Expert Advisors (EAs)
Expert Advisors (EAs) are programable trading robots available on MetaTrader 4 and MetaTrader 5. This tutorial will explain how Expert Advisors work and how to set them up on MT4 and MT5. We also cover the pros and cons of trading forex, stocks and more with EAs.
Expert Advisor Brokers
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
OANDA USCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
3
DNA Markets
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:500ASICCFDs, Forex, Indices, Commodities, Stocks, CryptoMT4, MT5Credit Card, Debit Card, Wire Transfer, BPAY, Skrill, Neteller, Bitcoin Payments, Bitwallet, AstroPay, MastercardUSD, EUR, GBP, CAD, AUD, NZD, SGD -
4
IGForex trading involves risk. Losses can exceed deposits.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:30 (Retail), 1:250 (Pro)FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOBCFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread BettingWeb, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentralPayPal, Wire Transfer, Mastercard, Credit Card, Visa, Debit CardUSD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD -
5
Pocket Option50% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$50$1MISABinary Options, Currencies, Commodities, Stocks, Indices, CryptosWeb, MT4, MT5Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCashUSD -
6
xChief$100 No Deposit Bonus
$100.01 Lots1:1000VFSCCFDs, Forex, Metals, Commodities, Stocks, IndicesMT4, MT5Wire Transfer, Bitcoin Payments, Credit Card, UnionPay, Skrill, Neteller, WebMoney, Perfect Money, Debit Card, Ethereum Payments, FasaPay, VoletUSD, EUR, GBP, JPY, CHF -
7
Plexytrade120% Cash Welcome Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$500.011:2000UnregulatedCFDs, Forex, Indices, Stocks, Commodities, CryptoMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD, EUR -
8
InstaTrade
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$10.011:1000BVI FSCFISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, FuturesInstaTrade Gear, MT4Visa, Mastercard, Wire Transfer, Credit Card, Debit Card, Bitcoin Payments, Ethereum PaymentsUSD, EUR, RUB -
9
Coinexx100% Deposit Welcome Bonus
0.001 BTC0.01 Lots1:500Forex, Commodities, Indices, CryptocurrenciesMT4, MT5Bitcoin Payments, Ethereum PaymentsUSD -
10
World Forex100% Deposit Bonus
$10.01 Lots1:1000SVGFSAForex, CFD Stocks, Metals, Energies, Cryptos, Digital ContractsMT4, MT5Wire Transfer, Debit Card, Credit Card, Visa, Mastercard, Google Wallet, Apple Pay, Perfect Money, Bitcoin Payments, VoletUSD, EUR, RUB
This is why we think these brokers are the best in this category:
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- OANDA US - OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
- DNA Markets - DNA Markets is a forex and CFD broker established in 2020. The broker operates two entities in Australia and the offshore jurisdiction, St Vincent and the Grenadines. Traders can access 800+ markets, with a Standard account for beginners and a Raw account for experienced traders. The reliable MetaTrader 4 and MetaTrader 5 platforms are available, alongside Signal Start.
- IG - Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand-US offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
- Pocket Option - Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
- xChief - xChief is a foreign exchange and CFD broker, established in 2014. The company is based offshore and registered with the VFSC and FMA. Users can choose between a wide selection of accounts and base currencies, making ForexChief accessible to global traders. The brand also stands out for its no deposit bonus and fee rebates for high-volume traders.
- Plexytrade - Established in 2024 and headquartered in Saint Lucia, Plexytrade is an ECN/STP broker. Geared towards active traders, it supports four account options, crypto deposits and withdrawals, plus very high leverage up to 1:2000 made possible by its unregulated status.
- InstaTrade - InstaTrade, based in the British Virgin Islands, is an online broker specializing in fixed income structured products and active trading through CFDs. Its zero-spread accounts, excellent research notably through InstaTrade TV, and access to the popular MT4 alongside its own web-accessible InstaTrade Gear, make it an attractive option for short-term traders at every level.
