Expert Advisors (EAs)
Expert Advisors (EAs) are programable trading robots available on MetaTrader 4 and MetaTrader 5. This tutorial will explain how Expert Advisors work and how to set them up on MT4 and MT5. We also cover the pros and cons of trading forex, stocks and more with EAs.
Expert Advisor Brokers.
AvaTrade.
Leading forex and CFD broker since 2006, regulated in Ireland, Australia, Canada, Japan, Abu Dhabi, and South Africa. AvaTrade offers multiple trading platforms, including MT4/5, Web Trader, Mobile App, Vanilla options and Social Trading. +1250 Financial Instruments, Educational content and multilanguage customer support active 24/7. 20% Welcome bonus available on allowed countries.
Instruments CFD, Forex, Stocks, Crypto, Options, Commodities Regulator CBoI, ASIC, FSA, FSCA, FSB Platforms MT4, MT5 Min. Deposit $100 Min. Trade $.01 Leverage 1:400.
Vantage.
Reliable and affordable trading since 2009. Join over 900,000 others trading on 1000+ CFD products. Trade Forex CFDs from 0.0 spreads on our RAW account through TradingView, MT4 or MT5. Vantage is ASIC regulated and client funds are segregated. Open an account less than 2 minutes.
Instruments CFDs, forex, indices, shares, commodities, cryptocurrencies Regulator ASIC, FCA, CIMA Platforms MT4, MT5 Min. Deposit $200 Min. Trade 0.01 Lots Leverage 1:500.
BDSwiss.
BDSwiss offer 250+ Shares, Indices, Forex, Commodities and Cryptocurrencies markets via CFDs. With spreads from 1 pip and an award winning app, they offer a great package.
Instruments Forex, CFDs, indices, shares, commodities, cryptocurrencies Regulator FSC, FSA Platforms MT4, MT5 Min. Deposit 100 $/€/£ Min. Trade 0.01 Lots Leverage 1:30.
XM.
XM.com offers a range of account types and a $5 minimum deposit to appeal to all levels of trader. With 1000+ markets and low variable spreads XM.com provides an excellent trading experience.
Instruments Forex CFDs, Commodity CFDs, Equity Indices CFDs, Precious Metals CFDs, Energy CFDs, Stocks Regulator IFSC, DFSA, CySEC, ASIC, FCA, BaFin, CNMV, MNB, CONSOB, ACPR, FIN-FSA, KNF, AFM, FI Platforms MT4, MT5 Min. Deposit 5 $/€/£ Min. Trade 0.01 Micro lots Leverage 1:500.
Eightcap.
Eightcap is a multi-regulated FX and CFD broker offering MT4 and MT5. The brand provides award winning trading platforms, zero commissions, free education and low spreads.
Instruments Forex, CFDs, indices, shares, commodities, cryptocurrencies Regulator ASIC, VFSC Platforms MT4, MT5 Min. Deposit £/€/$100 Min. Trade 0.01 lots Leverage 1:30 - 1:500 depending on local regulation.
IC Markets.
Trade Forex on 0.0 pip spreads with the world's leading True Raw forex broker - IC Markets.
Instruments CFD, Forex, Crypto, Futures, Commodities Regulator ASIC, CySec, FSA Platforms MT4, MT5, cTrader Min. Deposit $200 Min. Trade 0.01 Lots Leverage ASIC and CySEC -1:30, FSA - 1:500.
Pepperstone.
Pepperstone offers CFD trading to both retail and professional traders. Clients can trade FX, indices, commodities and shares on MT4, MT5 and cTrader platforms. CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.
Instruments CFD, Forex, Indices, Crypto, Currency Indices, ETFs, Shares, Commodities, Spread betting Regulator FCA, ASIC, DFSA, CMA, BaFin Platforms MT4, MT5, cTrader Min. Deposit $500 recommended Min. Trade 0.01 Lots Leverage 1:500.
Forex.com.
Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
Instruments CFD, Forex, Stocks, Crypto, Futures, Options, Commodities Regulator CySEC, IIROC, NFA, CFTC, FCA, CIMA Platforms MT4 Min. Deposit $100 Min. Trade $1 Leverage 1:200.
