What is MQL4? The Benefits of Learning MQL4 Programming

What is MQL4? In the complex and risky world of financial markets, the ability to optimize trading performance is the decisive factor between success and failure. With the continuous development of technology, automated programming is becoming a powerful tool. Among them, MQL4 cannot be overlooked. So what is MQL4? Let’s explore in detail with Tipstrade.org in the article below.

What is MQL4?

What is MQL4? MQL4 stands for MetaQuotes Language 4, which is integrated into the MetaTrader 4 trading platform. MQL4 means MQL version 4, used to create custom programs and functions for MT4.

Programming languages serve as a bridge between you and the computer, helping you use the computer to perform specific tasks through lines of code.

MQL4 was introduced alongside the first version of MetaTrader 4 around 2005 and has undergone multiple updates. A significant update took place in 2014, bringing many new features as well as improvements in performance and security. These enhancements strengthened MQL4 and brought it closer to the more advanced MQL5 version.

>>Access the official MQL4 website here.

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Website structure and MQL4 file extension

To easily get acquainted with the MQL4 programming software, let’s take a detailed look at the structure of the website and the MQL4 file extension:

The website structure of MQL4

The website structure of MQL4 currently includes the following sections:

Home: This is where you can find the latest news, forum articles, and newly posted programs.
Documentation: All language functions, syntax, and usage examples are described in detail. You can discuss and share topics in this section.
MQL4 Code Base: Stores various programs such as Expert Advisors, indicators, scripts, and libraries. After registering, you can share your developments. You can also discuss different programs here. All programs published in this section are available for download.
Articles: This section contains a library of articles on various topics, from technology to algorithms and how to use the program.
Freelance: If you are knowledgeable about MQL4 and trading in the financial markets, you can participate in automated trading projects.
Market: Here, you can find many applications for MetaTrader 4 that help traders focus on more important tasks.
Signals: You can choose trading signals and subscribe to follow them. Even sell signals from your trading system.
Forum: A place to discuss issues related to the development and use of mechanical trading systems and programs written in MQL4. You can exchange experiences and get help from the community.

File extension MQL4

MQL4 files have the following extensions:

.mq4: A source file in text format that contains all the instructions to be executed. You can open it with MetaEditor or any text editor. However, before running it in MetaTrader, the file must be compiled.
.ex4: This is the compiled version of the .mq4 file and represents the actual program that can run in MetaTrader. You cannot open it with any software other than MetaTrader. If you purchase an indicator or Expert Advisor, you will most likely receive it in the .ex4 format.
.mqh: These are library files that contain additional functions you can include and use in your program. Similar to .mq4 files, you can open them with MetaEditor or any text editing software.

MQL4 programming uses a syntax similar to C++/C#/C/Java. Therefore, if you are familiar with these languages, learning how to use MQL4 will not take much time.

7 things you can do with Metaquotes Language 4

MQL4 is a powerful tool with the potential to enhance your trading capabilities if used correctly. Here are 7 things you can do with MQL4:

Perform operations such as calculating position size for risk parameters.
Calculate stop-loss levels and profit targets.
Open and close trading orders.
Send notifications to the screen or via email address.
Create log files and reports.
Create custom indicators.
Automate transactions, allowing computers to execute trades without your interaction.

Thus, it can be seen that MQL4 provides you with a range of powerful tools. Learning this language will help you make the most of these abilities.

Things you can do with Metaquotes Language 4

Data type of MQL4 language

In MQL4 programming, there is no specific data type reserved exclusively for price data. Handling different data types often results in varying processing speeds. Integer data is usually processed the fastest.

Processing price data that involves decimal values requires the use of a special processor, which may be slightly slower. String data is generally processed the slowest due to dynamic memory allocation and deallocation.

The basic data types in MQL4 include:

Integers: char, short, int, long, uchar, ushort, uint, ulong
Logical values: bool
Special characters: literals
Strings
Floating-point numbers: double, float
Colors
Date and time
Enumerations: enum

Complex data types include:

Structures
Classes

So, why should you learn MQL4?

