Metastock’s Expert Advisor: Often Neglected But A Powerful Tool For Your Trade Arsenal

One of the greatest, and often neglected, Metastock capabilities is its expert advisor system. With an easy programming language to learn – I’ve learned in one weekend and I have no programming background whatsoever – you can easily create custom indicators and expert advisors that will greatly enhance and improve your ability to “read” your stock chart.

You have probably some custom indicators or signals that you look for when researching your next trade. This can vary from simpler ones, like when a certain stock’s 20-days moving average crosses its 50-days moving average, to more complex ones with more than one custom indicator and often the combination of Stochasticis, RSI, etc. So, after deciding which kind of trade you want to pursuit - which you should do it before you start looking at stock charts – you can easily transform this into custom indicators and expert advisors inside Metastock.

Although it might look a bit geeky and hard to learn, fear not: it does take some time to learn it, but like I said before it should not take that long. Once you start reading the excellent manual that comes with the software, you will soon learn the basics of the scripting language and will also soon start creating your own custom indicators. A piece of advice would be to finish the whole manual before trying to create your own indicators. Believe me, as soon as you learn something you will start to have millions of custom indicators ideas and will try to create some.

My advice would be to take one weekend off, when the markets are closed, and then fully focus on learning Metastock’s scripting language. The sooner you learn, the sooner you shall be able to create your custom indicators that adapt and fit your trading style. This will make a big difference in your performance and you will soon realize why you should customize all indicators to fit your needs.