Axi.
Axi is a global online FX and CFD trading company, trusted by investors around the world. Highly leveraged trading opportunities plus a $0 minimum deposit make it popular with beginners and seasoned traders. 81.6% of retail investor accounts lose money when trading CFDs with this provider.
Instruments Forex, CFDs, indices, shares, commodities, cryptocurrencies Regulator FCA, ASIC, DFSA, FMA Platforms MT4 Min. Deposit 0 $/€/£ Min. Trade 0.01 Lots Leverage 1:30 - 1:400.
Skilling.
Skilling are an exciting brand, regulated in Europe and beyond, offering 900+ instruments across 7 asset classes and spreads from 0.2 pips. 80% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Instruments CFD, Forex, Stocks, Indices, Commodities, Cryptocurrencies Regulator CySEC, FSA Platforms MT4, cTrader Min. Deposit 100 EUR/USD/GBP or 1000 NOK/SEK Min. Trade 0.01 Lots or 1 Share Leverage 1:30 (EU), 1:500 (Global)
IG Group.
IG offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
Instruments Forex, ETFs, CFDs, indices, shares, commodities, cryptocurrencies, options, futures, spread betting Regulator FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin Platforms MT4 Min. Deposit £250 Min. Trade 0.1 lots Leverage 1:30.
FXCC.
FXCC is a trustworthy trading broker regulated by the CySEC. The brokerage offers ECN trade executions, leverage up to 1:500 and $0 commissions.
Instruments Forex, Indices, Metals, Energies, Crypto Regulator CySEC Platforms MT4 Min. Deposit $0 Min. Trade 0.01 lots Leverage 1:500.
Capital.com.
Capital.com offer CFDs on a range of markets with competitive spreads and zero commissions. The broker also offers the Investmate app, negative balance protection and leveraged trading. 87.41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Instruments CFDs, forex, indices, shares, commodities, spread betting (only available in the UK), cryptos (not available in the UK) Regulator FCA, CySEC, ASIC, FSA Platforms MT4 Min. Deposit £/$/€20 (By credit card - varies by payment method) Min. Trade $1 Leverage 1:30.
RoboForex.
RoboForex is a multi-asset online broker offering powerful trading aides.
Instruments Forex, CFDs, indices, shares, commodities, cryptocurrencies, cryptoindices, ETFs Regulator IFSC Platforms MT4, MT5, cTrader Min. Deposit $10 Min. Trade 0.01 lots Leverage 1:2000.
FXChoice.
FXChoice is an offshore retail broker offering MT4 and MT5 platform downloads and online CFD trading.
Instruments CFDs, Forex, Indices, Commodities, Cryptocurrencies, Shares Regulator FSC Platforms MT4, MT5 Min. Deposit $100 Min. Trade 0.01 lots Leverage 1:200.
Fusion Markets.
Fusion Markets offers low-cost forex and CFD trading via tight spreads. Copy trading, 1:500 leverage plus multiple account types are also available.
Instruments Forex, CFDs, indices, shares, commodities, cryptocurrencies, metals, energies Regulator ASIC, VFSC Platforms MT4, MT5 Min. Deposit $0 Min. Trade 0.01 lots Leverage 1:500.
Easy Markets.
easyMarkets.com - Simply Honest. Trade CFDs on Forex, Commodities, Indices, Shares & Cryptos With a Top Rated Forex Broker.
Instruments CFD, Forex, Stocks, Crypto, Commodities Regulator CySec, ASIC, BVI Platforms MT4 Min. Deposit €100 Min. Trade Varies by asset Leverage 1:30.
FBS.
FBS is a top online broker offering MT4 & MT5 trading across a range of popular markets. Multiple account tiers and loyalty bonuses are available.
Instruments CFDs, forex, indices, shares, commodities, cryptocurrencies Regulator ASIC, CySEC, IFSC, FSCA Platforms MT4, MT5 Min. Deposit $1 Min. Trade 0.01 lots Leverage 1:30 EU and restricted countries, 1:3000 rest of the world.
