Expert Advisors (EA) allow for automated trading on the Meta Trader 4 trading platform. EA's are built on the MQL programming language which was created especially for automated trading. The robust computer language comes with lots and lots of preexisting classes and functions to help traders quickly create and apply new trading strategies. Each MT4 platform also comes with the 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 the top of the MT4 trading platform.
To back 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 that don't know how to program or aren't interested in creating their own EA strategies, Meta Trader 4 comes preinstalled 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 time frame
- Next, simply click on the desired EA and drag it into the chart, that will cause this window to open...Click OK
- Next, on the MT4 main tabs, click on tools-options – it will create this window. Click on Expert Advisors. Check the boxes for "Enable Expert Advisors" and "Allow live trading"
- At this point the EA will running and you will see a in your chart
!! Important !!
The above directions are for standard EAs. Traders that are running EAs from third party vendors or that also are using DLLs may need to apply additional steps to start initialize the EA. Users of these EAs are advised to contact the EA creator or the Meta Editor Help Files for question in regards to these EAs.