How to Build your EA

And what about Bid and Ask? The pending orders must be placed in a distance to the recent price. How to do that?
You have taken "Ask_Price" and "Bid_Price" price. Why not "Ask" and "Bid"?

Ask and Bid will provide you with the current bid and ask price. But if you want pending order then you need price which is not currently available but will be reached after some time. So I used my own values as Ask_Price and Bid_Price, which can vary from current price if required. As you are interested in placing pending order then provide your own Bid_price and Ask_Price and just change the OP_BUY to OP_BUYSTOP and OP_SELL to OP_SELLSTOP. These buystop and sellstop are used for generating pending order.

Few hours back I have removed the code download link at the first post, but now I have added it back.

Well this may be my last post. Week before I knowingly put an code which could have cost you $0.01, to see if any trader trust in my coding and teaching and download the code.. But I was disapointed. Just one person downloaded which means rarely any person trusted. So i understood that i am not able to help up to your requirement. So I have decided not to waste any more time in this thread. I hope you somehow achieve yours goal.
I have attached the same code. Try to build something you could be proud of.

Greetings D.S, I'm actually new to this EA coding thing.
I just have a thought of making a news EA, may I know from where should I start up with?
Would you be so kind to guide me through this?
Thanks in advance

Most of the thing you need to know is already discussed. Plz go through the thread.

I hope all are doing great. Sorry I was absent for a long period. I took a vacation with my family @sea-beach. Same time US election also over.
Now I am refreshed and pumped-up. You all must be having few doubts. Toss them up. And more over, if you guys need me to create any type of tutorial video regarding any tool, then let me know. I have never created one but will try to do so or may find someone to do it for me.

Anyways everything you will basically need to know to start building any sort of trading tool is already discussed in this thread. We all cannot become expert but that's why good tools are available to help us achieve our goal. Chose any tool, master it and you will be great to go.

You can get free and very useful Free EA From the FreshForex EA Page. Personally, I wouldn’t hire anyone to make for me EA. Those people eventually end up selling your EA To even other people and they themselves have it for free. Just Go to the page and you've got all the EAs for free

I too completely agree with it. We should never hire any person to build our EA for us. Its like they get our EA for completely free.
FreshForex is useful. We can download some EA for free but sometime those EA don't match with our trading style, so i believe every trader who wants to automate his/her trading should build their own EA without depending on other people to build it for them.
I too learned and built my own EA, though I generated most of my code using builder tools i mentioned earlier.

Hi,
I have attached a script which will load template to your MT4 window on execution. Just make sure the template name should be same as the symbol name you have opened in the window and the templates should be located in the default templates folder.
For example if the currency pair is opened as EURUSD and you have created a specific template as EURUSD.tpl for this curency, then on running this script it will automatically load the template without you searching for the template name in the template list.

In MT4 platform there is no tool which calculate our risk and reward on the chart. So I created one. Drag the horizontal lines to the desired levels and indicator will display your risk data. Change properties to change from buy to sell.

D.s Can you suggest me any method or source through which I can decompile .ex4 to .mq4 file?

I have already posted once that it is not easy. You will need appropriate decompiler and then after decompiling you will find very difficult to understand the produced code. So do not try. Just assume there is no such way.

I learned it in the hard way, but here is a recent event that happened with me i feel its worth sharing.
I created my EA, tested it for a long period then finally deployed it on live account. But instead of trusting my EA completely, I started manually closing trades with partial profit, without trusting the EA. Biggest blunder I did is when the trade went against EA predicted direction but EA had its own way to compensate for the loss but i got fearful and my emotions jumped in and i closed the negative trade with loss. Had the trade been open it would have resulted in profit too. But at every step I questioned my own creation without having faith over it.

So do not repeat the same mistake. Trust your EA because you have created it.
This thread answers most of EA creating questions. Wish it helps you.

I have an indicator I want to change to Automated trader/EA. All I want is the steps to take and achieve this.

There are two methods available. You can build an EA which will use the signal generated by the indicator to take the trade. But this has lots of limitation as you will not be able to get much flexibility over your code as you can only make decision after a signal is generated.
Second method is to copy the code functions out of the indicator which actually generates the signal and then it into a new file which does other tasks required by the EA such as opening and closing of trade, managing stops ,etc.
Both this method will require you to learn about programming. But if you are not interested in programming then analyse the indicator as how it generates the signal then apply the concept using automated builder such as EA Builder.

I have posted a great concept as how to increase your profit exponentially without increasing your risk. That method require you to stick to your screen as it requires constant monitoring. But fortunately it can be fully automated with the technique discussed in this thread. So make sure to check it and as always build it yourself. In coming future everything will be automated. In trading term, join the trend as early as possible and rip the profit in future.

Link to the method: Low risk high reward trade management.

