How to Use Forex Trading Indicators on Silicon Signals: Build Your Own Free Trading Algorithm in 7 Easy Steps

A trading algorithm based on technical indicators like MACD or RSI can produce remarkable and sustainable results. Such algorithms can cost thousands of dollars to code, but with Silicon Signals, you can design your own for free. 

Why Algo Trade With Silicon Signals

Algorithmic trading means using a computer program (a bot) to generate Forex signals and place trades based on a set of rules. It’s faster and more precise than a human being could ever be and it’s immune to emotions. A bot can save you hours every day – allowing you to take back your life!

The problem has been cost. Programmers charge a lot to code your strategy into a bot, and you’ll need to pay more every time you have to change it (which is often). That all comes out of your profits.  You may have trouble earning enough to justify the expense.

Enter the solution.  Silicon Signals is a point-and-click editor that lets you build your own algo bot without any coding. Currently, the platform is completely free.

Silicon Signals supports 10 Forex trading indicators – technical analysis tools that help identify trend strength, reversals, etc. In your strategies, you can use:

– price

– Bollinger Bands

– RSI

– Aroon indicator

– Stochastic oscillator

– Commodity Channel Index

– and more

It only takes a few minutes to build an algorithm on Silicon Signals and activate it on MetaTrader.

 

1) Sign up to Silicon Signals

The signup process takes just a couple of minutes.

2) Build Your First Strategy: Indicators and Conditions

Select a currency pair and set your first condition. The general formula for a condition is ‘When indicator X does Y’. For example, ‘When the price is less than or equal to 1.0550’.  Next, add the action that your algo bot will perform when the condition is met: ‘Buy’ or ‘Sell’.

3) Add Money Management Settings

Set the amount to be traded and your Stop Loss and Take Profit values. These are essential elements of risk management and you should always have them in place. You can also decide how many losses or profits your bot can make before the strategy is deactivated, as well as set trailing stops.

4) Test the Strategy

Silicon Signal allows you to back-test the strategy using market data from the past 10 years. You can also paper-test your algorithm on the current data in demo mode.

5) Download and Install the Expert Advisor

Silicon Signals generates an Expert Advisor (EA) for each of your strategies. This is the algorithm that will generate MT4 signals and feed them into the trading platform. Download the EA and copy it into the MT4/MT5 data folder.

6) Activate the EA

Restart the terminal, locate your new algorithm on the EA list, and double-click to activate. The bot will immediately start to create Forex signals and automated trading will begin.

7) Refine the Bot as needed

Now you can sit back, relax, and watch your bot trade for you!

With Silicon Signals, you don’t need to pay coders to build algorithms for you. Even more importantly, it gives you the free time you need to build better, more profitable strategies. After all, it’s the strategy that produces results – the bot only executes it.

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