NordFX.
NordFX offer forex trading with specific accounts for each type of investor. Spreads start from 0.0 pips while minimum deposits start at $10.
Instruments Forex, CFDs, indices, commodities, cryptos, stocks Regulator VFSC Platforms MT4 Min. Deposit $10 Min. Trade $1 Leverage 1:1000.
EagleFX.
EagleFX is an ECN/STP trading broker offering a low starting deposit and high leverage.
Instruments Forex, CFDs, indices, shares, commodities, cryptocurrencies Regulator - Platforms MT4 Min. Deposit $10 Min. Trade 0.01 lots Leverage Up to 1:500.
Axiory.
Axiory is a regulated forex & CFD broker offering tight spreads & leveraged trading.
Instruments Forex, CFD indices, commodities Regulator IFSC Belize Platforms MT4, MT5, cTrader Min. Deposit $10 Min. Trade 0.01 lots Leverage 1:777.
Moneta Markets.
Moneta Markets is a regulated multi-asset broker offering a leading web platform plus MT4 & MT5.
Instruments Forex, CFDs, indices, shares, commodities, ETFs, cryptocurrencies Regulator ASIC, FSCA, SVGFSA Platforms MT4, MT5 Min. Deposit $50 Min. Trade 0.01 lots Leverage Up to 1:500.
VT Markets.
VT Markets is a multi-asset broker with ultra-fast trade executions, spreads from 0.0 pips, 24/5 support, and user-friendly trading platforms.
Instruments CFDs, Forex, Commodities, Stocks, Indices Regulator ASIC, FSCA, SVGFSA Platforms MT4, MT5 Min. Deposit $200 Min. Trade 0.01 lots Leverage 1:500.
Finq.com.
Finq.com is an online CFD trading broker offering 2100+ assets on a proprietary WebTrader terminal and MetaTrader 4.
Instruments Shares, forex, commodities, indices, bonds, cryptocurrencies, ETFs Regulator FSA Platforms MT4 Min. Deposit $100 Min. Trade 0.01 lots Leverage 1:300.
ThinkMarkets.
ThinkMarkets is a multi-regulated forex and CFD broker 71.89% of retail investor accounts lose money when trading CFDs with this provider.
Instruments Forex, CFDs, ETFs, Futures, Shares, Commodities, Cryptocurrencies, Spread Betting (UK Only) Regulator FCA, ASIC, FSCA, CySEC, JFSA, FSA Seychelles Platforms MT4, MT5 Min. Deposit $0 Min. Trade 0.01 lots Leverage 1:500.
IronFX.
IronFX offers online trading in forex, stocks, futures and commodities.
Instruments Forex, indices, shares, futures, commodities, and metals Regulator - Platforms MT4 Min. Deposit $100 Min. Trade 0.01 lots Leverage -
FxPro.
Multi-award winning trading broker. Specializing in forex but also offering stocks and tight spreads on CFDs and spread betting across a wide range of markets.
Instruments CFDs on Forex, Shares, Indices, Metals, Energies, Futures Regulator CySEC, FCA, FSCA, SCB Platforms MT4, MT5, cTrader Min. Deposit $100 Min. Trade 0.01 Lots Leverage 1:200.
Dukascopy.
Dukascopy is a Swiss-based forex, CFD, and binary options broker with tight spreads and MT4 trading.
Instruments Forex, CFDs, indices, shares, commodities, metals, cryptocurrencies, bonds, binary options Regulator FINMA, FCMC, JFSA Platforms MT4, AlgoTrader Min. Deposit $100 Min. Trade 0.01 lots Leverage 1:200.
Binary.com.
Binary.com are the established pioneers of binary options. The choice of the advanced trader, Binary.com offer the greatest flexibility of any binary broker. They also offer Forex and CFD via the MT5 platform.
Instruments CFD, Forex, Stocks, Crypto Regulator MGA, SC Platforms MT4, MT5 Min. Deposit $5 Min. Trade $1 Leverage 1:1000.
