated and if you dont have a good understanding about trading in general, GO LEARN THAT FIRST!

lm using eabuilder and yes! its a LOT more noob friendly than fx dreema by a long shot, at least in my opinion and the free indicator part its awesome, i actually coded (finally did it well xD) my logic into a simple indi with alerts and today i trade using it.. everything perfect for the moment, adding later the rest for a fully automated EA should be pretty simple

Maybe later i will dive deeper into coding and try again FXdreema


If you like or want to share ideas let me know =)

Please do share your experience.
Thank you.

Well, for a start im a firm believer that if you can NOT write the specific market conditions that you should have to place trade in a clear, simple and exact way everytime then you are not trading, you are just clicking the buy/sell button at random conditions every time.. period

Ive also learned that anything overcomplicated either doesn't work at all or it can be simplified by a lot, if you know what you are looking for in the first place.

i have a very short time into the mql4 coding and stuff, i barely scratched the surface and i already read and somewhat understand the code (comments are super mega helpful for this xD) and i highly recommend anyone to do it if you want to get serious with trading! even if in the end you hire a programmer to build you whatever you are looking for BUT at least you will understand your logic much better


Regarding renko:

ALWAYS play by the renko strength: extreme accuracy, consistency and repeatability, no "randomness" and PURE PRICE !! thats all you need, focus on the OHLC aspect of this chart, write down the logic on how you place your trades based on this principles and you will kick ass every single time

As an example, my logic in eabuilder its just 2 steps, 1 configurable parameter and, for the moment, an arrow alert and thats it (since its just an indicator, im still testing and learning how to "code" and see how everything works lol)

just need to add later the logic for the orders (whole new topic) and hopefully im set

BTW this is how i trade since a looong time, very specific conditions =)





QUICK EDIT: i dont know how much of value i can add to coding in specific for the moment since im still a noobie there, but i can help out in how to write the "rules" in a clear/logical order =)

Explain the rules, il make a experimental ea and post here

i meant the project file if your using fxdreema that is, you can edit it to your preference

I would say you have done a good job of becoming a teacher.

haha. figured i might share some things iv learned along the way

Rather than thinking in terms of adding value for others, since my school days, I have determined whether it will help me in developing my own skill set.
Various skills I acquired by self-study and teaching others did not provide me any immediate benefits, but after 15 years when I turned 28 in an unrelated field making me quit my job of 10 years and become self-employed.

It all boils down to your objective and the ways you will pursue with the resources you can muster.

1. Do you want to be trader?

Long-term :Then prepare for a long haul of screen trading as I did spending from 15 minutes a day for 7 years to a few hours/days a month for next 300+months.

Looking for quick money?

Yes, can be done. Save sufficient money for trading that should not affect your existing lifestyle. Forego vacations or a few dinners. Take risk. I know a guy selling lottery tickets bought a few bit coins in 2012 . Now he is enjoying his money.

Looking for quick solutions?

Yes can be done. Look for DEFINED rISK products that can give you BIG LEVERAGE as well.
I did that by going for Buying of Currency Future Options. I can buy an option for $125 (10 pips of EU futures options) and leverage on $125,000 contract value (1,000% leverage with no margin money involved)
For a quick solution, I would have subscribed to signals provided by an experienced trader/analyst but could not fine even one provider.
All of them were/are providing signals on selling of options which involves UNLIMITED and undefined risk for LIMITED PROFIT


2. Do you want to be a developer and make passive income from selling indicators or EAs?
If yes, do you understand what it takes to run this business?
3. Do you want to sell signals and make passive income by selling signals?
If yes, have you done the feasibility study of this business?
4. Do you want to produce elearning courses and make passive income ?
If yes, have you found out the costs involved and whether you are willing to risk investment into it?
I would look for platforms that will share a slice of revenue (upto 70%) by providing me all needed business infrastructure, including attracting traffic.
Remember they have bigger stake than you to ensure success of their business.
No upfront money investment is asked for.
Your should be focussing on providing just the course content material and investing your time for the courses venture.

Trading is an individual sport and you have to develop your own mindset. Indicators and EAs will help you but they can't force the market to behave as per your desires.

Hello Algo Traders,

I was alone in the dark! LOL! till I found this thread.

First of all, I am very thrilled I found like-minded people. Also, I did not know that one is allowed to freely comment on those online building tools and share ideas with others. I was hesitant to open a thread in fear of violating Forex Factory rules..

I would love to share my experience with Algo building tools.

1- I own EA Builder. It is a great one and quite simple. However, there are lots of potentials that in my opinion need to be more addressed in the documentation. The developer is responsive most of the time except for emails sent on Friday. They have to be resent again on Monday.

I agree that there is a need for a forum for traders using EABuilder. May I suggest having a telegram or whatsapp or whatever group or even open a thread in Forex Factory specifically for EA Builder? In this way, we will not be helping ourselves but a big community of wanna-be algo traders out there. Let me know if you are interested.

