As a forex trader you may have come across a time when you wanted a custom metatrader indicator.
This may be even more true if you are trading with Renko charts. Many times, I have personally faced the problem of having to code an indicator for trading.
Not all of us are born coders. Hence, god created the software developer
The forex software developer may be underrated but the work they do, be it in coding your expert advisor or a custom indicator cannot be ignored.
As forex trading continues to evolve, there is a demand for more sophisticated indicators that traders demand.
Truth be told, many of us prefer to just google an indicator and download it. Not many like to pay.
But if you are serious about your trading, then hiring the right forex coder can work wonders. Not only can this help your trading, but you can focus on new ways to trade the markets.
I write this guide to help those who are new to the world of forex development and strategy coding. This guide should assist you in the right direction.
There is also a summary of the top three forex development marketplaces you can use in this endeavor.
What is MT4 developer?
An MT4 developer is a coder who is proficient in using the mql4 programming language. The MT4 developer can create custom scripts or indicators. You can then use these scripts on your Metatrader 4 trading platform.
Traders may require from time to time, their own proprietary indicators or other trading tools. There is a large collection of indicators, scripts and EA’s that the MT4 platform comes with by default.
Yet, there is still a need for custom requirements.
This is where the MT4 developer can assist you in programming whatever you like.
What programming language does MT4 use?
The MetaTrader 4 trading platform uses the MQL4 programming language. This programming language is used mainly for MetaTrader 4 trading platforms only.
Depending on how well the code is written, your MQL4 may also work on MetaTrader 5 platform as well.
Using the MT4 programming language, developers can code indicators, scripts and expert advisors or EA’s.
What language is MQL4 based on?
The mql4 programming language is based on C++ programming concepts.
C++ is a high level programing language. It is not as common comparing to Python or other easy to learn programming language you come across these days. Because of this, the cost for MT4 development is also slightly higher.
But largely thanks to the huge Metatrader community, there are many MT4 developers available.
This means that you can have your custom indicator or EA coded in mql4 easily.
What is mql4 and ex4?
Mql4 is the file extension given to scripts, indicators etc. that can be used to enhance the Metatrader platform.
The .mql4 file extension contains the raw code. You can open this file extension and easily edit its contents. Once the file extension (.mql4) is executed it will then create the .ex4. This is is the executable file.
You can distribute this executable file if you want to share your trading strategies or custom indicators. The advantage is that with the executable .ex4 file, no one will be able to see your code.
Many commercial trading systems and even expert advisor files are in .ex4 format. This is done in order to protect the code from being misused or re-distributed or enhanced.
What is MT4 coding and where to find the best MT4 developers?
MT4 coding deals with writing the programming language in MQL4 used for forex trading. Using the MT4 coding you can apply your own trading strategies.
MT4 coding is also used for development of expert advisors and even get a custom indicator for use.
Professional forex traders can make use of MT4 coding to develop automated trading strategies to use on the Metatrader4 platform.
There are many places where you can look for a developer who can code in mql4. Here, we will take a look at the most trusted places to look for a MT4 developer.
The choice is entirely up to you as the cost can vary depending on which channel you use.
The main places to look for to hire the best MT4 developers are:
- MQL5 marketplace
Let’s start with the most obvious of all. The MQL5 marketplace is a community for the Metatrader 4 and the Metatrader 5 users.
You will find a lot of choices here ranging from free and paid trading systems to even a forum to discuss about the forex market.
How to hire a coder from MQL5 marketplace?
To hire a code from MQL5 marketplace, you will need to create an account first. Once you do that, go to the MQL5 marketplace. Then click on the Freelance section.
Access the Freelance page: On this page, click on the Create an order button on the top right corner. This opens a list of choices for you. Depending on your requirements, you can select the appropriate tick boxes and continue.
Refer to the screenshot below to get an idea of what each of these sections mean.
Choose trading platform: The next step is to choose whether you want the metatrader programmer to code for MT5 or MT4. This is very important, so make sure you choose the right option.
