Expert Advisor (experts / EAs) are programs in the terminal that have been developed in MetaQuotes Language 4 (MQL4) or MQL5 language features and used for automation of analytical and trading processes also known as Algorithmic Trading (automated trading). EAs attached to MT4 or MT5 platforms allow us to perform technical analysis of price action data and perform trading activities based on received signals coming from a “trading strategy”. The entire trading routine can be automated from technical analysis to time avoidance to money management to allow independent periods, all corresponding to customizable by code Expert Advisors.
Working With Expert Advisors
Working with EAs can be categorized in 4 simple steps:
- Creation, (requires high trading skills and programming skills)
- Setup, (copy/past indicator into example C:\Users\ExampleUSER\AppData\Roaming\MetaQuotes\Terminal\EB535BAB555BB233BB44BB\MQL4\Experts)
- Launch, (you need to apply the EA on your Meta Trader Chart)
- Shut Down, (remove EA from your Meta Trader Chart)
Creation of an Expert Advisor
To create and compile an expert, you have to really know what you are doing, have a strategy based on indicators, understand money management to be able to optimize everything, and also understand programming in order to combine everything together. That’s where we are stepping in with our high-performing Expert Advisors and Indicators.
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Expert Advisor Install
- Get your Expert Advisor and “Copy” the EA-file, find similar directory on your computer C:\Users\ExampleUSER\AppData\Roaming\MetaQuotes\Terminal\EB535BAB555BB233BB44BB\MQL4\Experts and “Past” it inside!
- Open your Navigator menu which you can access by pressing CTRL+N, or by pressing button from the standard toolbar.
- Left-click on the EA you would like to attach and holing your left mouse button Drag and Drop it on top of your desired chart.
- Or right-click onto the EA and press "Attach to chart":
- To activate the EA, press Auto-Trade, you can do it directly using the toolbar above pressing this button .
Export Advisor Settings
All Settings of working with Expert Advisors are grouped into this tap:
- Allow Auto Trading – this option allows to enable / disable the performing of trade operations by Expert Advisors / Robots. In case you disable this option all scripts and EA’s will work, but they won’t perform any type of trading. This option is applicable while you are testing a script or experts. The auto-trading feature can be enabled from the menu or true the button on the toolbar.
- Disable Auto Trading when the account has been changed – this feature represents a protective mechanism. Disabling trading by EA and scripts upon account change.
- Disable Auto Trading when the charts symbol or period has been changed – another protective feature which will be triggered in case of a period or symbol is changed. In this case, the expert advisor which is attached to it will be automatically blocked and prohibited to perform any trading activities.
- Allow DLL imports (potentially dangerous, enable only for trusted applications) – enabling this options requires a deep understanding of MetaTrader platform and EAs’ coding. Basically it scales up the functionalities of the expert advisors, allowing dynamic-links libraries (DLLs). If it’s enabled the expert can use such options if it is disabled, no EA can use DLLs. It’s recommended to disable this option if you work with unknown expert advisors.
- Allow WebRequest for listed URL - for security reasons, the option is commonly set to disable. Enabling this option it will allow WebRequest() function in MQL4, used to receive and send information to websites using GET and POST requests. To delete an undesired address from the trusted list please select it and press the “Delete” button.
Warning: Values of options named "Allow Auto trading", "Allow DLL imports (potentially dangerous, enable only for trusted applications)" and "Allow WebRequest for listed URL" specified in this window are default parameters for MQL4 programs newly attached. They do not influence the operation of expert advisors, custom indicators and scripts already running.
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MetaTrader Auto Trading
Automated Robot Trading (algorithmic trading) is probably the strongest feature of Meta Trader. Allowing you to develop, test, and use automated strategies. Expert Advisors eliminate all analytics and save a huge amount of time from every trader.
Note: Keep in mind that this is just a brief post on the topic “Expert Advisors (Meta Trader Robots). For further information and knowledge, we encourage you to make our own due-diligence from trustful sources.