1. Introductions
Today, using details and dealing systems has become a de facto
requirement for successful dealing in the marketplaces. Their advantages as
compared to conventional dealing systems consist of, for example, an unrivaled
speed of managing and shipping of details to end customers, the level of
incorporation with data providers, and a range of built-in specialized analysis
equipment.
At the same interval, an buyer starting an consideration with a
agent basically cannot at the same time manage the real-time analysis and
business in more than 4-6 economical equipment in several marketplaces 24 hours
7 days a week. This results in the need to employ automatic dealing strategies
in the form of playback atmosphere with customer and hosting server areas and
the applications to management these techniques (scripts).
2. Relative Research into the Problem Area
Various application elements accept the whole target industry of
the market-from statistics and predicting to complicated business and
administration. The elements of a dealing foundation provide its
clients-brokers, traders, investors, economical experts and advisors-just the
service they need at the very moment they need it, from immediate
round-the-clock access to details of concern through mobile phones, to
multi-move dealing functions in the significant customer terminal.
The application industry provides a great many of details and
dealing systems that change, first of all, in the performance of the consumer
and hosting server areas, and the list of services offered by the economical
company once an consideration has been started out. However, only a relatively
variety of applications consist of the elements that improve dealing.
2.1. MetaTrader4-based Solutions
One of the most widely used business foundation items appear to be
MetaTrader4, designed by MetaQuotes Software Corporat?on for Foreign exchange
industry dealing. The foundation includes a growth atmosphere (IDE) MetaEd?tor,
suitable for composing applications in a coding language known as MetaQuotes
Language, or MQL4 for brief. The language's format is with regards to the
traditional C language format, and the flow sense has not been significantly
modified since the past edition of the foundation that used MQL II as the
coding language. The new computerized business structure is, undoubtedly, an
progress of the past one. Both dialects function excellent performance, with an
the best possible set of built-in dealing and application features which is
quite sufficient to apply the primary functions, and a ability to determine
custom features to help apply non-standard ideas.
From the coding perspective, MQL4 is much more convenient that its
predecessor; this language is more focused at expert developers, while MQL II,
in my opinion, will rather suit specialists wanting to build dealing
applications (or dealing experts, in the MetaQuotes terminology) of their own.
2.2. Ω Research-based Solutions
In the New World , many
organizations use the Ω Research foundation designed by TradeStation
Investments, Inc. This foundation has lengthy ago proven its value at the
globally industry, and to date professionals consider it to be the best program
for specialized analysis. The offered IDE known as Ω Research PowerEditor is
designed to make management applications in EasyLanguage (EL).
The language's big benefit that hits the eye is the easiness
(hence is the name) of putting buying and selling purchases. The corresponding
program guidelines can be published such as if we were developing the
transaction to our agent in the plain human language. In MQL4, for example,
putting in the transaction to open a position would include specifying about a
number of of various factors. In EasyLanguage, the same can be indicated in a
brief declaration using a few words. Dealing with specialized signs or symptoms
is about that easy, too. But don't drop under an illusion: when developing
these easy orders, language designers diminished the performance and limited
the possible ways of using a particular function, therefore effectively
starving the IDE customers of to be able to perfectly apply their own methods.
TradeStation decided not to make complete collections of built-in
dealing and application features but to limit to only an essential set. As the
foundation modern, the variety of features published by both in-house and
third-party designers matured, and TradeStation basically included them as
user-defined features into the database of its applications. As a result, the
performance offered to customers is not in the least scarcer than that of
MetaQuotes product.
PowerEditor provides a built-in thesaurus that lets individual
search and get help on the available features. Another handy device value
referring to is the technique designer. Using the technique designer, the
individual can easily make a primary formula for his or her dealing program,
and then change and modify it as necessary.
EasyLanguage is an old-timer and innovator in the area of
developing computerized dealing strategies for the currency marketplaces. It
was the base for the growth of MQL II. EasyLanguage will be the best choice for
developers, but still a better one for specialists more focused at assessing
the industry than dealing.
2.3. ProTrader-based Solutions
Professional specialists can choose the ProTrader2 or ProTraderFX
foundation as their operating device, with regards to the form of the
economical market-stock or Currency trading, respectively. The two systems are
designed and reinforced by PFSoft LLC. While presenting the specially designed
ProTrader Language (PTL), the offered IDE named PTL Builder provides also to be
able to make applications in MQLII, MQL4 and EasyLanguage. For this, the
written text of the program is converted to a language-independent value.
Therefore, at playback it does not matter in which language the program was
published. This technological innovation does not only enable developing new
applications, but makes it possible to use easily the whole gathered collection
of applications that many experienced investors possess.
The main idea put into the new scripting language was to ensure
maximum stability and of a routine of the applications being run. The PTL
language is designed so as to reduce the possibility of making an error in the
written text of a visitor's script-the very dangerous factors will be
recognized even before the program is examined or released.
