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
#1 - Forex.com
Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they offer a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Forex.com is excellent for forex traders with over 80 currency pairs, tight spreads, low commissions and powerful platforms. The brand is also heavily regulated while its parent company is listed on the NASDAQ, giving it a high trust score.
- DayTrading Review Team
- Instruments: Forex, CFDs, Stocks, Indices, Commodities, Cryptos, Futures, Options
- Regulator: CySEC, IIROC, NFA, CFTC, FCA, CIMA, CIRO
- Platforms: MT4, MT5, TradingView
- Min. Deposit: $100
- Min. Trade: $1
- Leverage: 1:200
CFD Trading
Go long and short on a range of popular financial markets with intuitive platforms and reliable execution. 99.76% of trades are executed in less than a second with an average speed of 0.02 seconds.
Forex Trading
Forex.com is a leading FX broker. The brand offers a huge range of currency pairs and some of the lowest fees in the industry. Spreads on the EUR/USD come in as low as 0.2 with a $5 commission per $100k.
Stocks Trading
Forex.com offers access to thousands of US, EU and UK stocks, with spreads of just 1 point. Speculate on household names as well as new IPOs. US stocks are available from just 1.8 cents per share.
Crypto Trading
Trade major cryptos against USD, EUR, GBP and AUD. All traded with tight spreads. No virtual wallet is required, just a trading account. Cryptos are not available in the US, UK or Canada.
Pros
- The broker’s parent company, StoneX, is listed on the NASDAQ
- Free demo account for beginners
- VPS hosting for automated strategies
Cons
- Tools and platform access varies between countries
- $15 inactivity fee
- No copy trading tool
#2 - OANDA
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 authorized by leading regulators, including the CFTC/NFA. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
We recommend OANDA for traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick for US traders with authorization from local regulators and a secure trading environment.
- DayTrading Review Team
- Instruments: Forex
- Regulator: CFTC, NFA
- Platforms: MT4, TradingView
- Min. Deposit: $0
- Min. Trade: $0
- Leverage: 1:30 EU, 1:200 Global
Forex Trading
OANDA offers over 70 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.
Stocks Trading
Over 1600 shares are available from leading stock exchanges. There are also no commissions on US stocks and traders benefit from free expert insights and market reports.
Crypto Trading
Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Users can also trade digital currencies in a few taps through the iOS and Android mobile app.
Pros
- US clients accepted
- Feature-rich app with 50 indicators, 11 drawing tools and 9 charting styles
- Low minimum deposit for beginners
Cons
- Stock trading not available in all countries
- Customer support not available on the weekend
#3 - IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 18,000+ markets and top-tier market research.
- DayTrading Review Team
- Instruments: Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting
- Regulator: FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin
- Platforms: MT4
- Min. Deposit: £250
- Min. Trade: 0.1 lots
- Leverage: 1:30
CFD Trading
IG offers an impressive suite of 18,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.
Forex Trading
IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.
Stocks Trading
IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.
Crypto Trading
11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.
Pros
- Share dealing and ISAs are available for longer term investing
- Over 18,000 assets are available spanning stocks, forex, commodities, baskets, futures, options and more
- IG offers great educational materials including an extensive library of training and support on how to day trade successfully
Cons
- Inactivity charge
- No copy trading platform
#4 - Kwakol Markets
Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
- Instruments: CFDs, Stocks, Indices, Commodities, Forex, Cryptos
- Regulator: ASIC, FINTRAC
- Platforms: MT4, MT5
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
CFD Trading
Trade CFDs with high leverage and spreads from 0.0 pips on premium accounts.
Forex Trading
Trade forex with ECN executions and tight spreads.
Stocks Trading
Trade stocks with zero commissions and ultra-fast trade executions.
Crypto Trading
Trade cryptos against fiat currencies, other cryptocurrencies and metals like gold.
#5 - ForexChief
ForexChief is a foreign exchange and CFD broker with offshore regulation and access to both MT4 and MT5 trading platforms.
