How to Create a Trading Bot Using Chat GPT

Introduction

• Presenter: Artie
• Topic: Creating a trading bot using Chat GPT based on personal trading rules
• Focus on day trading strategies
• Aim for practicality and effectiveness in trading bots

Setting Up

• Open three windows:
  • MetaTrader account
  • Browser with Chat GPT
  • MetaQuotes Language Editor (from MetaTrader)

Steps in MetaQuotes Language Editor

1. Create a New Expert Advisor (EA):
   • Click on "Tools" and select "MetaQuotes Language Editor"
   • Choose "New" > "Expert Advisor"
   • Rename the advisor (custom name)
   • Select "On Chart Events" and "Next" until finishing
2. Clear Default Code:
   • Right-click, select all, and delete the generic script

Interacting with Chat GPT

• Be polite when prompting the AI
• Start with: "Good morning, are you familiar with the MetaTrader 4 coding language?"
• Provide specific trading rules for bot creation

Trading Bot Rules

Buy Conditions:

• Timeframe: 5-minute chart
• Candlestick Criteria:
  • Two bearish candles followed by a bullish candle
  • Third candle must close above the highest price of the previous two candles
  • Bullish candle must close above the 10 EMA
• Action: Enter a Buy trade at market price
• Stop Loss: One tick below the entry candle

Sell Conditions:

• Candlestick Criteria:
  • Two bullish candles followed by a bearish candle
  • Third candle must close below the lowest price of the previous two candles
  • Bearish candle must close below the 10 EMA
• Action: Enter a Sell trade at market price
• Stop Loss: One tick above the entry candle's highest price
• Take Profit: Two times the stop loss in ticks

Adjustable Settings

• Allow adjustments for:
  • Stop loss in ticks
  • Take profit in ticks
  • Trading hours (default: 8 AM - 1 PM server time)
• Importance of optimizing settings for best performance

Testing the Bot

1. Compile Code:
   • Copy code from Chat GPT into the MetaQuotes Language Editor
   • Click the green compile button to check for errors
2. Error Correction:
   • If errors arise, copy them back into Chat GPT for fixes
3. Testing in Strategy Tester:
   • Use the strategy tester in MetaTrader to evaluate performance
   • Select the expert advisor created and set parameters for testing

Challenges and Adjustments

• The process may require multiple iterations to perfect the bot
• Importance of specific parameters and settings in coding
• Expect to troubleshoot and adjust consistently

Conclusion

• Building a trading bot is a complex process that demands time and patience
• Continuous optimization and testing are critical for success
• With commitment and problem-solving skills, it's possible to develop a functional trading bot.