Expert Advisors (EAs) are automated trading tools that run on the MetaTrader platform (MT4 or MT5). They help traders execute strategies without manual intervention, making trading faster, more efficient, and less emotional. In this guide, you’ll learn what EAs are, why traders use them, where to get them, and how to install them on MetaTrader.
An Expert Advisor is a program designed to automate trading on MetaTrader. It can:
- Analyze market conditions
- Open and close trades on behalf of a trader
- Use machine learning and algorithms to predict market movements.
EAs are popular among traders because they allow 24/7 market monitoring, back testing strategies, and removing emotional bias from trading decisions.
Does MH Markets Allow EAs?
Yes! While MH Markets does not provide its own EAs, we do not restrict their usage. You can freely integrate EAs into your trading strategy.
Please note that the Hyper Activity Policy still applies to these accounts, so you should closely monitor the EA’s trading strategy.
You can find thousands of EAs on:
- MetaTrader Market (accessible from MT4/MT5)
- MQL5.com Marketplace
How to Install an EA on MetaTrader
First you need to download the EA on your computer. To add an EA to your terminal, just follow these simple steps:
- Open your MT4 or MT5 client terminal.
- Click ‘File’ from the top menu and select ‘Open Data Folder’.
- Inside the Data Folder:
- For MT4, open the ‘MQL4’ folder, then the ‘Experts’ folder.
- For MT5, open the ‘MQL5’ folder, then the ‘Experts’ folder.
- Place your downloaded EA file (usually a .ex4 or .e5 file) into the ‘Experts’ folder.
- Restart your MT4 or MT5 client terminal.
- Once restarted, drag the EA from the 'Expert Advisors' list in the 'Navigator' window onto any chart you want it to trade on. Make sure 'Auto Trading' (MT4) or 'Algo Trading' (MT5) is turned on in your terminal.