Creators of TRAIDE, a machine learning platform for backtesting and finding profitable combinations of technical indicators, Inovance Technologies has developed a MetaTrader version of indicators from the TA-Lib library. An open source community, TA-Lib consists of developers and technical analysts that collaborate to create and maintain a library of technical indicators for the financial trading industry.
Speaking to Justin Cahoon, COO and Co-Founder at Inovance, he explained to Finance Magnates that although MetaTrader 4 has a strong community and lots of available indicators and Expert Advisors, there isn’t a maintained and updated library. As such, with their current project, Inovance sets out to use the TA-Lib library which is known within the technical community and create a MetaTrader 4 version of the code.
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Primarily written in C++, one of the advantages for technical analysts of the TA-Lib library is that it provides a standardized version to use across different platforms. Cahoon explained that when creating strategies for different trading platforms, results can differ if technical indicators have small variations in how they are being calculated. Therefore, by creating MQL versions of the indicators, it allows strategy creators using TA-Lib to have more ease when developing for MetaTrader.
According to Cahoon, Inovance also has plans to continue maintaining the MetaTrader version of the library as it gets updated by users in the TA-Lib community. For Inovance, the project occurs as they have become more involved with supporting traders using MetaTrader 4, such as enabling users of TRAIDE to download strategies as EAs.