Forex Trading Tools (+)

Building Customized Indicators or EAs for Trading the Global Markets

 

There are many different ways to trade Forex currencies and CFDs. This article involves the development of customized automated strategies without the need for programming skills. These strategies can either be applied:

(i) manually, via the use of a custom indicator (Signals Machine)

(ii) automatically, via the use of an Expert Advisor (EA)

 

How to Create a Customized Indicator or an Expert Advisor (Robot) for Trading the Global Markets

An easy tool for the creation of custom trading strategies is the web app ExpertAdvisor Builder. This app requires no installation, and no programming skills, and it is free for creating indicators. If you want to build Expert Advisors (robots) you have to pay a one-time fee.

Note: The web application can be used for creating EAs or indicators for MT4, MT5, and Tradestation to trade Forex and CFDs.

 

(i) Creating Custom Indicators and Expert Advisors

 

Trading the global markets by using your customized indicators can lead to the creation of a complete trading system. To create a trading system you will also need some trading rules and a money management system.

The web app ExpertAdvisor Builder offers an extremely easy-to-use interface for creating indicators and you can use it for free. You can create an indicator based on tens of different variables and even create an extremely helpful alert system.

Example

In the following example, we are going to create signals based on MACD (12,26,9)

• A popular bullish/bearish indication is when the MACD signal line crosses above or below the MACD baseline in the H1/H4/D1 timeframes. Therefore, we are going to build an indicator that will alert us only when these particular conditions are met.

In the following image, you can see how easy it gets to create those conditions (1,2,3).

To create signals for both bullish and bearish markets based on MACD conditions you just have to create two different indicators. You can build much more sophisticated indicators by combining more complex conditions.

» Expert Advisor Builder Website (register for free)

Requirements

The only requirement to create and use your new indicator is to have the MT4 platform installed in your PC. You can do that by opening a simple demo account with a Forex Broker, or you can open a real account and never fund it. So you can use the MT4 platform for free.

Choose any broker just for download and use the MT4 platform:

» Download MT4 from IC MARKETS

» Download MT4 from RoboForex

Read more: Creating Trading Robots