Meta Trader, the world’s best trading software, is well known for its superior indicators and auto traders. If you are looking to generate signals, you can use a mix of both to generate high quality signals for no cost.
Why create signals with Meta Trader?
There are a number of reasons why you should use Meta Trader to create signals for your trading:
1) Signals with Meta Trader are almost free
With Meta Trader, you do not have to pay a signal provider to create signals for you. While you do need a connection provider that connects Meta Trader to your account with a binary broker, these providers cost only a fraction of what signal providers cost. While signal providers can charge you up to several hundred dollars each month, connection providers often come for a onetime payment of under $100.
2) You control your signals
Often, signal providers leave you in the dark on how they create their signals. Therefore, you are at their whim: As long as your signal provider delivers high quality signals, you can make money. If your signal provider’s quality is declining, however, you will start losing money.
The tricky thing is that your signal provider’s quality will only be apparent in hindsight. This means, until you realize that you are trading bad signals, you will already have lost money with them.
With Meta Trader, on the other hand, you always know how your signals are created. Whether you are using a downloaded expert advisor or a program you have written yourself – the source file of the program tells you exactly how a signal is created. Therefore, you can easily judge the signals quality.
To know whether you can trust your signals, simply take a look into the source file and analyze the strategy of your signal creator. If you like it – great. If you do not like it, you can either adjust it or throw it out completely.
3) Meta Trader can create signals for every strategy
With signal providers, you have to take what they give you. In terms of strategy that is usually not the most innovative of concepts. If you are looking for signals created by a more advanced trading strategy or if you want to create signals according to your own personalized strategy, signal providers cannot help you.
Meta Trader solves this problem. Meta Trader’s editor is easy to use and enables you to create any kind of signal you want. If you do not want to program your signals yourself, there is an active online community that provides programs for all kinds of strategies and purposes. There, you are sure find the ideal signal for you, too.
How to generate signals with Meta Trader
In general you can generate signals with Meta Trader in two ways:
a) Create signals manually
Meta Trader offers a large number of indicators you can draw right into your price chart. You can use these indicators to define a strategy and monitor the chart manually. For example, you can create a trading signal by using a crossover of two moving averages. Depending on the time frame of your chart, you should switch through the assets you are monitoring with every new period and determine whether a trading signal was generated. Of course, this way of creating signals requires some work and your constant attention.
b) Create signals using a program (expert advisor)
Meta Trader enables you to write programs called expert advisors that can handle a part or all of your trading. To save time and optimize the signal generation process, you can write a simple little program that alerts you as soon as an asset has created a trading signal. In these programs, you can use any indicator and any strategy you like to generate a signal. Often, the process of defining your strategy into clearly defined rules Meta Trader can follow also helps you to perfect your trading strategy.
Writing an expert advisor does not require a lot of programming skill and time, as Meta Trader’s editor is easy to use. Once you know what to do, you can write a signal program in 15 minutes or less. Later, you can turn your signal program into an auto trader by including a function that automatically executes a trade once a signal is created. Such an auto trader can further help you optimize your trading process and therefore make you more money.