MetaTrader 5 (and MetaTrader 4) by MetaQuotes Software corp. is one of the most popular trading platforms for forex, futures, equity and CFD trading. It’s offered by innumerable brokers to clients for its ease of use and adaptability. One of the greatest features of the MetaTrader platform is something many traders don’t even know about–the ability to create your own, or to use someone else’s, trading indicators. These pieces of software are created using the MQL5 programming language, which anyone can learn via the freely downloadable tutorials. You can also purchase a vast array other trader’s software via the MQL5 Market directly to your MetaTrader trading platform. Buy the software you like, or sell your software to help other as well as earn an additional stream of income. Here is how the MQL5 Market works.
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MQL5 Market Basics
To initiate yourself into the world of robots and custom indicators, open your MetaTrader 5 platform, and from the Tools menu select MetaQuotes Language Editor as shown in Figure 1. [VantgePointTrading does not endorse the use of trading robots, unless you build them yourself, know exactly how they work and monitor them while they are trading.]
Figure 1. Open the MetaQuotes Language Editor
Doing so opens up a new window. Along the left hand side you’ll see a list of available things to work on, such as Experts, Files, Indicators, Scripts and other folders.
Since your software already includes a whole host of indicators, which you’re actually able to customize and change using the Editor, click on the Indicators tab and then select one of the many indicators which are listed. This will produce a popup window giving you the programming code which fuels the indicator.
Figure 2. MetaEditor
If this is new to you, don’t be overwhelmed. Some people love programming and others hate it. If programming and being able to create and edit your own indicators and robots/expert advisors appeals to you, you can learn how to do it using the free downloadable MQL5 programming guides available here: MQL5 Docs.
If programming doesn’t interest you, you can still get new indicators and expert advisors which others have created. A huge assortment of software is available to help you with market timing, trade management, giving you trade signals and even trading for you. You can find loads of free software, as well as software you’ll have to pay for in the MQL5 Market.
Figure 3. MQL 5 Market Snapshot
Browse through the different categories to get a feel for the wide range of products available. This is useful for both potential buyers and sellers. Buyers benefit as they may see a product which will help them in their trading, and sellers may get ideas for new products which they can develop to help traders, creating an additional stream of income for themselves.
Becoming a Buyer
Anyone can buy products, you just need to register on the MQL5.com site. All transactions are secure and provide you with personal use of the product you purchase. You may not resell or distribute your purchase.
Sellers must pass a registration process where they provide their personal details to MetaQuotes Software corp. (but not made publicly available), helping to ensure sellers are responsible for the products they promote.
Demo versions of the software are available, which allow you to test out the product in the Strategy Tester portion of the MetaTrader 5 Platform.
The Strategy Tester results, along with the details and screenshots provided by the seller for the product should give you a good idea of how the product acts. If you have further questions, you can always leave a question for the seller on the product page; most sellers respond quickly.
Always remember though, no matter how good a product looks, past results (using historical data) do not necessarily indicate what your real-money results will be while using the product. While all software is tested to make sure it functions as stated, there is no guarantee that you’ll profit using the software you purchase.
Becoming a Seller
Once you’re registered on the MQL5.com site, start the seller application by clicking on the seller tab of your profile. Fill out your real personal information and also scan your personal identification documents–such as a passport or divers license (or company registration docs if applying as a company)–which will need to be uploaded to MetaQuotes Software corp. with your application.
After your information is reviewed and verified, usually 2 to 3 days, your registration is confirmed and you can start preparing products for publication.
To start a new product, click “Create New Product” where you can specify what type of product it is, it’s name and the fee you would like to charge. When you sell your products in the market place you’ll pay a 20% commission to MetaQuotes Software corp. Keep this in mind when setting your price.
Figure 4. Create New Product
You’ll then need to provide a logo for your product, a description and screenshots. If you’re satisfied with your product you can then submit it for review. It will be tested for functionality, and if any changes are required you’ll need to make revisions.
Once your product passes testing, it’s posted to the market and you can start making money (if you charge a fee).
For a full tutorial and step-by-step guide on selling, see the MQL5 article: How to Post a Product in the Market.
Rules: Keeping Buyers and Sellers Safe
MetaQuotes Software corp. attempts to provide both buyers and sellers with a safe environment to exchange trading MQL5 software. This is accomplished through a series of rules which all participants must play by.
While many are common sense, I will emphasize a few of the main points. Sellers are responsible for the products they sell, and must provide their personal information to MetaQuotes Software corp. (only your real name is published for others to see). Sellers are also required to make sure their product functions as stated. Sellers can sell their products free of charge (no listing fee), but when they make a sale MetaQuotes Software corp. will take a 20% commission of the sale price.
All products are tested to ensure they function, assuring that the buyer receives a working piece of software. Buyers are only buying the product for personal use on a single computer and cannot distribute or resell the product. There are no refunds, but if a product does not operate as stated, the seller is required to update the product to working condition.
See all the rules here.
Use someone’s else software at your own risk. This resource should primarily be used to look indicators that may aid your own trading. Don’t rely on indicators exclusively. They are just a tool to aid us in our own decision making. As for robots…I don’t know a single person who has made money consistently using them, but I know a lot of people who bought them. If you want to automate your own strategies, that is a different matter. I know quite a few people who have done that successfully, but they spent a lot of time constantly updating their programming and adapting it to current market conditions (something that doesn’t typically happen you buy software from someone else).
Whether you’re looking to find or create new indicators and experts advisors, the MQL5 Market is there for you. Talk with other traders and programmers via the MQL5 forum, learn the programming code, or browse through available products. There are loads of pieces software, many of them free, for you to check out or to provide you with inspiration for your next programming job.
If you are a using of the MQL5 Market, let us know about your experience via the comments below.
By Cory Mitchell, CMT
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