Expert Advisor, also known as EA or trade robot, is a program that preset with trader’s trading strategy to perform an automated trading activity on MetaTrader platform. EA is designed to analyze huge amount of data and advise trader with a buy or sell recommendation to make manual trading at the exact right moment or make decision to auto place an order directly by managing every aspect of trading operations such as sending orders to broker server by auto adjusting the stop loss, trailing stops and taking profit levels that fit the trader’s strategy.
Expert Advisor is able to follow multiple rules simultaneously to send trade order and exit the financial market. By using EA, traders especially the novice traders are able to eliminate emotional trading decisions. This is because it allows the traders to exercise a strict trading system that stick to pre-programmed parameters without exceptions. Hence, this is the rock solid consistency of one of the features to make it more attractive to the traders.
- EA is completely customizable.
- EA is flexible to be adjusted for the traders entire preference.
- Trader is able to analyze the trading opportunity by using EA.
- Trader is able to trigger trades and order automatically within the preset parameters.
- Trader is able to create custom indicators or modify the existing ones.
Benefits of Expert Advisor
- Easy to use and supervise
- Fully configurable indicator settings
- Customizable SL, TP, and TS
- Built-in money management
- Trades can be closed on opposite signals
- Works for ECN/ Non-ECN brokers and 2-3-4-5 digit symbols
- Trading is FIFO (NFA) Compliant
- Customizable trading hours
- Trade long, short or both
How To Use Expert Advisor?
There are several simple steps to use EA system:
- Create or download an EA. Keep note of where you have saved it.
- Select and copy the EA file that you wish to install.
- Look for the MetaTrader4 folder. This is normally located in the C: drive.
- Paste the files into the Experts folder. A pop-up requesting admin permission may appear; if so, just click Continue.
Installing the EA on the MT4 platform
- Launch your MT4 platform.
- Look for the Expert Advisors section under the Navigator Pane at the left side of the platform. Click on the “Plus” sign and the available EAs should be listed there.
- Click on the EA you want to install and drag it onto one of the charts on your platform.