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MetaQuotes Language 5 (MQL5) is a high-level language designed for developing technical indicators, trading robots and utility applications, which automate financial trading. MQL5 has been developed by MetaQuotes Software Corp. for their trading platform. The language syntax is very close to C++ enabling programmers to develop applications in the object-oriented programming (OOP) style.

In addition to the MQL5 language, the trading platform package also includes the MetaEditor IDE with highly advanced code writing tools, such as templates, snippets, debugging, profiling and auto completion tools, as well as built-in MQL5 Storage enabling file versioning.

The language support is available on the MQL5.community website, which contains a huge free CodeBase and a plethora of articles. These articles cover all the aspects of the modern trading, including neural networks, statistics and analysis, high-frequency trading, arbitrage, testing and optimization of trading strategies, use of trading automation robots, and more.

Traders and MQL5 program developers can communicate on the forum, order and develop applications using the Freelance service, as well as buy and sell protected programs in the Market of automated trading applications.

The MQL5 language provides specialized trading functions and predefined event handlers to help programmers develop Expert Advisors (EAs), which automatically control trading processes following specific trading rules. In addition to EAs, MQL5 allows developing custom technical indicators, scripts and libraries.

This MQL5 language reference contains functions, operations, reserved words and other language constructions divided into categories. The reference also provides descriptions of Standard Library classes used for developing trading strategies, control panels, custom graphics and enabling file access.

Additionally, the CodeBase contains the ALGLIB numerical analysis library, which can be used for solving various mathematical problems.

Types of MQL5 Applications

MQL5 programs are divided into four specialized types based on the trading automation tasks that they implement:

Expert Advisoris an automated trading system linked to a chart. An Expert Advisor contains event handlers to manage predefined events which activate execution of appropriate trading strategy elements. For example, an event of program initialization and deinitializtion, new ticks, timer events, changes in the Depth of Market, chart and custom events.
In addition to calculating trading signals based on the implemented rules, Expert Advisors can also automatically execute trades and send them directly to a trading server. Expert Advisors are stored in <Terminal_Directory>MQL5Experts.
Custom Indicators is a technical indicator developed by a user in addition to standard indicators integrated into the trading platform. Custom indicators, as well as standard ones, cannot trade automatically, but only implement analytical functions. Custom indicators can utilize values of other indicators for calculations, and can be called from Expert Advisors.
Custom indicators are stored in <Terminal_Directory>MQL5Indicators.
Script is a program for a single execution of an action. Unlike Expert Advisors, scripts do not handle any event except for trigger. A script code must contain the OnStart handler function.
Scripts are stored in <Terminal_DIrectory>MQL5Scripts.

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Service is a program that, unlike indicators, Expert Advisors and scripts, does not require to be bound to a chart to work. Like scripts, services do not handle any event except for trigger. To launch a service, its code should contain the OnStart handler function. Services do not accept any other events except Start, but they are able to send custom events to charts using EventChartCustom. Services are stored in <terminal_directory>MQL5Services.

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Library is a set of custom functions. Libraries are intended to store and distribute commonly used algorithms of custom programs.
Libraries are stored in <Terminal_Directory>MQL5Libraries.
Include File is a source text of the most frequently used blocks of custom programs. Such files can be included into the source texts of Expert Advisors, scripts, custom indicators, and libraries at the compiling stage. The use of included files is more preferable than the use of libraries because of additional burden occurring at calling library functions.
Include files can be stored in the same directory where the original file is located. In this case the #include directive with double quotes is used. Another option is to store include files in <Terminal_Directory>MQL5Include. In this case #include with angle brackets should be used.