Review of the robot constructor System Creator for MT4. Part 1
In the previous part, you learned how to install the constructor of advisors for MT4 and its interface. In this section, we will pay attention to its functionality and preparatory setting of parameters.
Website builder for MT4 System Creator
Step 1. Loading quotes. When the program is launched, an offer to download quotes appears automatically. If you rejected it, you can start it again through the “Historic Center” menu. If this menu is not there (bug), then click “Market / Download archived data”. The efficiency of the robot on a real account depends on the accuracy of the rates (the presence of gaps in the dates, deviations from real quotes).
Quotes download options:
- Loading data. Fast loading of quotes from the creators of the constructor. Quotes do not differ in high accuracy, therefore this option is suitable only for simplified testing of the functionality of the website builder for MT4.
- JForex. Dukascopy quotes (broker, liquidity and data provider). The manual says that these quotes are the most detailed. Whether this is true or advertising is a difficult question.
- MT4. Quotes are loaded from MT4 if you have previously uploaded them there. First of all, the EA will be tested on your broker’s MT4. Therefore, it would be logical to generate an algorithm based on its quotes.
Limit on the number of bars – 1 million
In the constructor of Expert Advisors for MT4, the code is open. To create a basic version of the robot in accordance with the constructor’s algorithms, knowledge of the code is not required. But if you have ready-made templates, scripts, you want to modify the code, then with knowledge of the MQL language, you can make edits in System Creator.
Step 2. Account setup…
- Creating a new profile… Choose “Account / Account Settings”. Follow the arrows in the screenshot below and enter its name.
Now when you return to the Home tab, your created profile will appear in the Active Mode drop-down list. The creation of several profiles is necessary to develop strategies with a radically opposite mechanism of work.
1.2. “Backtester”… The first option activates the function of closing positions by margin call – the maximum approximation to the conditions of the real market. The second activates the function of testing data at shorter intervals. For example, for tactics on M30, the quotes of the M1 interval will be used. We activate both options.
1.3. “Balance / Capital Chart”… The first option activates the graphical display of equity separately for buy and sell positions in addition to the main deposit curve. In a balanced strategy, these numbers should not differ significantly. Therefore, a check mark is desirable. The second option is to display the price line equity (based on closing prices) on the chart.
- “Program” and “Network”… Changing the auxiliary functions is at the discretion of the trader.
- Creating a data source…
This subsection refers to the download of quotes. If you have an archive of quotes, you can specify the path to it here. Or use what the constructor of advisors for MT4 offers by default.
- Account setup… Go to the account menu. Important! In the window “Active mode” again you need to select the profile you created.
Here you can specify the account currency, leverage, deposit amount, etc. All options are intuitive. Be sure to click the “Update” button – this will automatically download the current exchange rates.
Here you can set the parameters taken from the broker’s trading conditions: minimum lot size, 4 or 5-digit quotes, theoretical slippage, swap, etc. Each broker has different parameters. Therefore, the effectiveness of the advisor depends on how accurately they are indicated. True, this means that a robot created for a specific broker for another broker will need to be optimized. But now you know which parameters should be changed and where.
- Data horizon… Here you enter the number of history candles participating in testing. You can also select a time zone. For example, test a strategy during the US mortgage crisis. The limit is up to 50 thousand candles and up to 100 thousand ticks inside the candles.
- Custom code…
Auxiliary tab – gives the trader access to the toolkit of the developers’ site. Click Go to Indicators Forum.
You will be automatically redirected to the website of the creators of the designer, where in the sections indicated on the screen you will find unique strategies and indicators that are not in MT4. They can be added via the “Open Indicators folder” field in System Creator and build something of your own on their basis. Or optimize ready-made templates by changing the introductory settings. Indicators downloaded from the site are copied to the “User Files / Indicators” directory of the constructor.
Description of constructor folders:
- Code – auxiliary constructor files that appear as advisors are created. It is of no interest to a trader.
- Data – directory for the history of quotes. Here they appear automatically when you upload data.
- Indicators – directory for indicators. They are added to System Creator in the same way as in MT4. The principle is similar.
- Libraries – directory for ready-made strategies.
- Logs – history of work with the constructor (log).
- MT4 Files is a script that allows you to run an Expert Advisor on MT4 from System Creator. Activation: “Trade / Start Installation Bridge”.
Here you can set the limits of the advisor’s work by backtest parameters. As soon as the effectiveness of open trades goes beyond the specified limits, the advisor stops. To some extent, this tab can be called risk limitation settings.
In the next review, we will go directly to the process of creating a strategy on the basis of which the EA will be built.