Expert Advisor (EA)
An automated trading program on the MetaTrader platform that executes trades based on pre-programmed rules.
An Expert Advisor is an automated trading script written in MQL4 or MQL5 that runs on the MetaTrader platform. EAs can analyse price data, generate trading signals, and execute orders without manual intervention. They range from simple moving average crossover systems to complex algorithms incorporating multiple indicators and risk management rules.
How It Works
- Coded in MetaQuotes Language (MQL) and attached to a chart in MetaTrader 4 or 5
- Continuously monitors price data and indicators according to programmed logic
- Automatically places orders with predefined stop-loss and take-profit levels when conditions are met
- Can be backtested on historical data using MetaTrader's Strategy Tester
- A VPS is often used to keep the EA running 24/5 without interruption
Trading Tips
Always backtest an EA on at least two to three years of historical data before running live
Start with a demo or small live account to verify performance in real market conditions
Be sceptical of EAs sold with unrealistic profit claims. Past backtested performance does not guarantee live results.
Monitor your EA regularly. Market conditions change, and a strategy that worked last year may not work this year.
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