Creating a Trading Bot Using Chat GPT

Introduction

• Welcome to the channel, hosted by Artie
• Focus on day trading and profitability
• Overview of creating a trading bot using Chat GPT and MetaTrader 4

Setting Up Your Environment

• Open three windows:
  • MetaTrader account
  • Browser with Chat GPT
  • MetaTrader platform
• In MetaTrader:
  1. Click on Tools
  2. Go to MetaQuotes Language Editor
  3. Open new Expert Advisor (EA)
  4. Rename the advisor, select chart events, and finish
  5. Delete generic script content

Interacting with Chat GPT

• Be polite when asking questions
• Ask if it is familiar with MetaTrader 4 coding language

Defining Trading Rules

For Buy Trades

• Criteria for a Buy trade:
  • Sequence of three 5-minute candles:
    1. Two bearish candles
    2. One bullish candle closing above the highest price of previous candles
  • Ensure bullish candle closes above the 10 EMA
• Entry details:
  • Enter Buy trade at market price
  • Set stop loss one tick below entry candle

For Sell Trades

• Criteria for a Sell trade:
  • Sequence of three 5-minute candles:
    1. Two bullish candles
    2. One bearish candle closing below the lowest price of previous candles
  • Ensure bearish candle closes below the 10 EMA
• Entry details:
  • Enter Sell trade at market price
  • Set stop loss one tick above entry candle's highest price
  • Take profit should be two times the stop loss in ticks

Adjustable Settings

• Make all settings adjustable for optimization:
  • Stop loss in ticks
  • Take profit in ticks
  • Active trading hours: 8 AM to 1 PM server time
• Avoid overwhelming settings to ensure strategy testing is feasible

Compiling the Code

• Copy code from Chat GPT into MetaTrader’s Meta Editor
• Compile and check for errors
• If errors occur, politely request fixes from Chat GPT
• Continue this process until the code compiles with zero errors

Strategy Testing

• Use Strategy Tester in MetaTrader
• Set parameters such as account size
• If no trades are entered, adjust settings (e.g., trade size)
• Iterate through testing and optimization processes multiple times

Challenges and Learning Process

• Expect a lot of back-and-forth adjustments
• Initial expectations may be too optimistic; coding takes time
• Each version of the bot may require extensive testing and optimization

Final Thoughts

• Understand the need for clear and concise goals for the trading bot
• Successful trading bot creation is a process of trial and error
• Patience and persistence are key in developing a workable bot
• The potential for passive income exists with a functioning bot

Conclusion

• Creating a trading bot with Chat GPT is a detailed and iterative process
• Focus on understanding coding and trading strategies for better results
• Continuous optimization is essential for success in trading bots.