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Books on MQL4 and MQL5 Programming Languages

The programming languages MQL4 and MQL5 were specifically developed to create automated trading systems, indicators, and scripts for the MetaTrader 4 and MetaTrader 5 trading platforms. With these languages, you can program complex trading strategies, perform backtests, and optimize your trading. However, to fully leverage the power of MQL4 and MQL5, a deep understanding is essential.

Whether you are a beginner or an experienced developer, our books provide valuable insights to elevate your knowledge to the next level.

Advantages of MQL4 and MQL5

  1. Automated Trading Strategies: With MQL4 and MQL5, you can fully automate your own trading strategies. This means that trades are executed automatically based on predefined rules, without the need for human intervention. This helps to remove emotions from the trading process and enables disciplined trading decisions.
  2. Indicators and Scripts: In addition to trading systems, you can also create custom indicators to better analyze the market. Customizable scripts allow you to automate routine tasks, such as closing positions or calculating specific metrics.
  3. Backtesting and Optimization: Both programming languages enable you to test your strategies on historical market data to evaluate their effectiveness. Optimization tools allow you to analyze various parameter combinations to identify the best trading settings.
  4. Flexibility and Adaptability: With a wide range of libraries, built-in functions, and a user-friendly development environment, both simple and complex trading strategies can be implemented.
  5. Free Development Environment: The MetaEditor, used for programming MQL4 and MQL5, is integrated into the MetaTrader platform and is free for all users. This eliminates the need for additional costs associated with development software.

Differences between MQL4 and MQL5

Event-driven Programming:

  • MQL4 is primarily focused on procedural programming. The main logic of most Expert Advisors is based on a simple tick event (OnTick), which is executed on every price change.
  • MQL5 supports a more comprehensive event processing, including OnStart, OnTrade, OnTimer, and many other events, enabling a more complex program structure.

Order Management:

  • In MQL4, all orders are managed separately (Order model), which makes executing multiple positions on the same symbol a bit more complicated.
  • MQL5, on the other hand, uses a Positions model, where all orders are consolidated into a single position, similar to other modern trading platforms.

Backtesting Speed and Precision:

  • MQL5 offers a significantly more advanced strategy tester that supports multi-threading and processing of multiple symbol data. This allows for faster and more precise backtests.
  • MQL4 is somewhat limited in this area and only works with basic data from a single symbol.

Programming Structure and Syntax:

  • MQL5 provides an object-oriented programming model with many additional features (e.g., classes, inheritance, extension methods), while MQL4 is primarily procedural.
  • This makes MQL5 more powerful and flexible, but it can be more challenging for beginners to get started with.

Trading Functions:

  • MQL5 offers a wider range of built-in trading functions, specifically designed for complex multi-asset and multi-timeframe strategies.

Select Your Preferred Language:

Learn automated trading and expand your programming skills with the best books on MQL4 and MQL5!