Automated Trading with MultiCharts
In this section I cover the steps and processes I use to automate my trading strategies with MultiCharts.
We will cover:
- Benefits of auto trading
- Trading modes
- Position sizing checks
- Switching on auto trading
You can find a detailed guide from MultiCharts how to get started with auto trading in the link below. Or keep reading to learn how I use auto trading.
https://www.multicharts.com/trading-software/index.php/Getting_Started_with_AutoTrading
Once MultiCharts is connected to a broker you can place trades both manually and automatically.
Manual trades are placed similar to using the broker’s own platform.
But using auto trading allows you to automate any of your trading strategies. All of my trading is automated using MultiCharts.
Benefits of Auto Trading
There are many benefits of using auto trading including:
- Take trades any time of the day or night
- Trade multiple strategies simultaneously
- Reduced risk of making mistakes with orders
- No missed trades
- Remove emotion from “pulling the trigger” on trades
MultiCharts also allows you to connect multiple brokers meaning you can send trades orders to more than one broker at the same time.
How to “Switch on” Auto Trading in MultiCharts
You need 3 things in place before you can use auto trading.
- Make sure MultiCharts has a data feed connection (this could be the same as your broker connection)
- Make sure MultiCharts is connected to your broker
- You need a trading strategy programmed
MultiCharts has 2 different modes for auto trading. SA synchronous and AA asynchronous. See the MultiCharts auto trading guide here for a detailed explanation of these modes.
When I first started auto trading with MultiCharts in 2016 I was advised to use AA mode and have used it ever since.
SA mode is the default but if you would like to switch to AA mode do the following:
Right click the chart (which has a strategy applied) Format Signals, Properties, then in the Auto Trading tab scroll down until you see the mode selection and check the Async Mode (AA).
Mode Selection
Then scroll to the bottom of the Auto Trading tab and make sure the Broker Plug-in is correct for your broker.
Check your Position Sizing
From my experience, the contract size doesn’t always match exactly between MultiCharts and your broker so I suggest a small test trade.
I suspect you can set it up to match perfectly in the QuoteManager though.
As an example with my setup trading Forex using LMAX:
If I enter 1 in the Fixed Shares / Contracts box in MultiCharts this is equivalent to 1 “micro lot” of forex or 1000 units. However when checking on LMAX’s platform this is expressed as 0.1.
It appears that 1 in MultiCharts is 1 micro lot whereas 1 in LMAX is 1 mini lot.
It’s just a decimal place and as long as you are aware of it, it causes no issues at all.
I suggest making a test trade via MultiCharts. You can do this manually by entering 1 (the minimum possible) in the trade size box and clicking buy or sell. Check via the broker’s platform the size of the position.
If you can’t see where to place a manual trade then you can use the “Trade Bar” normally positioned at the top of the chart window. If it is not visible click “View” in the top menu bar and “Show Trade Bar.”
Switch on
Once the above steps are complete, all you have to do to switch on auto trading is click the SA or AA button in the top left corner of the chart.
Auto Trading Button
Personally I use separate charts for each trading strategy. If I’m running 10 strategies for example, then I will have 10 different chart windows and have to switch all 10 on individually.
Now you can let MultiCharts trade your strategies automatically!
Keep a close eye on the trades on chart and trades at broker especially to begin with to make sure everything is syncing between MultiCharts and your broker perfectly.
Restarting MutiCharts
I’m not sure this is a necessary step but something I have always done. Once a week, at the weekend I close down MultiCharts, restart my computer and then restart MultiCharts (usually just as the market opens on a Sunday).
MultiCharts User Guide Index:
MultiCharts – Download and Install
MultiCharts – Data Feed and Broker Connection
MultiCharts – Creating a Price Chart
MultiCharts – Backtesting a Trading Strategy