MetaTrader Expert Advisors are algorithms that can identify trading
opportunities, enter orders and manage trades. They allow traders to
leave the trading to the platform while they focus on more important
tasks. In this post you will learn more about EAs and how to create
your own MetaTrader 4 EA.
How to use an Expert Advisor in MT4?
Expert Advisors, or EAs, allow you to partially or fully automate the
trading process. They consist of algorithms that can monitor
numerous indicators and inputs and make complex calculations to
generate trading signals. Trading signals based on the algorithm can
be used to generate alerts, or to generate orders. Positions and risk
can also be managed by the EA using the full range of order types.
You can download free expert advisors, buy them, or create your
own EA. Free EAs are unlikely to offer much of an edge, while those
you can buy are a hit and miss affair. The only way to make sure an
EA does exactly what you want to it to is to create your own, based
on your own rules.
If you want to know how to make an expert advisor for MT4 there
are several approaches you can use. If you know how to program
with MQL you can build your own expert advisor. You can also use EA
builders to create EAs without any programming skills. Finally, you
can use a service that provides expert advisor programming for
EAs are very easy to install and run on MetaTrader 4 and 5. You
simply paste the EA into the Experts folder in the MetaTrader folder
on your hard drive. Then, you go to the Expert Advisors section under
the Navigator on MetaTrader. Click on the ‘plus’ sign and your EA
should be listed there. Click on your EA and drag it onto a chart.
Finally, a popup box will appear for you to adjust the EA’s settings.
To learn how to trade with an expert advisor, it is advisable to
initially paper trade the signals produced by an MT4 expert advisor
to ensure it is working correctly. When you are happy that the EA is
working correctly you can start entering trades manually.
In the case of an automated MetaTrader 4 expert advisor, you can
use a demo account with live market data to make sure the EA is
Advantages of an EA
There are several significant advantages to trading with a forex
Automated trading system can trade around the clock on multiple
markets at the same time. Whenever a market is open, your EA can
trade it, and there is no limit to the number of systems, currency
pairs and time frames you can trade simultaneously. You can also
trade other asset classes like cryptocurrencies, stocks and
An automated forex trading system or Expert Advisor can generate signals in fractions of a second. They can do this faster than
any human, and without any chance of human error. EAs do not get
tired, lose concentration or make mistakes, no matter how long they
EAs also remove the negative effects of emotion on trading
decisions. It is well known that the weakest point in a trading process
is often the person doing the trading, and automated systems can be
used to eliminate this problem.
Finally, EAs mean you do not have to spend all your time watching
How to create an Expert Advisor for MT4?
If you do not have fairly extensive programming skills, there are two ways to obtain your own custom EA. You can use an EA builder, or you can make use of an MQL programming service.
EA builders act as an easy to use interface that writes the MQL code
for you. This is fine for a very basic EA, but these applications do
have their limitations. An EA builder will not be able to automate
complex strategies or create unique solutions. Often creativity is
required to create a winning EA, and this may be a problem with an
Nordman Algorithms specializes in MQL programming of EAs and
. Our team has vast experience working with
MetaTrader and developing automated trading systems. We can turn
your idea into a reliable EA that leverages the full power and
functionality of MetaTrader.
Our experienced team will make sure there are no logic flaws in the
system. The architecture can also be designed to accommodate
additional features later. Our team will help you set up your EA to do
what it is supposed to and provide ongoing support. We will also
make sure bugs are removed if they ever arise.
Types and kinds of EAs
EAs can be designed to exploit any type of trading strategy:
Trend Following EAs that follow trends while avoiding flat periods can be easily coded by EA developers
Price Action EAs are based entirely on price action and price patterns. These can be used on any time frame
News Trading EAs are developed in MQL to profit from price movements around news releases
Multi-currency EAs incorporate data from more than one currency pair to identify the most profitable opportunities
Hedging EAs simultaneously open more than one position to profit from the relative changes in the prices of different currency pairs or other trading instruments
Scalping EAs trade frequently to take advantage of short-term price extremes. These types of EAs are sometimes restricted by brokers
Arbitrage EAs exploit price differences between liquidity providers, or prices on different exchanges
Grid EAs build and unwind positions at predefined levels. Price levels are based on recent volatility and trading ranges. Some grid EAs incorporate hedging to remove market risk
Breakout EAs enter positions when major support or resistance levels are breached
Zone recovery EAs are used to reduce or limit losses when the market moves against a trade. Positions are opened in the opposite direction to offset losses with the aim of closing all trades without a loss
Engulfing candle EAs are identify candles with a wider range than preceding candles. Trades are then triggered when the high or low of the candle is broken
Support and Resistance EAs identify support and resistance levels on which to base trades. Usually trades will be opened at edge of the range and closed at the other
Neural network EAs use machine learning to find patterns in the price behavior of currency pairs and other assets. These are often patterns that are difficult to identify without advanced algorithms and computing power
Level trading EAs use levels based on models like market profile or pivot points to define entry and exit points
Gap EAs identify price gaps that occur from one trading session tothe next. Gap EAs can be based on continuation or reversal patterns
If you want to automate your forex trading strategy, feel free to
contact us. All you need is an idea and we can give you a time estimate and quote to turn it into a MT4 / MT5 Expert Advisor or
MT4 / MT5 Custom Indicator!