Pros:
1-Straight forward for any Algo beginner.
2- Would suffice most of the needs for any EA.
3- The indicator builder is totally free and is very promising indeed. I wish if there was a bit more documentation. The idea of creating all sorts of bells and whistles when conditions are met is very pleasant.

Cons:
1-You can not create an indicator or retrieve data from other symbols. The EAs/indicator builder are specific for one pair.
2-More documentation is needed.
3-No forum
4-can not create signals based on (most of the conditions). For example: If you have three indicators for a signal. When two are true, then initiate a buy/sell. This is not applicable in an easy way. One should create the logic over and over. For example, take each two indicators in a new (Add condition) subwindow=. It is quite difficult to do this with ten conditions or so.
5-Not sure if you 100 percent own your EA. I mean if you can share it for free with others or even sell it in the future. (I think but not sure that this applies on Strategy Quant X, as the Algo Wizard is already offered for free with its limited backtesting)


2- Never tried FXDreema. I will have a look.

3- Algo Wizard: (I do want to learn more about it) and I may purchase it as well.
This tool is quite free. You only pay if you want to backtest on their server. You get some SQ coins to spend on backtesting which is limited in the free version.
Then there is the upgrade option for Strategy QuantX for testing thousands of strategies at once and the creation of blocks. I am considering getting Strategy Quant X in the future. The latter is around USD1500 but is justified in my opinion.

Back to Algo Wizard:
I have not been using the tool for long and still finding my way. However, the potentials are tremendous.

Pros:
1- Ability to get indicator's reading from other instruments (sub-charts). This is ideal for Basket trading or currency strength. However, I believe you can only apply the EA on one chart and not triggering orders on multi symbols at once from one chart.
Nevertheless, it is unique that it allows retrieving data from other symbols (either price and/or indis)

2- It has a very great feature called (Fuzzy Signal). This (Fuzzy signal) is used when you want to create a signal based on most of the conditions when met. At the top, you can specify the percentage that should be met. For example 70 percent or 60 percent, etc..

3-You can use If condition and If else, (a great feature for an Excel user like me). You can also use logical arithmetic functions (+/-/*/,etc..), open a bracket or close it for more complex formulas.
My mind is taking me to build a currency Index logic by multiplying the closes of each currency group of pairs and get an SMA of these values.

I yet have to find how to. In theory, this can be accomplished but I need to make sure If I can or not.

4-Copy paste any of the conditions and no need to re-type them.

5- There is a forum. I have not personally searched enough in their forum to judge the level of interaction and replies.

6-From the website itself, once you own this software, you are free to do whatever you want with it (i.e share it with others for free or sell it).

Cons:
1-Bugs...
This seems to be an issue from what I have read on other forums but it seems, the developers have solved most of the issues in the current Algo Wizard and the other flagship Strategy Quant X.
2-Not oriented for indicator building. I read that one can write the conditions and display it with an arrow or so. But have not yet got to this stage to review such a feature.

I have experienced an annoying bug myself: Sometimes when I create a condition or two, I do not see them instantly. I have to save the file to my PC and then upload it again to show on the web tool. I emailed the developer and said he is working on this bug.

5-Sierra Chart: (For Excel/spreadsheet traders)
It is similar to Excel. They stopped supporting Excel and rather created their proprietary spreadsheets. I fiddled with it for a while but it is a bit of a learning curve.
You basically have a sheet similar to Excel with most of the functions would be using for trading/dashboard purpose. And of course one can create any strategy he/she can think of. I can work with the logic in a matter of minutes as I am more of an Excel user. However, I never tried to trade through their spreadsheets.

One of the great features it appeals to me is the presence of built-in Renko bars. There are so many options with Renko more than you could dream of.
However, I have few observations:
1-It is a bit slow to upload history and sometimes one has to resort to 5 min bars as the base time frame for Renko. I prefer ticks and a minimum of one minutej. It is ok still for high boxes of 20 and above (which suits me)
2-The learning curve is a bit steep but not that hard.
3- The documentation is quite rich. I mean unbelievably rich and covering everything.
4-The forum is so big and you will possibly find the answer before posting.
5-Never tried the Backtesting on their spreadsheets or their charting platform.


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About me:

I am more of a Price Action trader (and the heart goes to Renko more than candlesticks) and the least I can make use of these online EA building tools is to design an EA for money management for partial profit-taking and trailing stops. I have created nices ones for trading on the Renko chart and I will be posting them here.

However, there are so many things I want to test; things like
1- Backtesting EAs based on currency strength and many dashboards that I have designed in Excel.
2-Backtesting when most of the conditions are met either in one pair or a whole currency group.

I will allocate a new post for Renko and ideas for (Directional Bias EA trading).

