What is an EA?
An EA (Expert Advisor) is an automated trading program that runs on the MetaTrader platform. EAs automatically execute trades based on pre-programmed rules, allowing traders to monitor the market 24/7 and trade without emotional influence.
Running EAs in MT4 and MT5
Running EAs in MT4:
- Adding EAs: Copy the EA file (.ex4) to the “Experts” folder within the “MQL4” folder of MT4.
- Restarting the Platform: Restart MT4 to see the added EA in the Navigator window.
- Applying EAs: Drag and drop the desired EA from the Navigator window onto the chart.
- Enabling EAs: Click the “Auto Trading” button at the top of the chart to enable the EA. The button will turn green, indicating that the EA is running.
Running EAs in MT5:
- Adding EAs: Copy the EA file (.ex5) to the “Experts” folder within the “MQL5” folder of MT5.
- Restarting the Platform: Restart MT5 to see the added EA in the Navigator window.
- Applying EAs: Drag and drop the desired EA from the Navigator window onto the chart.
- Enabling EAs: Click the “Algorithmic Trading” button at the top of the chart to enable the EA. The button will turn green, indicating that the EA is running.
Basic EA Settings and Usage
- Setting Parameters: When adding an EA to a chart, configure parameters such as trade lot size, stop loss, take profit, and trading time in the settings window.
- Using Strategy Tester: Use the Strategy Tester to backtest EA performance. Click the “Strategy Tester” button on the toolbar, select the EA and currency pair, and choose the testing period.
- Monitoring Real-Time Trades: Monitor real-time trades executed by the EA in the “Trade” tab of the Terminal. Adjust settings as needed to maintain optimal performance.
- Checking Logs: Review the EA’s operational logs to identify any issues. Detailed log information is available in the “Experts” tab of the Terminal.