A
Anchor

Each Element has 1 or more Link Anchors, a small circle where a link will attach.

Ask

The Asking price for a currency, submitted by a seller.

B
Balanced parenthesis

The number of open parenthesis must match the number of close parenthesis in a logical statement. If they do not match, the expression is considered unbalanced and will produce syntax errors when compiled.

Bid

The Bid price for a currency, submitted by a buyer.

Buy limit

A pending order that opens a long position

when the price breaks below a level.

Buy stop

A pending order that opens a long position

when the price breaks above a level.

C
Caption

The top part of an Element that shows the name.  The caption area is used to select an Element, and used to open a Function Drawing Element by double-clicking.

Cartesion

A system in which the location of a point is given by coordinates that represent its distances from perpendicular lines that intersect at a point called the origin. A Cartesian coordinate system in a plane has two perpendicular lines (the x-axis and y-axis).

CHART

A VTS definition used for selecting a value for a symbol or timeframe parameter. When the EA runs, it will use the value of the chart that is running on.

Clone

To make an exact duplicate.

Comment

1. A text attribute that is stored with an open trade; the comment field can be viewed in the platform trade tab.

2. An MQL function that writes text to the price chart.


CSV

Comma Separated File

Custom Indicators

Technical indicators created using MQL. Stored in the "experts\indicators" folder beneath the Metatrader installation folder.

D
Data Scope

The scope of a variable element defines where the variable can accessed and used.

Data Type

MQL, like all programming languages, uses data types to store information. A data type is simply a

section of memory used to store a value.

The MQL data types are:

Integer (int): An integer is a whole number. A whole number means the number does not have a

decimal point. For example, the number of total open trades is an integer: 0, 1, 2 …. There is no concept

of 1.5 open trades. However, the balance of a MetaTrader account is a number with a decimal point -

such as 10,000.99. A number with a decimal point is called a real number in the field of mathematics. A

real number data type is called a double in MQL.

Double (double): A double is a real number. A real number means the number has a decimal point.

The balance of a MetaTrader account is a real number - such as 10,000.99.

Boolean (bool): A boolean is a data type that can one of two values: true or false.

String (string): A string is one or more characters. A string value is set using double quotes. For

example: message=”Hello World”.

Void (void): A void type is a “nothing” type. It is used in to indicate that no data type is inferred.

Date and Time (datetime): A datetime data type is used to store calendar dates and times. The data

type itself is actually an integer. The current time is an integer whose value is the number of seconds

elapsed since midnight January 1, 1970. (This is a common approach, used in many computer

languages, to define the current time.)

Color (color): A color data type is actually an integer type. This data type is defined to make color

assignments easy.

Datetime

Date and Time (datetime): A datetime data type is used to store calendar dates and times. The data

type itself is actually an integer. The current time is an integer whose value is the number of seconds

elapsed since midnight January 1, 1970. (This is a common approach, used in many computer

languages, to define the current time.)

Default Value

The value a parameter or function will resolve to if no other value is explicitly set.

Deinit

A special MQL function that is called when an EA is is stopped.

Delete

To delete an Element from a drawing, select the Element and press the delete key of your keyboard.

To delete an item from the Toolbox, select the item, right-click and select delete. If the item is not set as read-only, it may be deleted.

To delete a System and all of its Elements, on the Welcome screen, right-click on the system and Select delete.

Done

Clicking the Done button will save all changes and close the window.

Down Levels

In a trading grid, a term used to describe the area of a price chart below the initial starting price position.  


For example, if the grid begins at 1.3450:



These are considered "down" levels because they are located below the starting grid price of 1.3450.

Drawing Mode

A System created using the EA Wizard can be edited in Drawing mode by selecting Drawing mode in the properties window.

Drawing Pad

The center window in the VTS application, used for dragging, dropping, connecting and configuring Elements.

E
EA

Expert Advisor - an automated trading system that runs on the Metatrader platform.

ECN

Electronic Communication Network

EMA

Exponential Moving Average

Error

An error prevents an EA from being built. A warning allows an EA to be built but provides information that may be critical.

Ex4

The extension of an executable Expert Advisor.

Expert Advisor

Expert Advisor - an automated trading system that runs on the Metatrader platform.

F
FOREX

FOReign Currency EXchange

I
Init

A special MQL function that is called when an EA is is started..

L
LWMA

Linear weighted moving average or LWMA is a moving average which assigns more value to current prices and is thus more responsive to latest price trends.

M
MA

Moving average

MagicNumber

A unique number that allows an EA to identify the positions it has opened.

Main System Drawing

The Main System Drawing is the drawing that has the same name as the system.  It is the entry point for the system.

Market order

An order that is placed at the current market price.

Mathematical expression

A expression that calculates a value; it may use any mathematic operation as well as any of the MQL math functions.

Members Area

The Members Area is located at www.iExpertAdvisor.com.  It is a members-only area of the website where members can access the latest version of their purchased products.

MetaEditor

An editor application; part of the Metatrader platform. The MetaEditor is used to create and edit mq4 files.