- Coinexx - Coinexx is an unregulated broker that provides leverage up to 1:500 on forex, commodities, indices and cryptocurrencies with deep liquidity, pure ECN spreads and negative balance protection. The broker uses crypto as base currencies and has low minimum deposit requirements of 0.001 BTC.
- World Forex - World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
Cons
- Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
- Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) |
| Regulator | NFA, CFTC |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
- The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
- There's a strong selection of 68 currency pairs for dedicated short-term forex traders
Cons
- There's only a small range of payment methods available, with no e-wallets supported
- The range of day trading markets is limited to forex and cryptos only
- It's a shame that customer support is not available on weekends
DNA Markets
"DNA Markets is an excellent choice for short-term traders familiar with the MetaTrader platforms. The smooth sign-up process also makes it easy to get started while the $100 minimum deposit is accessible. That said, DNA Markets trails the top brokers in education, research and mobile trading. "
DNA Markets Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Indices, Commodities, Stocks, Crypto |
| Regulator | ASIC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, NZD, SGD |
Pros
- Convenient account funding is available with 7 base currencies, a $100 deposit and a wide range of payment methods
- Short-term trading strategies are permitted including scalping and automated trading using Expert Advisors (EAs)
- After a recent upgrade, there are now over 800 assets available to trade via CFDs, with a particularly impressive range of 120+ cryptos
Cons
- Unlike many alternatives, there are limited educational and research tools for traders seeking an all-in-one solution
- Although it continues to strengthen its client base and reputation, DNA Markets lacks the track record of top brokers like Vantage
- Despite access to MT4 and MT5, there is no proprietary trading app for seamless account management whilst on the go
IG
"IG continues to provide a comprehensive package with an intuitive web platform and best-in-class education for beginners, plus advanced charting tools, real-time data, and fast execution speeds for experienced day traders."
IG Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting |
| Regulator | FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA, CONSOB |
| Platforms | Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:250 (Pro) |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, ZAR, SEK, DKK, CHF, HKD, SGD |
Pros
- As a well-established broker, IG operates under strict regulatory guidelines in multiple jurisdictions, maintaining a high level of trust
- IG is amongst the best in terms of its range of instruments, which includes stocks, forex, indices, commodities, and cryptocurrencies, providing ample diversification opportunities
- The proprietary web-based platform continues to caters to traders of all levels, with advanced charting tools and real-time market data useful for day trading
Cons
- Stock and CFD spreads still trail the cheapest brokers like CMC Markets based on tests
- While there is negative balance protection in the UK and EU, there is no account protection or guaranteed stop losses for US clients
- IG applies an inactivity fee of $12 per month after 2 years, deterring casual investors
Pocket Option
"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."
Pocket Option Quick Facts
| Bonus Offer | 50% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos |
| Regulator | MISA |
| Platforms | Web, MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | $1 |
| Account Currencies | USD |
Pros
- The range of payment methods beats the majority of rivals, providing fast, secure and convenient deposits for traders in most countries
- The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
- Extremely fast and smooth sign-up process that takes less than 2 minutes
Cons
- Pocket Option offers a slimmed down iteration of the MT4 and MT5 that doesn't provide the full charting package for advanced traders
- The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
- Despite offering competitive payouts up to 92%, binary brokers like IQCent offer higher returns up to 98% based on tests
xChief
"xChief continues to prove popular with investors looking to trade highly leveraged CFDs on the popular MetaTrader platforms. The broker's rebate scheme and investment accounts will particularly appeal to seasoned traders. However, the lack of top-tier regulatory oversight is a major drawback."
