Expert Advisors (EAs) automate trading actions within your platform based on pre-defined criteria. Before implementing any EA, it's important to understand the strategies they employ.
What Are Expert Advisors?
EAs are automated programs that monitor markets and execute trades based on specific conditions without manual intervention. They're coded in MQL4 for MT4 or MQL5 for MT5 platforms.
Important considerations:
EAs only function on desktop versions of MT4 and MT5 (not on mobile or web platforms)
Your trading account must maintain minimum funding requirements
Overly aggressive EA settings may cause the system to disable the EA
If your EA becomes disabled and you can't reactivate it, submit a ticket through Service Hub for assistance
Setting Up an Expert Advisor
Installation Method 1:
Download EAs from MQL Community or official MetaTrader sources
Open your MT4/MT5 terminal and navigate to File > Open Data Folder
Copy EA files to MQL4/5 > Experts folder
Place any required libraries (.dll) or settings (.set) files in their respective folders
Restart the terminal and enable algorithmic trading in Tools > Options > Expert Advisors
Enable any additional permissions your EA requires (DLL imports or WebRequests)
Drag the EA from the Navigator window onto your preferred chart
Installation Method 2:
Open MT4/MT5 and go to the Code Base tab
Right-click, select Expert Advisors, and download your chosen EA
When prompted, add the EA to an active chart or access it later from the Navigator
Configure your EA preferences and click OK
Removing an Expert Advisor
In MT4: Right-click on the chart > Expert Advisors > Remove
In MT5: Right-click on the chart > Expert List > Remove
Default Expert Advisors
MT4 includes basic EAs like MACD Sample and Moving Average, while MT5 offers more advanced options such as ExpertMACD, ExpertMAMA, ExpertMAPSAR, and ExpertMAPSARSizeOptimized.
Note that EAs are platform-specific - MT4 EAs cannot run on MT5 and vice versa due to their different programming languages.