An expert advisor, otherwise known in the forex world as an “EA,” is basically a small program that you install onto the MT4 platform that will automatically follow a trader’s instructions once a certain criterion has been met. See it as a trading robot. You tell it what to to do and when to do it and it will comply.
You can call it “automated trading” as you don’t even have to be touching your mouse and keyboard for orders to be entered.
The advantage of using an EA is that if you already have a mechanical system in place, you can create an EA to replicate the actions required once your system gives you a signal. This is particularly useful if you like trading multiple pairs or if you just don’t have the time to be in front of your computer to trade.
Step By Step Instructions
- Create or download an EA. Keep note of the location of where you saved it.
- Select and copy the EA file you wish to install.
- Look for the MetaTrader4 folder. This is normally located in the C: drive.
- Paste the files into the Experts folder. A pop-up requesting admin permission may appear; if so, just click Continue.
Step 2: Installing the EA on the MT4 platform
- Launch your MT4 platform.
- Look for the Expert Advisors section under the Navigator pane at the left side of the platform. Click on the Plus sign and the available EAs should be listed there.
- Click on the EA you want to install and drag it onto one of the charts on your platform.
Step 3: Adjusting the settings
- A pop-up box will appear showing the settings of your EA.
- Make sure that all the settings and alerts are correct before clicking OK.