How to Use Expert Advisors on MT4

An expert advisor, also known as an EA, is essentially a program that can automatically place trades for you. This program (or robot) follows a trader’s instructions once certain criteria has been met. Thus, it is a form of automated trading, since a trader does not need to do anything for the orders to be entered. The program basically works using if-then statements to create mechanical rules.

Benefits of an Expert Advisor

Apart from placing trades, an expert advisor can also control the position size when entering an order. The position size is influenced by the size of the account. This is because a position size of the same euro value can be a small fraction of an account that has for example €100,000, but may be significant for an account that has €1,000. Therefore, an EA should take into consideration the account equity when determining the position size.

An EA can be easily installed in the MT4 platform. In case you’re already following a process or have a system in place, you can create an EA to follow the same process upon a signal. Thus, the EA is essentially replicating whatever you would do. The EA comes in handy for particularly those traders who trade a number of currency pairs as well as for those who are too busy to trade too frequently. Even when you’re not at your computer or don’t have time to look at the MT4 screen, the EA continues to look for trading opportunities on your behalf.

All you have to do is to leave the computer on, and the EA will place orders and exit trades for you. Moreover, you can study the performance of the EA overtime. This gives you an opportunity to test the instructions or criteria set for the program.

Do keep in mind some of the disadvantages of running EAs. This includes ensuring you have reliable internet connection. Most EAs are set up for a specific market, though some work for multiple trading pairs – just be certain what you are trading. As EAs are math algorithms based on technical analysis they tend to work best in trending markets rather than sideways. Which also means you have to be on wary of sharp fundamental moves.

Since an EA performs the trade automatically, it’s critical that the program allows you to set a risk level, taking into consideration your account size.

Issues Associated with EA

There are hundreds of EA programs that can be downloaded from the Internet. However, you’d have to be very careful, because some of these are of lesser quality than others. You can read reviews before deciding on which EA to download. There’s also the option of creating the program yourself. It’s a little complex, but it may be worth the time. You can also hire a freelancer for creating the program for you.

How to Set Up an Expert Advisor on MT4

Create or download an Expert Advisor. Copy the EA files from the location where you saved it. Now you need to locate the MetaTrader4 folder on your computer. Open this folder and look for the Experts folder. Open this folder and paste the EA files. Your computer may open a pop-up requesting admin permission. Click on the Continue button.

Downloading an Expert Advisor

Now open your MT4 platform. On the left bottom on the screen, you will see the Navigator window. Here, you will find a folder named Expert Advisors. Click on the + sign to the left of the Expert Advisors folder. You should be able to see the desired EA in this folder. Click on the desired EA and drag it onto a chart.

Installing an Expert Advisor

A pop-up will open and you can change settings and alerts here. Once done, click OK.

MT4 does not allow two EAs to be attached to the same chart. However, you are allowed to run more than a hundred EAs on the same trading terminal. So, if you want to run two EAs, you can simply open new chart windows, one for each of the EAs you want to run. Simply open as many windows as the number of EAs you wish to run, and attached a different EA to each.

用户对我们的评价

keyboard_arrow_left
与我们在线沟通
MSN信息
  • 1、在facebook上点赞或订阅易信easyMarkets
  • 2、打开MSN信息并找到易信easyMarkets
  • 3、开始聊天

我们可以进行Facebook聊天的时间为
每周一至每周五的8:00 -22:00 GMT +2GMT +3

keyboard_arrow_left
与我们在线沟通
WhatsApp
  • 1、添加易信easyMarkets为联系人。号码是+357 99 875 998
  • 2. 打开WhatsApp,选择您已添加的号码
  • 3、开始聊天

我们接受WhatsApp聊天请求
周一至周五 8:00-22:00 GMT +2GMT +3

谢谢

我们将仔细阅读您的邮件并尽快给您回复

您可以查看我们的 教学中心 阅读常见问题

要求失败

出现错误。请再试一次。

如有紧急事件,请点击 给我们留言 此处

keyboard_arrow_left
请发送信息给我们

谢谢

我们的客服人员将尽快给您回电

如有紧急事件,请点击 给我们留言 此处

要求失败

出现错误。请再试一次。

如有紧急事件,请点击 给我们留言 此处

keyboard_arrow_left
联系我们
call
call
请求回电
方便接电话的时间
keyboard_arrow_left
与我们在线沟通

你好!欢迎访问易信easyMarkets。如果有任何疑问,或者需要帮助,请随时联系我们,希望你在我们的网站获得愉快的体验。

要求失败

出现错误。请再试一次。

keyboard_arrow_left
与我们在线沟通
  • 1. 搜索易信easyMarkets 企业QQ 800 025 196 并添加好友
  • 2. 开始聊天
keyboard_arrow_left
与我们在线沟通
  • 1. 扫描下面的二维码
  • 2. 开始聊天

微信在线客服时间
周一-周五 8:00-22:00 GMT +2GMT +3