Metalang

The executable application used to convert an mq4 file into an ex4 file.

MetaTrader

The MetaTrader trading platform is an intuitive, easy to use Forex trading platform.

Mode

VTS supports to modes of operation: Wizard mode and Drawing mode.

Moving average

A measure of the average price or exchange rate of a currency pair over a specific time frame.

Mq4


MQL

Meta Query Language

N
Next value

In a logical expression, the value that connects two adjacent logical conditions or terminates a logical expression.  

The available values are: AND OR RETURN_TRUE

O
Operand

In a logical condition, the left and right values that are compared.

Operator

In a logical condition, the center value that operates (performs a comparison) on the left and right operands.

Order Ticket

A unique number assigned to a trade when it is opened.

Order Type

Type of order.  

Market orders can be:

OP_BUY

OP_SELL.  

Pending orders can be:

OP_BUYLIMIT  

OP_SELLLIMIT

OP_BUYSTOP

OP_SELLSTOP

P
Parameter

An input value to a function that is used by the function to perform an operation or calculation.

PIP

Pip or "percentage in point," refers to the last digit of a currency price.

Platform

The trading system that communicates with a broker's system to open, close and modify trades.

Platform function

The built-in MQL functions.

Platform Tools

The Metatrader tools used by VTS to build Expert Advisors.

Platform Tools Folder

The path to the location of the Metatrader platform.

Point

Same as PIP: "percentage in point," refers to the last digit of a currency price.

Price constants

Used to get the price value of a candle (or bar):

PRICE_CLOSE

PRICE_OPEN

PRICE_HIGH

PRICE_LOW

PRICE_MEDIAN

PRICE_TYPICAL

PRICE_WEIGHTED

Prototype

A function prototype is a declaration of a function that omits the function body but does specify the function's return type, name, number of argument and their types. While a function definition specifies what a function does, a function prototype can be thought of as specifying its interface.

R
Read Only

An Element, folder or a file that can be read but can not be changed.

Read Write

An Element, folder or a file that can be read and written to (changed).

Return Type

The type of data that is return from a function.  See Data Type.

S
Save

To commit changes to the file system

Save As

Save an element or system to a new name.  The original still exists; the original item is cloned and then the name is changed.

Scope

The scope of a variable element defines where the variable can accessed and used.

Script

A MetaTrader script is created using MQL code and/or VTS Elements. Scripts are located in their own folder underneath the “experts” folder and appear under their own menu in the MetaTrader platform.

Note: a Script executes just once, while an Expert Advisor executes each time a new price value is received.

Sell limit

A pending order that opens a short position when the price breaks above a level.

Sell stop

A pending order that opens a short position when the price breaks below a level.

Shift

The bar or candle that is currently forming (furthest to the

right on a candlestick chart) is numbered zero. Each bar to

the left increases in number. A series, or array, of Indicator

values also follow this concept of number 0 starting at the

far right with each number increasing to the left. The Shift

of an indicator value is the index in the array of the value,

where shift=0 is the latest value and shift=1 is the value

from the last period.

SMA

Simple Moving Average

SMMA

Smoothed Moving Average

Sound Files

The files found in the "sounds" folder of the MT platform that can be used by the MQL function PlaySound.

Strategy Template

A Strategy Template is type of "New System" that appears on the Welcome screen.  It creates a new copy of the Strategy Template system with a new name.

Syntax

The spelling and grammar of a programming language. Computers are inflexible machines that understand what you type only if you type it in the exact form that the computer expects. The expected form is called the syntax.

Syntax error

Errors created when MQL code does not follow the correct form (or syntax)

System

The high-level object that contains all elements and produces an Expert Advisor.

System Functions

All of the functions used within a System; organized in a special folder in the function toolbox.

System Drawing

Same as Main System Drawing.  The Main System Drawing is the drawing that has the same name as the system.  It is the entry point for the system.

System Logics

All of the logics used within a System; organized in a special folder in the logics toolbox.

System Variables

All of the variables used within a System; organized in a special folder in the variable toolbox.

T
Terminal

The name of the executable file that is the Metatrader platform: terminal.exe

Tick

The minimum upward or downward movement in the price of a currency pair. The term "tick" also refers to the change in the price of a currency pair from trade to trade.

Ticket

A unique number assigned to a trade when it is opened.

Trade Signal

A signal to open or close a buy or sell trade.

Trading Grid

A trading system that opens trades based on price movement through different levels of a grid.  The total profit or loss of the entire set of trades is calculated on each tick and the grid is closed if either a profit target or a maximum loss is reached.

Type

Same as Data Type.  A data type is simply a section of memory used to store a value.

U
Up Levels

In a trading grid, a term used to describe the area of a price chart above the initial starting price position.  


For example, if the grid begins at 1.3450:



These are considered "up" levels because they are located above the starting grid price of 1.3450.

V
VTS

Visual Trader Studio.  A visual application for creating automated trading systems, including Expert Advisors.

W
Warning

An error prevents an EA from being built. A warning allows an EA to be built but provides information that may be critical.