Select categories: You can check the most appropriate tick box, that is closest to your requirement.
If you want an indicator select this checkbox. There are many other variations including script conversions (from AFL to MT4 and so on).
You cannot use the MT4 developer to crack a .ex4 file
Recently developed indicators or scripts are a lot more difficult to crack or to convert from .ex4 back to .mql4 format.
Job description: Give your order a title and in the description section enter the details of your programming requirements.
Bear in mind that the requirements can be accessed publicly. If you want to be discreet about your trading system, you can be vague without giving away too many details.
When the MT4 developers start bidding on your project, you can discuss the project requirements with them, one on one in more detail.
Public or private posting: Choose between a public project. Public project allows all the MT4 coders to see your project details and bid on it. Choosing private project requires you to invite coders. Only these specific people can view your project in this instance.
During the course of the coding development, you can change the terms, only after agreeing with the MT4 freelancer.
Your MQL5.com account should be funded before you posting the job in the MQl5 forex market place.
Pros and cons of using MT4 programming services from MQL5 marketplace
- Because there is a lot of talent, you can get a cheaper price for your MT4 development projects
- Well trusted marketplace, the platform is good for arbitrage in case you disagree with the mql4 developer
- You will need to research on the developer before awarding them the job
- There are a few developers who are not very knowledgeable, so due diligence is required
- Your project specifications need to be precise. Any deviations from your main project description and you may be asked to pay more
4xDev is one of the reliable and dedicated mt4 programming services provider. This agency has years of experience in coding various script, indicators and EA’s using mt4 programming.
The benefit of using 4xDec mt4 programming services is that they have experience with other trading platforms too.
Therefore, whether you are looking for a standalone programming project, or want to port from one of the trading platforms to MT4, 4xDev can do the job for you.
You also get a 10% discount on your order when using the 4xDev mt4 programming service
To place your development request, you can click here for a free estimate.
This is a no strings attached service. If you don’t like the price, you can walk away.
4XDev also has a number of payment methods from Credit/Debit card payments to Paypal and even bank WIRE transfer.
Pros and cons of using 4XDev
- Good domain and cross functional trading platform knowledge
- Professional service since you are dealing with a company
- Customizable service that you can use hassle free
- Ideal if you have a really serious forex trading project
- Due to individual services, the service level may vary from one customer to another
- Some traders may find it a bit expensive to hire 4xDev
How to hire metatrader 4 freelancer on Upwork?
Upwork is also a credible place to look for MT4 freelance coders. Formerly known as Elance, Upwork Inc. is a publicly listed company.
Although a very large company, Upwork offers a freelance marketplace.
In terms of quality, it is definitely better than Fiverr, which I have mixed experiences, mostly bad
To hire Metatrader 4 programming services, you will need to create an Upwork account first. But before you do this, you can already scout for potential talent.
When you find the right mt4 forex trading developer for your job, you can then open an account and also fund it.
There are some extra service fees that is deducted by Upwork. So things may get a bit expensive.
On this freelance platform, you will also find both freelance mt4 coders as well as professional companies.
At the end, it is up to you to decide which service provider you want to choose.
Pros and cons of using Upwork for MT4 programming services
- You get a wide choice of talent, including individual software coders to professional agencies
- Very good client protection allows for professional arbitrage if there is a disagreement with your developer
- You can also include NDA or Non-disclosure agreements when using Upwork
- It is a bit expensive to hire a developer from Upwork
- There are additional costs you have to pay on top of your actual project estimate
- You will need to do your due diligence to hire the right candidate for the job
In Conclusion – MT4 coding and development
Besides hiring from the above sources there are many other places like freelancer.com and so on. However, I find these places to be quite spammy the moment you post a job. In conclusion, the above guide should be helpful if you are looking out for a developer.
Remember to do your due diligence before you proceed. If in doubt, ask!
Do you know of a good MT4 developer or other resources? Please comment and let me know. I will be glad to add a list of the best MT4 developers for the benefit of all the readers.