What are Expert Advisors?
Expert Advisors (EA) are programmes that enable hands-free trading; i.e. automated trading on MetaTrader4. Each Expert Advisor is unique, and built to the individual user’s taste preferences. The possibility to use robots with analytical abilities in order to trade is a unique feature of the MT5 platform.
In order to start using an EA the user can choose one of two options; he can purchase one on the MetaTrader4 market, or he can choose to create his own. To produce the robot, each trader can develop, program and compile it on the MQL MetaEditor. Using past trading experience, traders can define which market conditions, based on various indicators and technical analysis elements, will result in trade opening, or will close positions.
Traders do not have to be master programmers or experienced traders to use EAs when trading. Free and paid Expert Advisors are available on the Internet as well as in the MetaTrader Market, where traders can also download a demo version of the desired EA and try it before buying or renting it.
Try Your Expert Advisors
Every EA, bought or developed, is different and built to be customized as per each trader’s needs. Therefore, it is important to test them before employing them on the trading account. The next video explains in details how to test EAs before using them, at no charge and no risk:
How to Upload Your Expert Advisors?
Once the Expert Advisor has been purchased or developed, properly tested and ready, it’s time to upload it to the trading platform and start enjoying its benefits. However, in order to avoid any mistakes, it is important to make sure the EA is correctly installed.
Step 1: Create folders
- After downloading or creating the Expert Advisor, remember the location of the saved files.
- Highlight to select the specific files which are needed to install and copy them.
- Paste the selected files into the MetaTrader4 folder, usually located in C:.
Step 2: Upload the EA to MT5
- Login to MetaTrader4.
- Go to “Navigation” and select “Expert Advisors”. Your EA can be found under the “+” sign.
- Drag the selected EA to the charts on the platform.
Step 3: Define EA’s settings
- Adjust the EA’s settings on the pop-up box as you wish. Once making sure all the settings are correct – click “Ok” and start trading.