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 holds lower ground near 1.1850 ahead of EU/ US data
EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.
GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus
GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.
USD/JPY rebounds above 153.00 ahead of US inflation data
USD/JPY stages a comeback and regains 153.00 in the Asian session, snapping a four-day losing streak amid some repositioning ahead of the US CPI report. However, expectations that Japan's PM Sanae Takaichi could be more fiscally responsible, along with bets that the BoJ will stick to its policy normalization path and the risk-off mood, could support the safe-haven Japanese Yen, capping the pair's upside.
Editors’ Picks
EUR/USD holds lower ground near 1.1850 ahead of EU/ US data
EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.
GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus
GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.
Gold trims intraday gains to $5,000 as US inflation data loom
Gold retreats from the vicinity of the $5,000 psychological mark, though sticks to its modest intraday gains heading into the European session. Traders now look forward to the release of the US consumer inflation figures for more cues about the Fed policy path. The outlook will play a key role in influencing the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.
US CPI data set to show modest inflation cooling as markets price in a more hawkish Fed
The US Bureau of Labor Statistics will publish January’s Consumer Price Index data on Friday, delayed by the brief and partial United States government shutdown. The report is expected to show that inflationary pressures eased modestly but also remained above the Federal Reserve’s 2% target.
A tale of two labour markets: Headline strength masks underlying weakness
Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.
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