Expert Advisors (EA) allow for automated trading on the MetaTrader 4 trading platform. EAs are built using MQL programming language created for automated trading. The robust computer language comes with many pre-existing classes and functions to help traders quickly create and apply new trading strategies. Each MT4 platform also comes with Meta Editor included. The Meta Editor is a unique compiler created specifically for the MQL programming language.
The Meta Editor can be found by clicking on top of the MT4 trading platform.
To test new strategies, traders can use Meta Trader’s Strategy Tester by simply entering their EA and choosing which instrument and timeframe to trade with.
Don’t want to program?
For traders who do not know how to program or are not interested in creating their own EA strategies, Meta Trader 4 comes pre-installed with two EAs. In addition, MT4 offers a link to hundreds of additional EAs that are available on the MQL user site.
How to install an EA?
Once an EA is created, traders need to have their Navigator window opened.
Open a chart with the desired trading instrument and timeframe.
Next, simply click on the desired EA and drag it into the chart, which will cause a window to open…Click OK.
Next, on the MT4 main tabs, click on tools-options – this will open a window. Click on Expert Advisors. Check the boxes for “Enable Expert Advisors” and “Allow live trading”.
At this point, the EA will run, and you will see your chart.
IMPORTANT TO NOTE!
The above directions are for standard EAs. Traders who run EAs from third-party vendors or who also use DLLs may need to apply additional steps to initialize the EA. Users of these EAs are advised to contact the EA creator or the Meta Editor Help Files for questions regarding EAs.