EA’s, or expert advisors, are trading systems that can enter buy and sell decisions into the forex markets through the trading platform MetaTrader 4. They are gaining in popularity, particularly with the rise of peer to peer trade following sites such as ZuluTrade, and with the growth of social media.
EA’s allow several advantages to normal trading such as the elimination of emotion and the ability to enter trades at lightning fast speed. They can make complex calculations precisely and enter trades automatically. One thing that must be said is that there are thousands of EA’s out there and some are not very good at all. Only a very small number are able to take good profits out of the forex markets.
There are essentially two ways to set up an EA in MT4:
Once the EA is in this folder, simply reopen the MT4 application and attach the EA to a chart. You will be able to find the new EA under Expert Advisors which is found in the Navigator panel. This will bring up another window where you specify important criteria such as lot size and stop levels for the EA.
The other way to set up the EA is to get the code that contains all the system instructions. Copy this code and then open up the MetaEditor screen in MT4. This can be accessed through the toolbar or by pressing F4.
Simply paste your code into the MetaEditor and then click Save As. Give the EA a name and then save it as a mq4 file. It will need to be saved under the experts folder which is found under your MetaTrader application folder. The one that you downloaded from your broker.
You can now return to the main MT4 screen and the EA should be visible under Expert Advisors in the Navigator. Right click on the EA to attach it to a chart and set it up. If you click allow direct trading it will start trading right away. When you do so, the name of the EA will appear in the right hand corner of the chart along with a smiley face.
Remember, you can stop the EA’s at any time by clicking the big Expert Advisors button on the main toolbar.
EA’s allow several advantages to normal trading such as the elimination of emotion and the ability to enter trades at lightning fast speed. They can make complex calculations precisely and enter trades automatically. One thing that must be said is that there are thousands of EA’s out there and some are not very good at all. Only a very small number are able to take good profits out of the forex markets.
There are essentially two ways to set up an EA in MT4:
Download the EA
The easiest solution to using an EA in MT4 is to download the packaged EA file which will contain everything you need to get started. These EA’s can be found through the MT4 community or from a specific EA provider. This file needs to be added under the folder ‘experts’ which is found under your MetaTrader application folder in your program files. This is the one that you downloaded from your broker.Once the EA is in this folder, simply reopen the MT4 application and attach the EA to a chart. You will be able to find the new EA under Expert Advisors which is found in the Navigator panel. This will bring up another window where you specify important criteria such as lot size and stop levels for the EA.
Insert the code
The other way to set up the EA is to get the code that contains all the system instructions. Copy this code and then open up the MetaEditor screen in MT4. This can be accessed through the toolbar or by pressing F4.Simply paste your code into the MetaEditor and then click Save As. Give the EA a name and then save it as a mq4 file. It will need to be saved under the experts folder which is found under your MetaTrader application folder. The one that you downloaded from your broker.
You can now return to the main MT4 screen and the EA should be visible under Expert Advisors in the Navigator. Right click on the EA to attach it to a chart and set it up. If you click allow direct trading it will start trading right away. When you do so, the name of the EA will appear in the right hand corner of the chart along with a smiley face.
Remember, you can stop the EA’s at any time by clicking the big Expert Advisors button on the main toolbar.
Editors’ Picks
EUR/USD climbs to daily highs near 1.1820
EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.
GBP/USD trims losses, retests 1.3460
After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.
Japanese Yen gives back half of early gains against USD ahead of US PPI data
The Japanese Yen (JPY) surrenders half of its early gains against the US Dollar (USD) during the European trading session on Friday. The USD/JPY pair rebounds to near 155.90 as the JPY falls back, but is still 0.15% down.
Editors’ Picks
EUR/USD: Fed calm, ECB steady, but the Dollar still leads Premium
EUR/USD is still struggling to find real traction. The pair has tried to stabilise, but momentum keeps fading, leaving the door open to further weakness.
Gold: Falling US yields, geopolitics help XAU/USD hold ground Premium
Gold (XAU/USD) gained traction and climbed above $5,200, ending the fourth consecutive week in positive territory. The next round of US-Iran talks and crucial macroeconomic data releases from the US will be watched closely by market participants in the short term.
GBP/USD: Will Pound Sterling defend key 1.3450 support ahead of US jobs data? Premium
The Pound Sterling (GBP) entered a bearish consolidation phase against the US Dollar (USD), after having tested critical support near the 1.3450 level on several occasions.
Bitcoin: Another month of losses, and it’s been five
Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.
US Dollar: At a crossroads; Fed steady, tariffs in flux Premium
The US Dollar’s (USD) upward momentum from the previous week seems to have encountered a tough nut to crack in the 98.00 region, as measured by the US Dollar Index (DXY).
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