As analyzed above, you can see many benefits that MQL4 brings. Therefore, learning MetaQuotes Language 4 will be very helpful for you.

The importance and benefits of MetaQuotes Language 4

The importance and benefits of MetaQuotes Language 4 (MQL4) are undeniable in the field of trading and developing automated trading systems. Below are some key points:

More efficient: Algorithmic trading can execute orders at high speeds. Much faster than a human trader could.
More precisely: The computer will follow instructions exactly, ensuring commands are executed as intended without being influenced by emotions.
Reduce costs: Automated transactions are often less expensive because they require less human intervention.
Scalability: Algorithmic trading systems can monitor and trade multiple currency pairs and strategies simultaneously.
Can be backtested: Traders can use historical data to test and refine trading strategies before deploying them.
Flexibility: MQL4 allows traders to write custom programs entirely according to their individual needs and trading strategies.
Integration capabilities: MQL4 integrates seamlessly with the MetaTrader 4 platform, one of the most popular trading platforms in the world.
Community support: There is a thriving and large user community that provides rich documentation, support, and experience sharing.
Optimize strategies: MQL4 provides tools to optimize trading strategies, helping traders find the best setups for specific market conditions.

Make good use of both automated and manual trading

Leveraging both automated and manual trading in MQL4 offers numerous valuable benefits to traders. Here’s how MQL4 can leverage both methods:

Automated Trading:

MQL4 allows you to write automated trading programs, EAs. It brings speed and convenience. You can use it to trade even when you’re not present to monitor the charts. You can still make a profit while doing other jobs. Additionally, it helps you eliminate emotional factors in trading. However, automated trading does not allow you to have complete control over your trading account.

Manual Trading:

MQL4 also allows traders to execute manual trades by interacting directly with the MetaTrader 4 interface. Traders can trade based on their own judgment and experience. The main advantage of this method is complete control over the orders. Helping you understand market conditions and choose currency pairs that align with your strategy.

Make good use of both automated and manual trading

With MQL4 programming, you can combine both methods to optimize trading performance. Traders can use EAs to execute trades automatically based on specific rules. At that time, you would still maintain a role in overall management and handle manual transactions in special or infrequent situations.

By combining these, traders can optimize trading performance while maintaining control over risk. The ability to switch flexibly between automated and manual trading allows for adaptation to different market conditions.

Overview of Expert Advisors (EA) in MQL4

Expert Advisors (EA) in MQL4 are programs written in the MQL4 programming language to perform automated trading on the MetaTrader 4 trading platform. Below is an overview structure of Expert Advisors in MQL4:

Declaring variables and constants: We declare the variables and constants that will be used in the program. This declaration helps you avoid modifying the program’s source code while still easily changing their values.
OnInit() function: This function is called when the Expert Advisor (EA) is loaded onto the MT4 chart. Here, we can set the initial settings for the EA, such as trading time, lot size, trading fees, etc.
OnTick() Function: The OnTick() function is triggered every time a new value from the currency pair updates on the chart. In this function, we will check the conditions for opening or closing trading orders.
Function to open orders: In this section, we define the functions used to open trading positions.
Close Order Functions: This section defines functions for closing trading positions.
Calculation Functions: Here, we define functions to calculate the necessary parameters for trading positions, such as average price, volatility range, standard deviation, and other technical indicators.
Currency Management Functions: Finally, in this section, we will define functions for managing currency and transaction risk. This includes calculating lot sizes based on capital ratio and managing risk by setting reasonable Stop Losses.

Final thoughts

In summary, applying MQL4 to trading is not just about programming. It is also an important step towards becoming a smart and successful trader. Above are all the details about “What is MQL4” that Tipstrade.org shared, hoping it will be helpful for you. Please apply it today. Wishing you success in your trades!

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