The trading strategy emulated in the algorithmic trading bot required significant technical analysis and round-the-clock market monitorization to identify and win trades.
By automating the trading strategy, the bot effectively enabled the user to trade throughout all open-market hours, identifying and winning trades while the user was away from the computer: true passive income.
After 70 Hours of Development with 30 Hours put towards technical documentation, planning, and meetings, the bot succcessfully identified, entered, and won a trade within 24 hours of deployment on the paper trading market.
The bot needed to link to the Meta Trader 4 platform, hook the Cluster Delta indicator, enter and win trades automatically, and log all opportunities and trades to a file for later analysis.
The bot also needed to effectively adjust behavior based on market timeframes.
For the project scope, the bot was to be developed in MQL4, the programming language for Meta Trader 4. The bot was to operate across 3 currency pairs and multiple timeframes, configured with varying inputs to adjust to the currency pair and timeframe appropriately.
Working with MQL4 was extremely archaic and particularly frustrating when it came to the Cluster Delta indicator integration. However, because the strategy heavily depended on this premium ticker data and the user was accustomed to the strategy using this indicator, we chose to move forward with the difficult to work with code.
This decision ultimately constrained us from working with an API that was compatible with the latest version of MetaTrader, and also added signficant technical debt to the prototype. We ultimately decided to build the prototype with the older API's and language, to then rebuild the bot for production using later tools once proven viable.