Developing an Expert Advisor (EA) in MQL4 involves a structured approach. While diving straight into coding might be tempting, careful planning ensures your EA operates correctly and fulfills its intended purpose.
Before any code is written, define your trading strategy. Understand its rules, conditions, and criteria. Answer questions like:
Decompose your trading strategy into manageable parts:
Pseudocode is a method to outline your algorithm in human-readable terms. This step helps visualize the EA's logic without the distraction of syntax.
Decide on variables the user can change (external) and those that remain constant throughout the EA's operation (internal). Examples include:
Before coding, test your strategy manually on historical data. This step gives you insights into its potential efficacy and areas for improvement.
Determine how your EA will handle errors. Will it stop trading? Will it send notifications? Planning for these contingencies is essential for smooth EA operation.
Proper planning and structuring are the foundation of a successful EA. By thoroughly outlining your strategy, breaking it into components, and preparing for all contingencies, you set the stage for a well-functioning and effective Expert Advisor.
NEXT UP: Coding Testing and Debugging your EA