The main advantage of MT4 in comparison with other platforms is the ability to add custom indicators and advisors to the platform. You can find them online or create your own. Ideally, write the code or order its writing from freelancers on the MQL5 website. But the simplest trading systems can be created without knowing the code – using special constructors. Two such constructors have already been discussed in the Fxbotreview blog: System Creator and TSLAB. Visual Strategy Builder is another similar builder.
Visual Strategy Builder – an overview of the program for generating advisers
Visual Strategy Builder is a program that allows you to create Expert Advisors or implement ideas in the form of indicators. This is an independent resource, a ready-made advisor from which is downloaded in a format for MT4. The software is not a platform application. Initially, the program was conceived to automate the writing of custom indicators, but later the developers offered traders to practice in codeless development themselves.
Visual Strategy Builder is a software shell with a set of technical analysis tools. Its advantage is the ability to set the conditions for opening a deal in the indicators and place orders. In MT4, stop loss and take profit have to be set when opening an order, here this function is included in the indicator settings. There are several options to choose from as signals: crossing levels, conditions for placing indicator lines relative to each other, etc. For example, it takes 5-7 minutes to create an indicator that will open trades when fast and slow MA cross. And when such a simple indicator is ready, you can combine several indicators into one trading system.
The developers offer a choice of four tariff plans – one free and three paid ones costing up to 100 USD. The differences are as follows:
- In the free version, the trading system can be built only on the basic, most popular indicators. There are no restrictions on indicators in the paid version – they can be imported into the software.
- The free version involves uploading only two strategies. The restriction can be bypassed if you register for a new mail every time, but does this make sense?
- In the free version, you can only create strategies, the creation of indicators is not provided.
- The free version involves specifying a maximum of 4 rules for opening a deal. There are no paid restrictions.
Paid packages differ from each other by the time of action. The most budget one costs 29 USD – it is valid for a month. A lifetime subscription is discounted at $99.
- Registration. At tools.forextester.com, click on the free trial option. In the window that appears, enter your email address and password. Email confirmation is not required, you are immediately redirected to the constructor.
- Introduction to functionality. The program is intuitive, as it is not oversaturated with different functionality. There is an online chat where you can ask any question. In the top menu, the main tabs are the creation of a trading system and an indicator. Auxiliary tabs – information about algorithmic trading, a blog and additional tools. For example, a redirect to the website of the Forex Tester strategy tester. Or go to a site where you can ask for help from programmers.
The first window is the name of the strategy and its description. You enter all the data on the site itself, the software does not need to be downloaded and installed on your computer. The second window is an offer to choose one of three options – a program guide, an option for a person who is not familiar with the constructor, but who knows what strategy he wants to create. And a professional version.
The guide option will help generate a trading system based on hints. The software asks questions – the trader answers them. For example, will the strategy use pending orders?
This is how the interface of the constructor that creates the strategy looks like:
In the central block, you need to set the conditions under which a deal will be opened – drag and drop input data from the right block into the corresponding cells of the first block. Input options:
- Elements. This section includes indicators (basic for a free subscription) and introductory terms. For example, a trade will be opened upon reaching a certain price level or on condition that the value of the RSI indicator becomes more/less than 30.
- operations. This is where the comparative action comes into play. Greater than, less than, equal to, intersection, etc.
- Actions. The action is indicated here: placing a pending order, opening a trade, closing all orders, sending a notification, etc.
Under the central block, there is an option to add a new condition with the “and”, “or” mark. When you add an indicator, you can change its settings.
After the blocks for adding conditions, there is a block in which the settings for the stop, take profit, etc. are set. And you can also drag conditions under it from the right block of the Actions tab.
After all the conditions are generated, the settings are specified, click the “Download” button and select the MT4 format. If all the conditions are not filled, empty cells remain, you cannot download the strategy until all the cells are filled.
Conclusion. Visual Strategy Builder has been updated and rebuilt many times. In the latest version, it was called Easy Forex Builder, but its structure and strategy generation principle have not changed. The program is intuitive: it lists all possible combinations, settings and settings, and prompts the user to combine them at his discretion. Based on the finished combination, it creates a file in code. Of the pluses – the program has a martingale, you can set additional options like notifications. Of the minuses: you can not create complex combinations that would take into account fundamental factors and other options. Try the program in the free version – we are sure it can be useful to you!