This article takes a look at the best trade copiers on the market for MT5. Forex traders and prop firm enthusiasts, get ready to max out accounts and reduce your workload by copying from one account to other accounts at the click of a button.
Python is a coding language that is clean and object oriented. It can be fast and easy to use with an easy format and logic behind how it is used. Python can be used for a wide array of projects such as trade copying. This python copy trader can send a trade from MT5 over the internet to another MT5 platform or even send a message to something like telegram.
MQL5 vs Python
MQL5 is the native language to MT5 however python is a fast and easy to code language with a lot less effort required to perform certain tasks. As an example (from a non-coder), many of the variables in MQL5 must be initialised and called, external to the functional program before being used, while python allows you to simply write a couple of lines and be done with it.
There was an argument in the mql5 forum where the person answering a question suggestion to learn MQL5 instead of python. Sometimes you are simply told to ‘go learn’ from this forum so looking for helpful videos on the topic may be more helpful.
To access the ability to code an MT5 program using python, you need to run the pip install using the command prompt in your computer. Installing the pip install for MetaTrader5 will download the required files.
MQL5 Socket Python
MQL5 with Python
Using MQL5 with python makes coding some concepts far easier than using the native language (in my opinion). There may be some lost speed in terms of functionality, however outsourcing the processing of code external to the MT5 platform may have some benefits too.
By running python code outside of the MT5 environment, it may help keep the trading platform running smoother so that when it comes to placing or modifying orders, it will be ready to process.
MQL5 Trade Copier
Python vs MQL5
As mentioned earlier, the reason the Python copier is great is that it operates outside of the MT5 environment, allowing the trading platform and the copier to use separate resources and not combine too much into one place. This seems to help with execution speed. Also, the python copier is easier to work with and make custom outcomes and risk settings, for those more familiar with python over MQL5.
Separating the python copying process from the MT5 platform may help to speed up trading processes. It is also easier to work with which is amazing, where as MQL5 can be a bit clunky to work with. This python copier and video shows how a socket receives trade data from an MQL5 script, then allows python to place that information into a trade on another MT5 platform.