Expert Advisors in MetaTrader 4
An Expert Advisor (EA, also known as Forex Trading Robot, Automated Forex Trading Software) is a program written in the MetaQuotes Language 4 (MQL4) and designed to automate trading activities on MetaTrader 4.
What does an Expert Advisor do?
- Alerts of a trading opportunity, opens and closes positions, places and monitors orders – anything you want it to do
- Works 24 hours a day, 5 days a week without any breaks unless you want to stop it
- Analyses the market and never misses the right opportunity
- Allows you to trade different markets at the same time
- Eliminates emotional factors from your trading
How do I get an EA?
- Program it yourself (trading strategy and determination is required, knowledge of MQL4 is optional);
- Ask someone else to program it for you (you provide your trading algorithm and someone who knows MQL4 creates the code; you may need to pay fees to the programmer);
- Purchase a ready to use Expert Advisor.
Things to consider
- The success of any Expert Advisor depends on the trading algorithm that has been programmed into it;
- Expert Advisor does not do miracles – it does exactly what it has been told to do;
- History may not repeat itself - testing EA on historical data is great but it does not guarantee anything;
- Trading with EA on a Demo account is not the same as trading on a Live account.
Please note that EAs are not compatible with the MultiTerminal.
Video tutorial on how to install an EA
More on automated trading