Rockfort Markets.
Rockfort Markets is a New Zealand based and regulated CFD broker. They offer competitive spreads from 0.1 pips and a large range of assets, trading platforms and educational services, with up to 1:500 leverage. Operating in a Tier 1 regulated environment, Rockfort Markets offers peace of mind and excellent customer support. All client funds are held in segregated Trust accounts. Join a large community of active traders and get a 30% First Deposit Bonus!
Instruments CFD, Forex, Stocks, Crypto, Futures, Options, Commodities Regulator FSP, FMA Platforms MT4 Min. Deposit $200 Min. Trade 0.01 lots Leverage 1:500.
How Expert Advisors Work.
Expert Advisors are trading algorithms, also known as bots, that can be deployed on the MT4 and MT5 platforms. EAs are built in the IDE (Integrated Development Environment) and can be used to trade forex, indices and commodities, amongst others. They are essentially designed to execute positions and strategies based on pre-determined criteria.
The built-in MetaEditor facilitates the development and testing of automated trading strategies on both MetaTrader platforms. And importantly, 950+ bots are available for free from Code Base while 1,700+ paid-for Expert Advisors can be purchased from the MetaTrader Market. Alternatively, EA developers can sell individual robots via the Freelance service. Paid for bots range from $10 up to several thousand US Dollars.
Parameters.
Fundamentally, Expert Advisors follow a long list of yes/no rules that they consider when either alerting you to a potential trading opportunity or automatically executing positions themselves.
For those interested in the fully automated route, EAs can be left to open and close positions around the clock, seven days a week. Of course, regular monitoring and refinement are advised as profits aren’t guaranteed.
Pros.
Versatile.
One of the key selling points of Expert Advisors is that they can be used to develop a range of complex trading strategies, based on an unlimited set of criteria. They can be applied to scalping strategies, intraday trading systems, and swing trading setups. Importantly, they can also be tested against historical market data to gauge results.
Emotion.
Another significant advantage is that Expert Advisors take the emotion out of trading. Algorithms are not affected by recent trades that have gone sour. Instead, they make decisions based entirely on logic and pre-agreed parameters.
Time.
EAs can save time. Instead of manually monitoring the forex or stock market and entering and closing positions all day, an Expert Advisor can do it for you. This frees up more time to explore new markets and develop fresh strategies.
Price.
Finally, EAs can be cost-effective. Users can download free bots from Code Base or pay for more advanced algorithms from the MetaTrader Market. You can also pay for bespoke bots to be built using the MetaQuotes Freelance service.
Of course, as with most things, good EAs are likely to come with a hefty price tag and even those do not guarantee consistent returns.
Cons.
24/7 Trading.
To run a forex EA around the clock, you will need to set up a Virtual Private Server (VPS), which often comes at a cost. And even then, it’s best to keep regular checks on progress to avoid risking substantial losses.
Profits.
Unfortunately, there are scams and misrepresented EAs on MT4 and MT5. Often promising high returns with limited evidence to support claims and no track record of profits, these are to be avoided.
Beginners should carefully review bots before downloading a free solution or paying for an EA. The Code Base and Market both publish important metrics about the Expert Advisors available, including a rating, setup guidance, risk parameters, and suitable markets.
News.
Expert Advisors are entirely data-driven so they don’t always respond to news events as you would expect. They aren’t able to predict all market reactions and trends so they cannot be left entirely to their own devices.
Getting Started.
How To Enable Expert Advisors In MT4.
Open up the MetaTrader 4 terminal and select the ‘Options’ menu under ‘Tools’. A window will then appear with the Expert Advisor section. You can then click to ‘Allow automated trading’. The platform should then enable the use of EAs.
Using Expert Advisors On MT4.
To add Expert Advisors to your forex MT4 account, open MT4 and locate ‘File’. Next, click ‘Open data folder’ and choose ‘MQL4’. You should then be able to choose between ‘Expert Advisors’ and ‘Indicators’, depending on the type of input you want. You can then copy over the desired file or bot. Once complete, restart the MT4 terminal and the EA should be available in the ‘Navigator’ window.