Regardless of the coding language chosen, the foundation works
with confirmed managed value while running the program. This
Microsoft-developed technological innovation enables proper managing of
mistakes that cannot be recognized before the program is run. This implies the
program will not fail and will not execute any unwanted functions that might be
due to critical mistakes or damage caused by another program, for which the
consideration owner would eventually have to pay.
The PTL Builder IDE will serve well both specialists and developers
thanks to its assistance of different coding dialects and offered resources
such as specialist and debugger.
2.4. Solution Comparison
The above IDEs have their specific function sets. The table below
provides a summary evaluation of the abilities offered by each.
3. Strategies for Creating Automated Trading Systems and
Suggestions for Using Them
It hardly needs referring to that selecting an details and dealing
foundation should be taken with all severity. For those who plan to use an
computerized application program in their business, below are some factors I
would suggest considering, according to my knowledge.
3.1. Buying a Working Environment
First of all, determine the form of projects the computerized
application program is to execute. These could be:
Actual trading: buying and selling roles in selected
instrument(s).
Secondary support-type features. These could consist of putting
safety purchases, developing and submitting out reviews of announcements.
Analyzing the industry with different specialized analysis
resources using your own formula.
Now, after you have analyzed individual comments on the Internet
and perhaps discussed your agent, proceed to getting the feel of the items
offered. I strongly motivate you not to just have a quick look, but to analyze
the program for a day of two, fortunately, most of the large organizations will
let you sign up for a trial consideration for examining. Pay attention to both
the convenience of the IDE and the resources that go with it, and to stability
and security of the management applications created with the IDE.
3.2. Making a Control Program
If you are planning to make your own applications, take plenty of
a chance to study the certification for the coding language and the IDE.
Naturally, for an computerized application program to be professionally
structured, the applications should be published by qualified professionals in
the area of coding and finance. In case you wish to use one of the traditional
applications, keep in mind that most of them are of trial, display nature. They
are excellent for examining the computerized application program or to be used
as a base for your own applications, but as self-sustaining, ready-to-use
alternatives they are of little utilize.
If you decide to use applications published by third-party
designers, keep in mind that excellent alternatives will have to be paid for.
The cost of one modern technique ranges between $300 and $500, but the cost for
fine-tuned strategies that use modern statistical and economic techniques and
especially for champions and runners-up of computerized dealing tournament may
surpass $1,000.
3.3. Testing Scripts
When using an computerized application program, always analyze
your applications. The procedure can be as follows:
1. Test the program in a program specialist (if such ability is
available in your IDE) several times, different the data interval, the device
being exchanged, and the program configurations. Try to model the conditions
near to the real state of the industry.
2. Test the program in a trial consideration (if such an chance is
available). At this level, you should let the program run for a completely
interval of your energy and energy (it is determined by the interval of the
chart). Do not stop the analyze if the program has at once produced a big gain
or a big loss. The effectiveness of the program can only be approximated after
it has worked for a significant interval.
3. Run the program in the live consideration. At this level, it is
not advisable to intervene with the script-for example, near the roles it has
started out or change their settings-or you can irritated the internal sense of
the program.
3.4. How Not to Fall Victim to Techniques When Buying a Script
Remember that there are no absolutely perfect advisors. So, do not
let them offer you the Brooklyn
Bridge
Usually, program distributors explain their items with the
outcomes of their own examining. In most cases, however, such outcomes are very
angled. Understand that examining should always be performed on several
backgrounds, or you can basically modify to one history fragment and show
sky-high outcomes. In accordance with the NFL theorem, it is fair to say that
it is impossible to make a program that would the best of all those current, in
all equipment.
Some expert developers use modern statistical resources to endow
their applications with synthetic intelligence-neural networks, predicting and
transformative methods are no longer unexpected. I would not suggest
overestimating such systems-complex predicting methods are very delicate to
mistakes and parameter configurations, while easy systems are not of much help
to the consultant when it comes to generating business alerts, and can only be
used to raise the cost of the program.
4. Conclusion
In this article, I neither discuss any coding rules for developing
the experts, nor the details of composing applications in a particular
language. On these topics, there are whole books published as well as a variety
of articles. My aim was to present several factors which I think to be quite
essential but which have not been completely covered in current guides.
So, are computerized dealing strategies your best friend or enemy?
When used carefully and without quick conclusions, an computerized application
program can assist in the economical expert's work and bring in certain income.
But when used wrongly, incompletely examined, or having configurations modified
frequently, the computerized application program can lose the money you trust
to it.
Remember that an computerized application program is not going to
do your job for you without any effort on your part. Use it to fix your current
problems and not add new ones.
5. References
1. MetaQuotes — designer of MetaTrader, MQL2 and MQL4
2. TradeStation — designers of TradeStation and EasyLanguage
3. PFSoft — designers of ProTraderFX, ProTrader2 and
ProTraderLanguage
