MT4 Basics: How to Install an EA

See some of the expert advisors that we offer.

An expert advisor, otherwise known in the forex world as an “EA,” is basically a program that you install onto the platform that will automatically follow a trader’s instructions once a certain criteria has been met.

In a sense, you can name it “automated trading” as you don’t even have to be touching your mouse and keyboard for orders to be entered.

The benefit of the use of an EA is that if you already have a mechanical device in place, you can create an EA to replicate the movements required as soon as your device offers you a signal.

This is particularly beneficial if you like trading multiple pairs or if you simply don’t have the time to be in the front of your computer to trade.

But before we get to the section on how to set up an EA, be WARNED that there are many people out there imparting EA applications that can also now not function as advertised.

They will inform you that their EA device has made them heaps of pips without them having to do a thing.

We’re now not announcing it’s impossible, but unless they exhibit you account statements that are audited by way of a relatively reputable, third-party accounting firm, take it with a grain of salt.

DO NOT be fooled by way of their flashy marketing and guarantees of greater returns!

What would be great is if YOU create the EA yourself. We won’t lie – it ain’t specially convenient and you may additionally have to spend some time figuring it out, however if it used to be easy, then everybody would do it right?

We tremendously motivate you to learn and understand all components of anything Expert Advisor that you plan to use.

If the EA is centered round moving averages, make positive you recognize if it uses simplified or exponential shifting averages and how many bars it covers.

If it makes use of Stochastic, make certain you recognize what settings are used to generate the signals.

Remember, this is your genuinely-earned cash that you’re entrusting to a computer program here.

Once you understand the ins and the outs of the EA, then you can begin loading it on the terminal!

What would be great is if YOU create the EA yourself. We won’t lie – it ain’t specially convenient and you may additionally have to spend some time figuring it out, however if it used to be easy, then everybody would do it right?

We tremendously motivate you to learn and understand all components
of anything Expert Advisor that you plan to use.

If the EA is centered round moving averages, make positive you recognize if it uses simplified or exponential shifting averages and how many bars it covers.

If it makes use of Stochastic, make certain you recognize what settings are used to generate the signals.

Remember, this is your genuinely-earned cash that you’re entrusting to a computer program here.

Once you understand the ins and the outs of the EA, then you can begin loading it on the terminal!

Step-by Step Instructions: Installing an EA

Step 1: Transferring files

1.  Create or download an EA. Keep note of the location of where you saved it.

2.  Select and copy the EA file you wish to install.

3.  Look for the MetaTrader4 folder. This is normally located in the C: drive.

4.  Paste the files into the Experts folder. A pop-up requesting admin permission may appear; if so, just click Continue.  

Step 2: Installing the EA on the MT4 platform

1.  Launch your MT4 platform.

2.  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.

3.  Click on the EA you want to install and drag it onto one of the charts on your platform.

Step 3: Adjusting the settings

1. A pop-box will appear showing the settings of your EA.

2. Make sure that all the settings and alerts are correct before clicking

3. Once again, let us remind you that you shouldn’t simply use an EA blindly.

4. Test it out on demo first and apprehend the whole thing there is to recognize about it before committing your capital to it!