If the Expert Advisor is available in Code Base, then the process of adding it is far simpler. Just find the desired EA or indicator and hit the ‘Free download’ or ‘Buy Expert Advisor’ buttons. Once downloaded, you can activate the EA by dragging it onto your chart and setting your variables.
How To Enable Expert Advisors In MT5.
Open the MetaTrader 5 terminal and select the ‘Platform option’. Next, navigate to the ‘Expert Advisors’ tab in the pop-up menu and make sure the ‘Automated trading’ box is ticked. Once ticked, EAs can be used on your desktop or mobile MT5 application.
Using Expert Advisors On MT5.
Similar to MT4, open the terminal and select ‘File’. Next, click on the ‘Open data folder’ and choose ‘MQL5’. You can then select either ‘Expert Advisors’ or ‘Indicators’. From there, you can copy over the file. Now you simply need to refresh the application and the new EA should be available in the window. Once visible, you can drag and drop the bot onto your chart to adjust any parameters.
Testing EAs.
The good news is that most Expert Advisors on Code Base and the MetaTrader Market have user reviews. Many of the premium bots and indicators for sale also come with a free demo solution so that you can backtest algorithms against historical market data. Robots are usually scaled back in terms of features with the simulator, but they still give you a good indication of future performance.
Helpfully, Code Base and the Market both list the best performing Expert Advisors in 2023 and split out bots by different markets and strategies, such as forex or gold and day trading or longer-term investing.
Creating Your Own Expert Advisors.
Established traders may want to build their own bot for personal use or sell their algorithm. For this, users will need to develop bots in the respective platform programming language. For MetaTrader 4, this is MQL4 while for MetaTrader 5, this is MQL5.
EAs are developed in the intuitive IDE (Integrated Development Environment) alongside MetaEditor. These are important tools that help you build, test and refine MT4 and MT5 robots to operate on forex, stock or commodity markets. Fortunately, there is a host of useful tutorials and guides online, as well as MQL4 and MQL5 forums. Other useful tips and recommendations on building your own trading bot can be found at IG and Pepperstone.
Once you have built your Expert Advisor, you can put it to work on your account, offer it as a free download on Code Base, or sell it on the MetaTrader Market.
Bottom Line.
Expert Advisors are algorithms that automatically monitor the markets and execute trades based on pre-defined criteria. EAs can be used for trading popular financial markets, including forex, on both MetaTrader 4 and MetaTrader 5. A collection and database of useful tutorials and bot builder programmes are available online, especially on the MetaTrader website.
To download an EA today, head to Code Base or the MetaTrader Market.
FAQ.
Are Expert Advisors Safe?
There is no guarantee of consistent profits when trading with EAs. Whilst some of the best bots do generate decent returns, these can be pricey and often out of reach for beginners. Always check reviews of free bots before hitting download and be wary of installing Expert Advisors from third-party websites, as they could contain malicious code or be operating a scam.
Do Forex Expert Advisors Really Work?
Some FX Expert Advisors produce regular returns trading major, minor and exotic currency pairs. Of course, they will only operate effectively if trade parameters have been set up correctly. Check user reviews before downloading any free forex EAs and also backtest bots against historical data before risking funds.
Are Expert Advisors Profitable?
Some EAs have cracked creating impressive returns while others produce consistent losses. How successful a bot is ultimately depends on how well it has been developed and refined. The best performing EAs can be found on the MetaTrader Market but may come with a hefty price tag, sometimes costing thousands of dollars.
What Platforms Can You Use Expert Advisors On?
Expert Advisors are primarily available on the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. With that said, automated trading systems and services can also be found on other popular terminals, including cTrader.
Are Expert Advisors Allowed In Trading Competitions?
This is entirely dependent on the company running the competition. EAs are allowed in the FTMO trading competition, for example, however some companies restrict their use. As a result, it’s best to check terms and conditions before signing up. Importantly, it is worth noting that retail Expert Advisors are legal in most major trading jurisdictions.