What Is MetaTrader Expert Advisor?
Working with the Foreign Exchange market was a thing for billionaires and established businessmen in the past. But now thanks to online brokers and their trading platforms, anyone can become a successful Forex Trader in the comforts of their own homes.
Programs written in MQL4 language that allow analysis and trade in the auto trading mode are called Expert Advisors. Using MQL4, you can create your own Expert Advisors.
Working with Expert Advisors can also help make transactions profitable. It is actually a Mechanical Trading System or MTS that is linked up to a certain chart. The EA can advice traders about possibly profitable trades or even conduct the trades all by itself, depending on the chosen settings. It automatically contacts the trade server of your chosen broker and sends orders over without troubling the trader at all. MetaTrader also has huge server, ready to maintain records of old trading data that can later be helpful for developing trade strategies that can be programmed into its system.
There are many aspects to creating a reliable Expert Advisor. Your first concern should be the necessary variables. You can easily find a general EA code using the MQL4 community which works on all currency pairs. Then, since we want all our parameters to be checked in an optimizer 0-Disable and 1-Enable your EA. When creating your own EA’s, remember that stops are initialized by integers and can be changed into fractional numbers as and when necessary. But in real life we are trading in real currencies. If the stop is equal to zero, then it’s not going to work.
These Expert Advisors, MT4 indicators, scripts and libraries are readily downloadable from the internet and ready to use with your MetaTrader. EA’s are usually developed by expert Meta Trader programmers using MQL4 language. If you are fluent with C++ then you may be able to do it on your own. Other sites also let you download complete libraries for a nominal fee or even completely free of charges.
Expert Advisors are good at making better metatrader trading decisions because they don’t take account of market conditions, employee morale, investors’ fears etc when making their choice to trade. Instead their decisions are based on pure and factual data that are the real key to a successful trade.
When writing such complex code, it is important that the programming language is complex enough to provide the necessary debugging information. MQL 4 provides several different methods for getting this data.
Expert Advisors from MetaTrader can be valuable assistants to you. But please remember that it is only a tool. It is the traders’ responsibility to check up on it regularly to make sure that trades remain successful and profitable.