xChief Quick Facts
| Bonus Offer | $100 No Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Metals, Commodities, Stocks, Indices |
| Regulator | VFSC |
| Platforms | MT4, MT5 |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, GBP, JPY, CHF |
Pros
- xChief delivers a high-quality day trading environment via the MT4 and MT5 platforms, with market-leading charts, indicators and tools
- Traders can access a copy trading solution via the MetaQuotes Signals service
- The broker offers several account types to suit different traders, including a Cent account for beginners and pro-level hedging/netting accounts
Cons
- Fees and minimums are imposed on most withdrawal methods, including a €60 minimum for SWIFT bank transfers
- The total range of 150+ assets is much lower than most competitors who typically offer hundreds
- The Classic+ and Cent accounts provide access to fewer instruments than the other account types, at 50+ and 35+, respectively
Plexytrade
"Plexytrade is a newcomer in the brokerage scene with attention-grabbing features like 1:2000 leverage, zero spreads on select instruments and fast execution speeds of less than 46 milliseconds. However, the absence of regulation is a significant concern, while the non-existent research and educational tools place it far behind industry frontrunners."
Plexytrade Quick Facts
| Bonus Offer | 120% Cash Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Indices, Stocks, Commodities, Crypto |
| Regulator | Unregulated |
| Platforms | MT4, MT5 |
| Minimum Deposit | $50 |
| Minimum Trade | 0.01 |
| Leverage | 1:2000 |
| Account Currencies | USD, EUR |
Pros
- Plexytrade offers among the highest leverage we’ve seen, up to 1:2000, catering to advanced traders willing to forego regulatory protections.
- US residents are accepted as clients, distinguishing Plexytrade as one of the rare offshore brokers that cater to US-based traders.
- Plexytrade accommodates a range of trading methods and short-term strategies, including scalping, hedging, and automated trading.
Cons
- There are no social or copy trading features for inexperienced traders to replicate the trades of more experienced investors, trailing category leaders like eToro.
- There are no research and educational materials, falling short of alternatives like IG, while access to the economic calendar is restricted to clients with balances of $500.
- Plexytrade lacks regulation in major jurisdictions, significantly increasing the risks of opening an account and depositing funds.
InstaTrade
"Although InstaTrade offers active trading on a comprehensive platform, it stands out with its fairly unique Fixed Income Structured Product (FISP), providing passive investment opportunities with up to 50% returns in 6 months if conditions are met. "
InstaTrade Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | FISP, CFDs, Forex, Stocks, Indices, Commodities, Cryptos, Futures |
| Regulator | BVI FSC |
| Platforms | InstaTrade Gear, MT4 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- InstaTrade TV, consisting of video interviews and valuable market insights spanning equities, cryptos and more, helps identify opportunities and inform short-term trades.
- Despite an average investment offering of around 300 assets, InstaTrade offers a particularly strong suite of currency pairs, catering to advanced traders seeking opportunities in volatile exotics.
- InstaTrade delivers an excellent suite of charting tools for day traders with its web trader comprising 250+ indicators, 11 chart types and a user-friendly design.
Cons
- InstaTrade is registered in the offshore jurisdiction of the British Virgin Islands, resulting in limited regulatory safeguards for retail investors.
- Marketing of the FISP, especially phrasing around the “guarantee of profitability” and the “elimination of risks of trading on financial markets” raises concerns.
- InstaTrade sports one of the most cluttered websites and client cabinets in the industry, potentially overwhelming new traders, especially compared to XTB’s intuitive trading journey and resources.
Coinexx
"Traders seeking highly leveraged CFDs with a broker that uses crypto as a base account currency will find a good match in Coinexx. The ECN model also offer tight spreads from 0 pips. On the downside, traders should note the weak regulatory oversight."
Tobias Robinson, Reviewer
Coinexx Quick Facts
| Bonus Offer | 100% Deposit Welcome Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Commodities, Indices, Cryptocurrencies |
| Platforms | MT4, MT5 |
| Minimum Deposit | 0.001 BTC |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:500 |
| Account Currencies | USD |
Pros
- ECN execution model with tight spreads from 0 pips
- Demo account available to prospective traders
- 100% deposit bonus for new clients
Cons
- No copy trading service for aspiring investors
- No fiat account funding options - crypto only
- No regulatory oversight reduces safety
World Forex
"World Forex provides both highly leveraged CFDs and digital contracts, making this a good broker for clients who want flexible and rewarding ways to trade. The copy trading service will also appeal to newer traders."
