Design Your Own Strategies with Expert Advisors

Expert Advisor

A Forex Expert Advisor is a mechanical currency trading software based on MQL-4 programming language. The MT4 Forex platform is designed specifically with automated trading in mind for better Forex analysis. MetaTrader 4 can be programmed to give you Forex alerts on trading opportunities, and can also trade your account for you, from sending Forex alerts and orders directly to your broker, to adjusting stop loss and take profit levels.

Currency trading software Expert advisors for MetaTrader 4 are all different and unique in the way they enter and exit the market, how they place the Forex alerts and develop Forex analysis. Currency trading software Expert advisors provide a different way of trading Forex, as they help to eliminate emotionally based decisions. Expert advisors in MT4 Forex platform uses a disciplined approach and are design to evaluate multiple factors at once, including Forex alerts, which may help the trader make better decisions.

All of the Forex technical indicators and Forex alerts available in MetaTrader 4 Forex platform can be analyzed logically. You can also test and create your own technical indicators with MetaTrader tools.

There are various types of MT4 Forex robot currency trading software Expert Advisors available for a variety of strategies. Some are set to analyze news and events, while other MT4 Expert Advisors are meant to stay active 24 hours a day and check all sorts of Forex alerts. Expert traders, who have developed their own Forex trading strategies, may require an MQL-4 programmer to automate their system.

For an Expert Advisor to work it must be attached to an individual chart on the MetaTrader 4 platform. A MT4 Expert Advisor can consider dozens of factors and Forex alerts in an instant in order to decide the next trade. This is a helpful quality, since a human being cannot take as many factors into consideration at once.

How does a Forex Expert Advisor work?

Currency trading software expert Advisors are designed to make different calculations and take action when Forex market conditions meet the right criteria, as it is described in the source code of the Expert Advisor.

As an example, a simple version of a currency trading software Expert Advisor might state something like this:

“If the 9 and 20 day moving averages cross with the 9 day MA above the 20 MA and the RSI is higher than 50 then open a long position (buy)”

Of course there are countless conditions in which a MT4 Expert Advisor can be based to enter or exit the Forex market based on different Forex alerts, as well as managing stops and multiple profit levels.

An MT4 Expert Advisor is usually divided into three parts: A startup or ‘init’ function, a main function and a ‘deinit’ or cleanup function. The Expert Advisor will run through its startup function once upon startup and will run through its ‘deinit’ or clean-up function once at the end. In the mean time, the MT-4 Expert Advisor program runs through a cycle of its main function over and over with every incoming tick while it is attached to a chart and active.

Here is an outline of what a simple currency trading software Expert Advisor could be programmed to do.

(This would be the ‘main’ part of the EA and takes place every time a tick comes in.)

1. Check my account. Is there enough equity to open a trade? if so, continue. If not, end.
2. Are there any open trades right now?
   • If there are, do they need to be closed or do they need their trailing stop adjusted? (do so if needed and exit.)
   • If there are no open trades, are the market conditions right to open one? (do so if needed and exit. )
3. End.

How to use an currency trading software Expert Advisor?

To use the Expert Advisor you have to install the MetaTrader 4 Forex platform and then attach it to the corresponding chart on the MT4 Forex robot. If instructions are included with the Expert Advisor, these should be read entirely.

The Different Types of Expert Advisors

There are various different types of currency trading softwares Expert Advisors for the MetaTrader 4 Forex platform. This is by no means a final list. There can be other types of Expert Advisors based on the creativity of the programmers who make them.

News Expert Advisor - This is a type of hedging EA. The News EA is designed to take advantage of news events and the large price shifts that can occur during financial news releases.

Breakout Expert Advisor - Designed to open a trade when the price breaks through predefined support and resistance levels.

Scalper Expert Advisor - It attempts to repeatedly secure small profits as soon as they are available.