Lesson 1: Introduction to MetaEditor 5 – The Tool for Writing MT5 Robots

MetaTrader 5 is a widely used trading platform in the financial industry. In this article, we provide a comprehensive and objective review of MetaTrader 5, focusing on its features, pricing options, and overall value proposition. Our goal is to offer an unbiased assessment to help traders make informed decisions about whether MetaTrader 5 is the right choice for their trading activities. By examining the platform’s functionality, strengths, and limitations, we aim to deliver valuable insights that allow traders to evaluate MetaTrader 5 effectively. Let’s dive into the details of MetaTrader 5 and thoroughly assess its capabilities as a trading platform.

What is MetaTrader 5?

MetaTrader 5, commonly abbreviated as MT5, is a popular trading platform used by traders in financial markets. It is a powerful and comprehensive software designed to facilitate online trading of various financial instruments such as stocks, currencies (forex), commodities, and derivatives. Introduction to MetaEditor 5 provides traders with advanced charting tools, technical analysis indicators, algorithmic trading capabilities, and multiple order types for executing trades. It also offers features such as backtesting, market analysis, and real-time news updates. MetaTrader 5 is available on desktop, web browsers, and mobile devices, providing traders with flexibility and accessibility in their trading operations.

Features of MetaTrader 5

MetaEditor 5 is a software tool developed by MetaQuotes for editing the source code of automated trading programs (Expert Advisors), indicators, and scripts on the MetaTrader 5 (MT5) platform. Below are some key highlights of MetaEditor 5:

• Source Code Editing: MetaEditor 5 allows users to write and edit source code for automated trading programs and indicators using the MQL5 programming language.
• Integration with MT5: MetaEditor 5 is directly integrated with the MT5 trading platform, enabling users to easily create, modify, and test their trading programs.
• Code Debugging: MetaEditor 5 provides tools for debugging and error-checking source code, helping users identify and fix issues efficiently.
• Built-in Code Assistance: Users can utilize features such as code auto-completion, syntax suggestions, and function/tooltips support for MQL5 programming.
• Project Management: MetaEditor 5 offers project management tools that help users organize files, programs, and related resources in a structured and accessible manner.
• Version History Storage: MetaEditor 5 allows for version history storage, enabling users to track and manage changes to their code easily.

Guide to Using MetaEditor 5 for Writing Code

Below is a basic guide on how to use MetaEditor 5 to write source code for automated trading programs on the MT5 platform:

1. Open MetaEditor 5:

Launch MetaEditor 5 by opening it from the MetaTrader 5 trading platform or from the installation directory on your computer.

2. Create a New Program:

• Select File > New or press Ctrl + N to create a new program.
• Choose the type of program you want to create, such as Expert Advisor (EA), Indicator, Script, or Custom Indicator.
• Click NEXT repeatedly until the setup is complete.

3. Write the Source Code:

• Use the MQL5 programming language to write the source code for your program.
• Add the necessary functions and structures, build trading logic, manage positions, and handle events.

4. Debug and Test the Code:

• Use MetaEditor’s debugging tools to check for errors and fix issues in the code.
• Utilize the Strategy Tester feature in MetaTrader 5 to test the program’s performance using historical data.

5. Save and Compile the Program:

• Once you finish coding, select File > Save to save the program.
• Click Build or press F7 to compile the program into an executable file (.ex5).

6. Run the Program on MetaTrader 5:

• Copy the .ex5 file to the corresponding directory:
  • \MQL5\Experts (for Expert Advisors)
  • \MQL5\Indicators (for Indicators)
• Restart or refresh MetaTrader 5 and select the automated trading program from the Navigator to use it.

Features in MetaEditor 5

Introduction to the OnInit() Function

1. The OnInit() function is a part of every MT5 program, and it is executed only once when the program starts.
2. Definition: The OnInit() function is defined as follows:

void OnInit()
{
// Initialization and configuration commands
}

3. Purpose:
   • Initialize variables, objects, and initial settings for the program.
   • Set up trading parameters, such as lot size, stop-loss, take-profit, etc.
   • Create and configure technical indicators, calculation functions, etc.
   • Register events or load necessary data for analysis.

Introduction to the OnDeinit() Function

The OnDeinit() function is a part of every MT5 program, and it is executed only once when the program ends.

1. Definition: The OnDeinit() function is defined as follows:

void OnDeinit(const int reason)
{
// Cleanup tasks and memory deallocation
}

3. Purpose:
   • Memory deallocation: Ensure all variables and objects are released and memory is reclaimed.
   • Data storage: Save data or update the database before the program ends.
   • Logging: Record important information or errors before the program ends.
   • Resource cleanup: Close database connections, stop threads or sub-processes, etc.

Introduction to the OnTick() Function

1. The OnTick() function is one of the main functions of every MT5 program, and it is called whenever a new tick is received from the market.
2. Definition: The OnTick() function is defined as follows:

void OnTick()
{
// Commands to execute when a new tick arrives
}

3. Execution: The OnTick() function executes a series of commands defined by the coder. These commands typically include market condition checks, trading decisions, managing current positions, and updating data or charts.
4. Condition Checks: In the OnTick() function, the coder often checks market conditions using technical indicators, price data, or other logical conditions.
5. Position Management: Based on the results of condition checks, the OnTick() function may decide to open, close, or modify current trading positions.
6. Data Updates: Additionally, the OnTick() function can be used to update data, draw charts, or display information on the user interface.
7. Fast Execution: Since the OnTick() function is called whenever a new tick arrives, the commands inside it need to be executed quickly and efficiently to avoid missing trading opportunities.

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