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Hi All. I have grown very comfortable using thinkscript to create strategies that accurately track what I am thinking about where my entry or exit should be, but unfortunately thinkorswim does not support autotrading. My question then is whether someone could direct me to any resources that would assist in getting a thinkscript strategy into an MT4 EA. I also rely heavily on range or renko bars for my strategy. If someone is willing to do the coding I am more than happy to share the strategy code here. I am trying to take emotion out of my trading and feel this would help tremendously. Thank you in advance!
Can you help answer these questions from other members on NexusFi?
Hi. I do MT4 development since 9 years and I have not yet seen such resources. While there are tons of free MT4 related materials available finding a good MT4 developer will be very difficult. The typical MetaTrader user is a script kid and not a developer, such is the quality of code you can expect. This is true for most paid services including MetaQuotes own job service (never even consider it, not even in your dreams). Finding someone who also has ToS experience is probably an even more difficult task. I don't.
I would recommend to make your mind up about your exact requirements and post those here. Later you can add your system idea (no need to post every detail). But first you need to decide whether the EA should work fully or semi-automated or if it should just support your discretionary trading. Its design depends a lot on this, full automation requires a different development approach than semi-automation.
You will need to rent a VPS. Again, what MetaQuotes offers is a scam. What I already can tell you is that the EA will not be so much about trading. Full automation requires a challenging amount of runtime monitoring, error handling, logging and notification. Not sure if you are aware of this.
You will have to simulate virtual range bars in memory as MT4 doesn't support them from house. There are range/renko bar creators but I'm not sure if I would trust them if my own money is at risk. Depends on your strategy.
In general everything you can imagine is possible with MQL or the direct switch to C/C++. You might have a look at my Github repos to get an idea of what can be done.
Another piece of advice: If you start this here be ready to face plenty of nay-sayers and complainers. Unfortunately most people only repeat what they *believe to know* about retail trading with MetaTrader.
I assume that you are using exchange-traded products, and I think that MT5 would be better suited for that.
Not really sure the difference in coding between the two (MT4 and MT5), but MetaQutes launched MT5 for exchnage traded products. I hope this helps.
Matt Z
Optimus Futures
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Thank you so much for all this information. I will have to do a little more research as to what exactly I need done and how I can make it work. My main goal was to have a fully automated system that I would have running while I am at work during the day, and then shut it down and view the results when I get home at night. I have limited access to a computer at work and would not be able to monitor the platform for an extended period.
Do you have any advice on a platform that does offer default range /renko bars and also support auto trading? I currently trade through Oanda and they do have the Algo lab, but I have yet to look at that as they do not have range bars. My current set up I have is to load my strategy in Thinkorswim on one screen, and then have Oanda up for trading on the other.
- What instruments? I see currencies in your profile.
- What timeframe? If longer term (>= H1) for a futures beginner a reputable Metatrader broker with CFDs may be the better option.
- Are you able to enjoy a broker in the developed world (i.e. outside the US) or are you constrained to third-world limitations?
If possible stick with Metatrader whether its MT4 or 5. For automation it's at the moment the most stable and reliable in retail space. Don't limit yourself to renko. Your trade ideas will change over time. A broker you can trust is more important than a trade idea.
I primarily trade four Forex pairs, EUR/USD, GBP/USD, USD/JPY and USD/CAD.
My current timeframe is limited to trading from about 7am ET to 10:30am ET when I have to leave for work. I usually end up having to exit a trade due to having to leave for work or because target or stop loss was reached.
I unfortunately find myself stuck with US only brokers.
I have traded candles previously and just find the renko bars easier to read for major support/ resistance zones that I rely on. I do use the candles to find the price ation at these zones though.
I will be leaving for home shortly and post my strategy when I get there.
