After you have had a bit of practice using the indicator tools on the MT4 platform, you can now move to the next stage in your MT4 learning: how to create an expert advisor.
An expert adviser is a program you install onto a platform. It will automatically follow trader’s instructions after a certain criteria has been met.
It can be described as “automated trading“, since you don’t have to touch your keyboard or mouse to enter orders.
An advantage to using an EA is the ability to create an EA from a mechanical system.
This is especially useful if your trading interests include multiple pairs, or if time is a constraint.Before we move on to how to install an EA program, please be aware that there are many EA programs out there that may not work as advertised.
They will tell you how their EA system has given them thousands of pips, without them even having to do anything.
Although we don’t believe it is impossible, they should show you accounts statements that have been audited by an experienced, third-party accounting firm.
Do not be deceived by flashy advertisements and promises of higher returns.It would be great if you created the EA yourself. It’s not easy. You may need to spend some time learning how it works. But, we’re sure it’s worth it.
We encourage you to fully understand and learn about any Expert Advisor you are considering using.
If your EA is focused on moving averages make sure to find out if the EA uses exponential or simplified moving averages, and how many bars they cover.
If your EA uses Relative Strenght Index. Make sure you understand the settings used to generate signals.
This is your hard-earned cash that you are entrusting to the computer program.
Once you have mastered the EA you can load it onto the terminal.
Step-by-Step Instructions: Installing an EA
Step 1: Transferring files
- Download or create an EA. Take note of the exact location where it was saved.
- Copy the EA file that you want to install and select it.
- Look out for the MetaTrader4 folder. It is usually located in the C: drive. Follow these step if you want to change your MT4 default location.
- Copy the files to the Experts directory. You may see a window asking for admin permission. If so, click Continue.
Step 2: Installing EA on the MT4 Platform
- Start your MT4 platform.
- You will find the Expert advisors section on the left side panel of the Navigator platform. Click on the plus sign to see the list of available EAs.
- Click on the EA that you wish to install, and drag it onto a chart on your platform.
Step 3: Adjusting the settings
- The settings of your EA will be displayed in a pop-up window.
- Before you click OK, make sure all settings and alerts have been set correctly.
Let’s remind you, once again, that an EA should not be used blindly.
Before you commit your capital, test it out first!