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Indicators from outside fundamental data

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FundamentalTrad
13
FundamentalTrad  

Hello,

I'm interested in having a program/robot:

Step 1) Scrape fundamental economic data like an interest rate from a website

Step 2) Compare these different fundamental data points in some type of formula.  Right now I'm doing it in excel

Step 3) Buy or Sell Forex based on these decisions


Which of these do you think would be the best way to proceed?

Option A) MQL4/5 does everything

Option B) Outside program does everything

Option C) Outside program scrapes the data, passing it to an MQL4 program to actually execute the trade


Thanks so much for your time and help.

Jose Francisco Casado Fernandez
4513
Jose Francisco Casado Fernandez  
Option A. Regards.
Anthony Garot
341
Anthony Garot  
FundamentalTrad:

Option A) MQL4/5 does everything

MQL can handle your requirements.

nicholishen
1389
nicholishen  
That all honestly depends on your skill set but it would probably be easiest to use python for all the crawling/scraping/parsing/file management and then use MT to work with the prepared file.
Fernando Carreiro
3911
Fernando Carreiro  

FundamentalTrad: I'm interested in having a program/robot:

Step 1) Scrape fundamental economic data like an interest rate from a website

Step 2) Compare these different fundamental data points in some type of formula.  Right now I'm doing it in excel

Step 3) Buy or Sell Forex based on these decisions

Which of these do you think would be the best way to proceed?

Option A) MQL4/5 does everything

Option B) Outside program does everything

Option C) Outside program scrapes the data, passing it to an MQL4 program to actually execute the trade

Even though MQL4/5 is capable of doing all of the above, I would have to agree with @nicholishen and suggest that you do (Step 1) and maybe even some of (Step 2) outside of MetaTrader, in whatever language you prefer.

In fact, if you have the resources, I would even put that functionality on a different networked machine and store all the data in a SQL database for example, with the following advantages:

  • Sharing the scraped and calculated data among various instances of the EA running on multiple charts or terminals, or even different EAs using the same data differently for different strategies.
  • Reducing CPU and resource consumption on MetaTrader so that it can focus on the Strategy and the Trade processing and Management.
  • Being able to stop the EA or close MetaTrader and still have the scraping unaffected.
  • Using the data for Back-testing or for researching new ideas.
FundamentalTrad
13
FundamentalTrad  

Thank-you so much to everyone that replied.  I'm going to get my skills up and figure out how to proceed.  I'm new to programming but experienced with the market.

Fernando Carreiro
3911
Fernando Carreiro  
FundamentalTrad: Thank-you so much to everyone that replied.  I'm going to get my skills up and figure out how to proceed.  I'm new to programming but experienced with the market.

If you are a "newbie", then plan for at least 9-12 months of serious, dedicated research and development (probably 2-3 times that long if you are not serious about it).

The described task is well beyond anything a "newbie" programmer should tackle especially if he/she has never coded before in any language.

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