Performance increase of your EAs through external MQL libraries

Last Updated: 8. Februar 2024By

Today, we delve into the advanced world of MQL4 and MQL5 programming and take a look at the use of external libraries. These expand the functionalities of the already powerful MetaTrader programming languages and allow for the development of even more complex and powerful trading robots and indicators.

Meaning of external libraries
External libraries are collections of functions and routines that perform specific tasks and can be integrated into your MQL4 or MQL5 scripts. For example, you can use libraries for statistical analysis, machine learning, or even integration with other trading systems.

Benefits of integrating external libraries
Expanding functionality: With external libraries, you can perform operations that are not available in standard MQL.
Time-saving: Many complex functions are already available in libraries and do not need to be programmed from scratch.
Performance: Specialized libraries can contain algorithms that are optimized for high performance and efficiency.
Access to advanced techniques: Libraries can make advanced analysis methods accessible that may not be available in MQL.
Collaboration and reuse: Libraries provided by other developers promote collaboration and allow for code reuse.

Integrating external libraries into MQL4/MQL5
Search for the library that contains the functions you need.
Check the compatibility of the library with MQL4 or MQL5.
Download the library and place it in the „Libraries“ folder of your MetaTrader installation.
Declare the external functions in your MQL script using the ‚extern‘ keyword.
Call the functions within your script, similar to how you would with native MQL functions.

Tips for using external libraries
Always make sure that the libraries come from a trusted source.
Make sure you understand and comply with the license terms of the libraries.
Thoroughly test the library functions in a safe environment before using them in your live trading.

Summary of key points:
External libraries expand the capabilities of MQL4 and MQL5.
They save time and allow access to specialized algorithms.
Integration is done by adding the libraries to the „Libraries“ folder and declaring them in the script.
Security and thorough testing are essential.

Armed with this knowledge, you can significantly improve the performance of your trading strategies by incorporating external resources. The world of external libraries opens up new horizons for automating and personalizing your trading.