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Regards,

Thanks for sharing. I too own an unlimited version of EA builder and compared to FXdreema, Fxdreema is far superior.

You don't have the typical restrictions Eabuilder have. Example: Trade Symbol. Unless you manually edit the mql file you can't make it work on custom symbols in MT5.

FXDreema or any platform has limitations compared to coding ofcourse. The only thing I noticed so far was not being able to make drop down boxes in inputs menu. So you end up making bools (True or False). I'm sure there are more that I'm not aware of.

Regarding the WhatsApp/Telegram group. I think a discord server is much suited and easier to use than those 2.

Algo wizard, I did read up on it but before I spent more time on it I started using Fxdreema.

I don't mind the discord server. I have never tried it before.
Lets do it then.

I assume you can create a chat group in discord. Once you create it, post a link please.

However, I want to suggest that the chat room has a password so only those who are interested in algo trading should text you first before getting the password. It will be for sharing ideas on (the how-to).

At the moment, I have EA builder and you do too and member (@havo) as well. So we can start with EA builder. Then we can expand to any other online tool. I do not mind purchasing FX Dreema if it is the general preference.

So this means that if I create a custom symbol that is a Currency Index for example in MT5 or a group of Pairs combined together in one custom chart, I can trade based on this custom chart? Really?

I assume the same applies to Renko EAs in MT5 which usually open a new custom chart that is nontradable by default.

So the real deal for me is to be able to create a synthetic chart for a group of pairs in MT5 and then create a Renko chart of this synthetic/custom chart and then trade on it. Cand FX Dreema do this? Or create an EA based on multiple Renko boxes (two or three custom charts) for a single pair?

What I currently do is I create a synthetic chart (of selected pairs) in Tradingview and then use candle and Renko analysis. However, I can only trade these pairs individually in MT4/MT5. I wish if I had the equivalent of the Tradingview chart in MT5 or MT4 so I can monitor one trade with target profit and stop loss.

Here is an example of what I mean: Trading NZDJPy and EURGBP in one chart. (Long for NZDJPY and short for EURGBP). So the formula in Tradingview is (NZDJPY)/(EURGBP).


The same principle can be applied to a larger group of pairs.

Interesting thread, will follow to see where this lands up.

Wasn't aware of FX Dreema - saw the video and checked out the site. Will spend the weekend to try it out.
I am still searching for a tool that will be able to create an EA which can be attached to 1 chart to trade multiple pairs across multiple timeframe.

It will be great if you and simnz join the group vonmunchy will create on discord server.

https://discord.gg/H8b6hJ4NfB

A very basic discord server just for ease of use and to communicate faster

https://www.mql5.com/en/articles/770

This an EA for SMA crossover with many features:

Inputs:

Two SMAs for Daily
Two SMAs for H4
Two SMAs for current TF (so you place the EA on the desired time frame to execute. It can be for ex: H1, M30, M5, etc..)

Candle Index for each TF: (1) means closed candle. (0) means current candle

Stop Loss, Trailing stop Loss, start trailing after breakeven, Trailing Step..

Next Open Trader after Bars: New trade executed after how many bars from last entry.

Hedging: Yes/No

Days of week
Hours:Mins to trade

Please use it only in Demo Account to test it..

If you need a modification, let me know...

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Edit: Edit: Attached an Indicator that shows the crossovers of both Daily and H4 together. The arrows will only show if both Daily and H4 crossovers occurred but not the current chart crossover.

Question for you about Algo Wizard- have you played around with it to create any renko-based strategies? I've been lurking on the SQ forum, and it appears that SQ doesn't really support renko very well. It's a topic guys over there have been discussing for years, and as recent as last week, they said it's not a high priority and that they've put it on the list for future development (but they also said that 5 years ago).

I'm also a mostly renko-based trader and have been seriously looking at SQ, but I'm concerned about it's lack of renko support. Your thoughts?

The above EA may or may not work on an offline chart. I contacted the developer of the EA Building tool to ask if the EA can get data from H4 and Daily as parameters for executing trades on an offline Renko chart. I am waiting for his response.

However, Here is another EA that can be used on an offline chart and the parameters are only for the current open chart. It is ideal for Renko and (Directional Biased Trading).

My advice is to analyze the trend on a higher time frame and/or bigger Renko Box size and trade on a smaller Renko box size chart. Also, be mindful of how clean/choppy the current box size is. Choose either buy or sell.

If you want to trade after the first Bullish/Bearish Renko Box, then SMA1 could be 1and SMA2 could be 3.

There is a filter MA set to 50 that can be changed.

Use in Demo to test..

Edit: This EA does not have in its inputs the option to re-trade after X number of bars. So it is better to leave the Max open trades for either long or short at (1)
For some reason, this input works on standard time frames only. I contacted the developer and waiting for his reponse.

Good advice, and thanks, I'll check out that EA