- Instruments: CFDs, Forex, Metals, Commodities, Stocks, Indices
- Regulator: VFSC
- Platforms: MT4, MT5
- Min. Deposit: $10
- Min. Trade: 0.01 lots
- Leverage: 1:1000
CFD Trading
ForexChief offers a competitive range of CFDs, encompassing crypto, indices, energies and metals.
Forex Trading
ForexChief supports spot foreign exchange trading on all account types for 40+ major, minor and exotic currency pairs on both MT4 and MT5.
Stocks Trading
ForexChief offers 100 US company stocks CFDs for MT4 DirectFX and Classic+ account holders.
Crypto Trading
ForexChief supports crypto CFD trading with five major digital currencies paired against the US dollar.
Pros
- Full range of investments
- MT4 integration
- Low minimum deposit
Cons
- Weak regulatory oversight
#6 - Sage FX
Sage FX is an MT4 trading broker offering high leverage rates and secure mobile investing.
- Instruments: Forex, indices, cryptos
- Regulator: Pending
- Platforms: MT4
- Min. Deposit: $10
- Min. Trade: 0.01 lots
- Leverage: 1:500
CFD Trading
SageFX offers retail trading on financial markets with competitive spreads.
Forex Trading
Sage FX offers trading on major and cross currency pairs.
Stocks Trading
Sage FX offers retail trading on major stock indices from around the world.
Crypto Trading
Sage FX offers leveraged trading on crypto and USD pairs.
#7 - Coinexx
Coinexx is an ECN broker with 1:500 leverage, 80+ instruments and a joining bonus.
- Instruments: Forex, Commodities, Indices, Cryptocurrencies
- Regulator:
- Platforms: MT4, MT5
- Min. Deposit: 0.001 BTC
- Min. Trade: 0.01 Lots
- Leverage: 1:500
CFD Trading
Take positions on popular markets with tight spreads, high leverage and micro lots.
Forex Trading
Trade currency pairs with ECN spreads and zero SL/TP limits.
Stocks Trading
Speculate on stock indices with 1:500 leverage and ECN spreads.
Crypto Trading
Trade cryptos against the US Dollar with 1:5 leverage.
Pros
- Low minimum deposit
- Full range of investments
- Demo account
Cons
- No copy trading
- Few payment methods
- No regulatory oversight
#8 - World Forex
World Forex offers 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.
- Instruments: Forex, CFD Stocks, Metals, Energies, Cryptos, Digital Contracts
- Regulator: SVGFSA
- Platforms: MT4, MT5
- Min. Deposit: $1
- Min. Trade: 0.01 Lots
- Leverage: 1:1000
CFD Trading
Speculate on 40+ share CFDs with high leverage and low fees.
Forex Trading
Take positions on a long list of forex pairs with tight spreads and low commissions.
Stocks Trading
Trade 40+ stock CFDs including big names like IBM and American Express.
Crypto Trading
Trade on 10 cryptos paired with the USD and EUR. Crypto only pairs are also available.
Pros
- Low minimum deposit
- MT4 integration
- Full range of investments
Cons
- Weak regulation
#9 - Just2Trade
Just2Trade offer high-tech trading on stocks and options with some of the lowest prices in the industry.
- Instruments: Stocks, ADRs, ETFs, futures, options, commodities, bonds
- Regulator: CySEC, NFA, FINRA, Bank of Russia
- Platforms: MT4, MT5
- Min. Deposit: $100
- Min. Trade: 0.01
- Leverage: 1:5 to 1:20
CFD Trading
Leveraged CFD trading is available on major financial markets
Forex Trading
Speculate on key currency pairings, including with the USD
Stocks Trading
A wide array of equities spanning multiple industries
Crypto Trading
Cryptocurrency trading is only available to clients from Asia
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 2023 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.
FAQ
Are Expert Advisors Safe?
There is no guarantee of consistent 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.