(Expert Advisor)

Have Doubts? Check out our FAQs Section.

Expert Advisors are programs in the terminal that have been developed in MetaQuotes Language 4 (MQL4) – (MQL5) and is used for automation of trading processes. They allow to perform prompt technical analysis of price data and manage trading activities on basis of signals received.

Yes, trading with an EA can be profitable depending on how the EA works for you. What I mean is that there are two ways an EA can serve you. It can either place trades for you it can alert you once a trade setup has appeared such that you come and make the final decision.

No, There is different coding languages for both the platform MT4 EA can only work in MT4 account and MT5 EA can only work in MT5 account.

Algo/Algorithmic Trading, AI/Artificial Intelligence Trading, Robo/Robotic Trading these are the names of EA/Expert Advisor.

Trading tactics and Expert Advisors are developed based on algorithms of indicators. Custom indicators are only used for analyzing symbol price dynamics. Indicators cannot trade and do not have access to charts. All indicators are stored in the /MQL5/Indicators folder of the trading platform.

Yes, an Expert advisor is based on Indicators and historical data and it can also book loss if the indication gets wrong.

To install an Expert Advisor for automated or algorithmic trading, follow these steps:

  • Open the MT4/MT5 platform Select ‘File’ from the main menu
  • Click on ‘Open Data Folder’ to bring up a new folder panel
  • Select the ‘MQL4’/’MQL5′ folder, followed by the ‘Experts’ file
  • Drag and drop your EA file(s) into this folder
  • Restart MetaTrader Platform for your changes to take effect

To see if an EA is currently active, the top right corner of the chart you have applied the EA to will display a smiling face icon. If you do not see the smiling face icon, check that the AutoTrading function is active. To switch on AutoTrading, click the ‘AutoTrading’ button. You will know the function is active when it displays a green ‘play’ icon.

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