One of the classic mistakes of novice traders is to focus on the broker at the time of launch, without really going into details of how the platform works and what its functionality is. Meanwhile, the platform is a kind of “rack with tools”, in which you can add something, use something from the already proposed tools. And something can not be used without using another tool. The nails seem to be on the rack, but there is no hammer, and then the meaning is lost in the nails themselves. The MT4 libraries are something like the hammer itself, which is an auxiliary tool.
MT4 Libraries: Purpose and Area of Use
In successful trading, the automation of individual processes plays a role in many ways. The faster the operation is completed, the less effort the trader spends and the greater the likelihood of success. The MT4 libraries are independent software modules that are independent programs that extend the basic functionality of the platform and serve as an auxiliary tool for advisors, indicators or scripts. In other words, the MT4 libraries are a coded file, on the basis of which one or another new function (script, advisor) of the platform can be created.
Libraries are not standalone programs, therefore they cannot be launched as an indicator or advisor. Library Locations — Include and Libraries folders.
Examples of tasks that can be solved using the MT4 libraries:
- Protection against attacks. There are a lot of free advisors and other programs on the Internet, in the code of which you can easily enter a small script that, when the robot starts, will perform some function up to transferring passwords to the attacker. The library file automatically blocks such scripts and without it the adviser simply will not start (be careful when deleting something you think is unnecessary from MT4).
- Basic set of blocks. Despite the different principles of operation, advisers and indicators in the code have a common set of commands: opening and closing deals, calculating the lot, sending signals to the broker, etc. You can have a code template at hand by adding your own unique moments to it (formulas for calculating indicators, etc.). Or you can use the library file, where there is already a basic set of functions for all indicators or advisers.
- Improvement of ready-made solutions. Many people from using advisors are stopped by ignorance of the code. Any adviser needs to be optimized and adjusted, and code correction is one of the optimization options. Library files help literally copying an already prepared template into the code to improve the Expert Advisor. For example, one of these files contains code for installing several types of trailing.
For a novice trader, the MT4 libraries are unlikely to be useful – at least to master the already built-in built-in basic tools. But there is no limit to perfection and it is possible that in the future this information will be useful to you. What else do you know about the use of libraries? Write in the comments!