World Forex Quick Facts
| Bonus Offer | 100% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts |
| Regulator | SVGFSA |
| Platforms | MT4, MT5 |
| Minimum Deposit | $1 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD, EUR, RUB |
Pros
- A wide range of assets to trade, including via digital contracts
- MT4, MT5 and a proprietary trading terminal
- VPS hosting
Cons
- Withdrawal fees apply
- No negative balance protection
- Weak regulation
How Expert Advisors Work
Expert Advisors are trading algorithms, also known as bots, that can be deployed on the MT4 and MT5 platforms. EAs are built in the IDE (Integrated Development Environment) and can be used to trade forex, indices and commodities, amongst others. They are essentially designed to execute positions and strategies based on pre-determined criteria.
The built-in MetaEditor facilitates the development and testing of automated trading strategies on both MetaTrader platforms. And importantly, 950+ bots are available for free from Code Base while 1,700+ paid-for Expert Advisors can be purchased from the MetaTrader Market. Alternatively, EA developers can sell individual robots via the Freelance service. Paid for bots range from $10 up to several thousand US Dollars.
Parameters
Fundamentally, Expert Advisors follow a long list of yes/no rules that they consider when either alerting you to a potential trading opportunity or automatically executing positions themselves.
For those interested in the fully automated route, EAs can be left to open and close positions around the clock, seven days a week. Of course, regular monitoring and refinement are advised as profits aren’t guaranteed.
Pros
Versatile
One of the key selling points of Expert Advisors is that they can be used to develop a range of complex trading strategies, based on an unlimited set of criteria. They can be applied to scalping strategies, intraday trading systems, and swing trading setups. Importantly, they can also be tested against historical market data to gauge results.
Emotion
Another significant advantage is that Expert Advisors take the emotion out of trading. Algorithms are not affected by recent trades that have gone sour. Instead, they make decisions based entirely on logic and pre-agreed parameters.
Time
EAs can save time. Instead of manually monitoring the forex or stock market and entering and closing positions all day, an Expert Advisor can do it for you. This frees up more time to explore new markets and develop fresh strategies.
Price
Finally, EAs can be cost-effective. Users can download free bots from Code Base or pay for more advanced algorithms from the MetaTrader Market. You can also pay for bespoke bots to be built using the MetaQuotes Freelance service.
Of course, as with most things, good EAs are likely to come with a hefty price tag and even those do not guarantee consistent returns.
Cons
24/7 Trading
To run a forex EA around the clock, you will need to set up a Virtual Private Server (VPS), which often comes at a cost. And even then, it’s best to keep regular checks on progress to avoid risking substantial losses.
Profits
Unfortunately, there are scams and misrepresented EAs on MT4 and MT5. Often promising high returns with limited evidence to support claims and no track record of profits, these are to be avoided.
Beginners should carefully review bots before downloading a free solution or paying for an EA. The Code Base and Market both publish important metrics about the Expert Advisors available, including a rating, setup guidance, risk parameters, and suitable markets.
News
Expert Advisors are entirely data-driven so they don’t always respond to news events as you would expect. They aren’t able to predict all market reactions and trends so they cannot be left entirely to their own devices.
Getting Started
How To Enable Expert Advisors In MT4
Open up the MetaTrader 4 terminal and select the ‘Options’ menu under ‘Tools’. A window will then appear with the Expert Advisor section. You can then click to ‘Allow automated trading’. The platform should then enable the use of EAs.
Using Expert Advisors On MT4
To add Expert Advisors to your forex MT4 account, open MT4 and locate ‘File’. Next, click ‘Open data folder’ and choose ‘MQL4’. You should then be able to choose between ‘Expert Advisors’ and ‘Indicators’, depending on the type of input you want. You can then copy over the desired file or bot. Once complete, restart the MT4 terminal and the EA should be available in the ‘Navigator’ window.
