MQL5 Market for Buying Forex Robots and trading programs
The Market section on the MQL5.com portal is a new and unique feature from MetaQuotes Software corp. The MQL5 Programs is a collection of trading indicators, robots and expert advisors for the MetaTrader 5 trading platform. Traders can directly access this section of MQL5 Market from their MetaTrader 5 trading platform and can use both free and paid tools.
Traders would know how difficult it can be when trying out new products, especially automated trading systems. In most cases, when purchasing an Expert Advisor the only information available to the prospective buyer is the screenshots (which can easily be manipulated) and at times be able to view the account statement (which again can be manipulated).
The MQL5 programs market eliminates this by offering a transparent system for MetaTrader 5 users. In order to access these features, you must however have an account at MQL5.com. Click here to read our previous article about the MQL5 trading signals which also covers the topic of creating an account with MQL5.com.
Introduction to MQL5 Market
The market can be directly accessed from the MetaTrader 5 trading platform, which is one of the tabs near the ‘Toolbox’ section.
From here, you can view both free and paid tools from the market and also filter the results based on Most rated, ascending or descending order, and also select what type of tools you need. You can choose from any of the following categories:
Choosing and Installing an Expert Advisor
Let’s take an example of how you can choose and install an expert advisor from the MQL5 market. After filtering the type of tool you are looking for (in our example, we’ll choose ‘Experts‘) you can then choose between paid or free. For free experts, you can just double-click on the icon and view more details such as product description, user reviews and any supporting screenshots.
You can directly download the tools straight to your MetaTrader 5 and this eliminates the process of having to either copy/paste the code into your meta editor or having to shutdown/restart your terminal, which is common with MetaTrader 5 trading platform.
Once you download from the market, you can access them from the ‘Navigator’ window. If you want to use any of the ‘Paid’ programs, MQL5 allows you to demo the program before you purchase. All paid programs/tools have the ‘Download demo’ option. The demo option basically allows you to back test the program (in case of indicators or experts) by using the ‘strategy tester’ option.
Buying and Selling trading programs on MQL5 market
The MQL5 portal allows easy and transparent model for both buyers and sellers. For those who want to sell their indicators or EA’s (Expert Advisors) or any other utilities, the seller goes through strict checks including ID verification in order to stamp out any potential scams.
Furthermore, MQL5 also employs a strict policy for sellers in terms of fixing any errors or bugs that users might point out. This makes the seller of the program more responsible while ensuring that the products available via the MQL5 market are of high standards.
For buyers, you simply need to deposit funds to your MQL5.com account and use the credits to make purchases.
Overall, the MQL5 market makes for a very robust and secure marketplace. In terms of using the products, with MetaTrader 5 trading platform, traders can directly access the market from their trading platform; back test the indicators/experts without having to download/install/restart the trading terminal.
Registration to the MQL5.com portal is free and once you link your account, you can access a wide choice of trading tools to build up your trading arsenal.