What is Expert Advisors (EA)? How to Set Up a EA on Exness

What is Expert Advisors (EA)? How to Set Up a EA on Exness
If you’ve ever wished you could set up automatic actions in your trading terminal, then Expert Advisors (EA) may be exactly what you need. Let’s take a closer look at EAs, and how to manage them in the MT4 and MT5 trading terminals.


What is an EA?

An EA is a program run through a trading terminal that can automatically monitor and carry out trading without a trader’s direct involvement. When you install an EA, certain criteria will trigger alerts, notifications, and even trading actions depending on the market conditions that the EA is programmed to track. EAs are programmed in either MetaQuotes Language 4 (MQL4) or MetaQuotes Language 5 (MQL5) to work with MT4 and MT5 respectively.

Note: EAs only function in desktop trading terminals for MT4 and MT5, but can be installed when using VPS. EAs will not work with mobile versions of MT4 and MT5.



How to Set Up a EA

We will focus on showing you how to install an existing EA (from those that come with MT4 and MT5 by default), but know that EAs can also be created by traders.


Installing

  1. Download EAs from the MQL4 and MQL5 sites, which are MetaTrader official sources. You will need to create an account on their site to download the files.
  2. Load up MT4 or MT5, depending on which trading terminal you use.
    1. If you haven’t got either, follow the link for how to install MT4 or MT5.
  1. Open File Open Data Folder - find and then copy the downloaded files to the following path MQL4/5 Experts.
    1. If any EAs require libraries (.dll files) or settings (.set files), they must be copied to their corresponding folders - MQL4/5 Libraries and MQL4/5 Settings respectively.
    2. EAs will generally direct you where to put additional files if necessary.
  1. Restart MT4/5.
  2. Open Tools Options and then navigate to the Expert Advisors tab.
  3. Tick Allow automated trading, then click OK.
    1. Also, tick Allow DLL imports and/or Allow WebRequest for listed URL if you know your EA requires .dll file capability and/or a connection to a specific URL.
    2. Please be sure of your EA’s requirements as they can vary on which permissions are required to run.
  1. In the Navigator window, expand the Expert Advisors entry by clicking the + symbol (path for MT5 is Expert Advisors Advisors).
  2. Locate your EA, then click and drag it onto an instrument window of your choice; this will bring up any preferences your EA allows. Once satisfied, click OK and your EA will be set up.


Removing

  1. Right-click on the instrument chart window that has the EA installed.
  2. Select Expert Advisors Remove for MT4, and Expert List Remove (with the selected EA) for MT5.
  3. The EA is now removed from that instrument chart window.

Default EA

All the default EAs that come with MT4 and MT5 are designed by MetaQuotes Software.

Default EA for MT4:

  • MACD Sample: implements a very simple moving average convergence and divergence (MACD) based strategy of Forex trading.
  • Moving Average: uses a moving average strategy; if a candle crosses from below, the EA will enter a long position. Vice versa for the short position.

Default EA for MT5:

  • ExpertMACD: designed to use moving average convergence and divergence in order to enter a trade.
  • ExpertMAMA: MAMA stands for MESA Adaptive Moving Average, which is a trading strategy that adapts to price changes.
  • ExpertMAPSAR: uses two indicators, Moving Average and ParabolicSAR, to automate trading.
  • ExpertMAPSARSizeOptimized: this uses the same MAPSAR combination as above, but the size of trades can be optimised.
Expert Advisors may automate trading, but the strategies that implement are best understood before using an EA so it is advised to use due diligence when installing them.


Regarding MT4 and MT5

As EAs are programmed in MQL4 and MQL5, it is not possible to use an EA for MT4 on MT5 or vice versa. EAs are specifically programmed using the language suited to the appropriate trading terminal.

However, the steps required to install EAs are the same for MT4 and MT5.

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