If the Expert Advisor is available in Code Base, then the process of adding it is far simpler. Just find the desired EA or indicator and hit the ‘Free download’ or ‘Buy Expert Advisor’ buttons. Once downloaded, you can activate the EA by dragging it onto your chart and setting your variables.
How To Enable Expert Advisors In MT5
Open the MetaTrader 5 terminal and select the ‘Platform option’. Next, navigate to the ‘Expert Advisors’ tab in the pop-up menu and make sure the ‘Automated trading’ box is ticked. Once ticked, EAs can be used on your desktop or mobile MT5 application.
Using Expert Advisors On MT5
Similar to MT4, open the terminal and select ‘File’. Next, click on the ‘Open data folder’ and choose ‘MQL5’. You can then select either ‘Expert Advisors’ or ‘Indicators’. From there, you can copy over the file. Now you simply need to refresh the application and the new EA should be available in the window. Once visible, you can drag and drop the bot onto your chart to adjust any parameters.
Testing EAs
The good news is that most Expert Advisors on Code Base and the MetaTrader Market have user reviews. Many of the premium bots and indicators for sale also come with a free demo solution so that you can backtest algorithms against historical market data. Robots are usually scaled back in terms of features with the simulator, but they still give you a good indication of future performance.
Helpfully, Code Base and the Market both list the best performing Expert Advisors in 2024 and split out bots by different markets and strategies, such as forex or gold and day trading or longer-term investing.
Creating Your Own Expert Advisors
Established traders may want to build their own bot for personal use or sell their algorithm. For this, users will need to develop bots in the respective platform programming language. For MetaTrader 4, this is MQL4 while for MetaTrader 5, this is MQL5.
EAs are developed in the intuitive IDE (Integrated Development Environment) alongside MetaEditor. These are important tools that help you build, test and refine MT4 and MT5 robots to operate on forex, stock or commodity markets. Fortunately, there is a host of useful tutorials and guides online, as well as MQL4 and MQL5 forums. Other useful tips and recommendations on building your own trading bot can be found at IG and Pepperstone.
Once you have built your Expert Advisor, you can put it to work on your account, offer it as a free download on Code Base, or sell it on the MetaTrader Market.
Bottom Line
Expert Advisors are algorithms that automatically monitor the markets and execute trades based on pre-defined criteria. EAs can be used for trading popular financial markets, including forex, on both MetaTrader 4 and MetaTrader 5. A collection and database of useful tutorials and bot builder programmes are available online, especially on the MetaTrader website.
To download an EA today, head to Code Base or the MetaTrader Market.
FAQs
Are Expert Advisors Safe?
There is no guarantee of profits when trading with EAs. Whilst some of the best bots do generate decent returns, these can be pricey and often out of reach for beginners. Always check reviews of free bots before hitting download and be wary of installing Expert Advisors from third-party websites, as they could contain malicious code or be operating a scam.
Do Forex Expert Advisors Really Work?
Some FX Expert Advisors produce regular returns trading major, minor and exotic currency pairs. Of course, they will only operate effectively if trade parameters have been set up correctly. Check user reviews before downloading any free forex EAs and also backtest bots against historical data before risking funds.
Are Expert Advisors Profitable?
Some EAs have cracked creating impressive returns while others produce consistent losses. How successful a bot is ultimately depends on how well it has been developed and refined. The best performing EAs can be found on the MetaTrader Market but may come with a hefty price tag, sometimes costing thousands of dollars.
What Platforms Can You Use Expert Advisors On?
Expert Advisors are primarily available on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. With that said, automated trading systems and services can also be found on other popular terminals, including cTrader.
Are Expert Advisors Allowed In Trading Competitions?
This is entirely dependent on the company running the competition. EAs are allowed in the FTMO trading competition, for example, however some companies restrict their use. As a result, it’s best to check terms and conditions before signing up. Importantly, it is worth noting that retail Expert Advisors are legal in most major trading jurisdictions.