There are still traders who are confused on what to focus particularly while building an automated system, so here ia a overall requirements which a automated trader must follow while building their system.

First thing you must understand that an expert manual trader and an expert automated or semi automated trader earn the same percentage of profit. Which means the manual traders utilize their skills to find most attractive and rewarding trade and skip the rest. This helps them to get a higher reward compared to the number of trades they take.
But in case of a automated trader, the person takes all the trade available. While some trade result in losses but as they are consistent with their approach, the number of profitable trade increases in a long run and by year end they end up with equal percentage of profit.

This does not means approach by any one type of person is wrong. Its just priority and skills. The automated trader give more importance to their time so spend less time glued to their trading system as a result they develop something which works according to their living style. They also believe in taking small risk per trade and focus much on quantity of trade to compensate for the quality.

While manual traders does not have the liberty to chose anything. They have to take good quality trade and wait for it sticking to their system until opportunity arrives. Else they will wipe out account soon because they put high risk to compensate for the less number of trade they take.

So you can see each style has its own strength and weakness. Now the real question is what is your risk appetite and what is your patience level to stick to your system. By answering this you can find out about your trading approach.

If you find your approach as a manual trader, then there is nothing more to learn here. you just need to practice more. May b a semi automatic system can be used to close your trade in case of sudden move.

But if you want to be automatic trader you need these key ingredients in your system to make it profitable.
1. Consistency - Your system should be consistently making profit if you do a deep back testing for at least 10 years.
2. Adaptability to a situation - A single approach will never work unless you are a god, so you must develop a A->B->C->A loop system. Where you will have at least three kind of approach for each situation i.e for trending market, for ranging market and the third situation is when you are wrong.
Your system should start with either A or B i.e either with a trending or ranging concept. If you get profit its good, but on case of opposite move the system should automatically be able co convert the open trade in such a fashion that it will become from a trending type of trade to ranging type of trade or vice versa.
While you are in trans state if still the situation seems critical, the system should move to the third phase to close with as little loss as possible. This is called three phase trading system. (details about three phase trading system in nest post)
3. Business approach - As a business man always knows it maximum risk before making any deal, your automated system should always remember your maximum risk.

To learn how to code your system properly or how to generate code as per requirement, you need to go through this thread from the first post.

Three Phase Trading Approach

This is a approach I used while i built my automated system. Definitely you cannot generate the entire code directly from EA Builder but i generated three separate codes and merged the required code manually.

To illustrate this approach let me take an simple example. Do not misunderstand the example as any real system.
First is your signal generator: Let take stochastic as your signal generator. (Generate sell above 80 and buy below 20)
To get either to trade as a trend or range lets analyse last 3 price during oversold and 3 price during overbought. If for each over bought the price is increasing more then it can be a potential up trend.
If the price is decreasing every time a oversold occur then it can be a potential down trend.
In any other case both side is equally active so an range.

Let assume we find potential up trend is in place. So the next time price comes to oversold we buy. (lets call this is Phase "A")
If we make profit its good and repeat the process from start.
If it is in a range we either buy or sell depending on overbought or oversold condition. (let call this phase "A" again)
If we make profit we close and start from beginning.

If our phase "A" trade did not work out and we gain reach an overbought or oversold condition and we are not in a profit, then we enter phase "B". What we do is take a nullifying trade slightly larger than the first trade. A nullifying trade is a trade where we open both buy and sell at same time of equal value.

For example if the first trade was a buy trade of 1 lot then then next nullifying trade will be a buy and a sell of 1.5(vary for your choice) lot each.
In phase "B" we have 3 trade running.

If now the trade move back in our original direction we end up with more buy trade then sell trade and close all trades with profit.

If we still move in the opposite direction, then after certain distance the first buy trade and the sell trade from nullifying trade will still make a small on combination and we close only them(one buy and one sell) leaving the buy trade from the first nullifying trade open. Now we can check if our intended risk is reached or not. If we still have amount to risk, then we can again start an new nullifying trade and repeat phase "B" again.

If risk is reached, we can move to phase "C" where we put the stop loss to the one open trade and wait for it to make any move in your original intended direction. As it make some move, it need not to make profit of it own. You already made some profit. Now when it reaches any overbought or oversold area you calculate if the loss is less then the small profit made in the last close of phase"B" if we are still in minute profit close the trade and start everything from beginning.
If we are still in loss combining the previous profit, then, move the stop loss to half of the distance it moved and continue with phase "C".

This is how you maximize the profit and minimize the losses and make a automated system successful.

The signal generator need not be stochastic only, it can be anything you are comfortable with. Either crossover of MAs or RSI or any thing which you already use to produce your trading signal.

If you have any doubt regarding any development process, go through the entire thread. If still you could not understand, post your doubt. But please do not ask me me to code for you. You need to do it yourself.