What are “Libraries for MetaTrader 4”
Surely many novice traders, when choosing a broker or trading terminal, do not think about what functionality awaits them ahead.
Indeed, for many beginners, and even experienced traders, progress is practically unimportant; a price chart and a couple of indicators are enough for them, and sometimes they don’t need anything at all except the price.
However, from year to year the market becomes more and more complex, and less and less logic can be observed in its movements.
Therefore, a trader has to think about gaining advantages over other market participants, which would allow him to open transactions faster, conduct better analysis and be one step ahead.
It was the pursuit of advantage that stimulated the automation of processes in the foreign exchange market to the level that we can observe now.
Libraries for MetaTrader 4 are independent software modules in the form of separate independent programs that allow you to expand the basic functionality of the trading platform for further use either in an advisor, an indicator, or a script.
Simply put, a MetaTrader 4 library file is a coded list of functions that can be used when creating your own MQL4 program.
It is necessary to clearly understand that library applications cannot be launched on a chart by a trader, as happens with a script, advisor or indicator.
These programs have an auxiliary function directly for developers.
Where are the MetaTrader 4 library files located? Basic purpose and application options
Library programs, unlike indicators, advisors or scripts, have a completely different file extension, which ends after the name mqh.
Library files can be stored in two folders, namely in Include, as well as Libraries. Even in a completely empty trading terminal, there are library files that allow a number of tools to function in MT4.
As we have already noted, libraries are not used as independent independent analytical tools, but only to expand the functionality and convenience of developers.
So, let's look at the basic tasks that are solved with their help. 1. Protection from hacking and copyright
In almost 90 percent of cases, all paid advisors that you can buy or get for free do not work without a special library file that is responsible for protecting the robot.
It is worth noting that thanks to such files, developers can link the work of the same advisor to a separate dedicated server, which does not allow unwanted users to use the development.
2. Creating basic blocks
In most cases, programmers practically perform the same operations with code over and over again.
After all, any advisor has almost the same basic functionality in terms of opening and closing a transaction, calculating a lot, tracking a transaction, as well as interaction with the broker’s server.
As a rule, each programmer has similar sketches in the form of a separate notepad file.
However, sometimes it is much easier to use a number of standard functions in the form of a library, specifying only one line of code, rather than copying and pasting elements each time. Also, newbies in programming can use libraries to find ready-made analytical solutions for their own programs, which eliminates the difficulties in implementing the basic functionality of any advisor or indicator.
3. Improving ready-made trading solutions
Thanks to ready-made libraries, traders who have little knowledge of programming can implement into the advisor some specific necessary functionality that is not present in the default advisor.
For example, the a-SimpleTrailing library file allows you to insert two types of trailing stop into your Expert Advisor in just a couple of seconds, writing only two lines specified by the author of this library.
Of course, libraries for MT4 in most cases will be useless for the average trader.
However, this does not negate the fact that they simplify the daily routine of advisor developers, and also allow traders to implement certain modules into the advisor without any programming knowledge.