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What is Expert Advisor (EA)

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If you trade forex using a trading platform for trading, then you have probably already noticed that the possibilities of this program are much wider than just opening orders.

One of the most requested features in metatrader or similar software is the automated trading that takes place with the help of Expert Advisor.

EA (Expert Advisor) or forex robot is a program that runs on the MetaQuote (MT4 and MT5) trading platforms used to search for signals, monitor or automatically execute trades using mathematical algorithms pre-programmed by the trader.

Expert Advisor is also often referred to as an adviser, since it is understood that it advises when and in what direction to open a deal, although most of these scripts do not just advise, but open and close orders on their own.

 

The main purpose of creating automatic advisors is to save the trader from routine work on the technical analysis of the market , and to reduce the time spent at the computer monitor to a minimum:

 

Expert Advisor can be used to trade any currency, cryptocurrency pairs, securities or commodity futures .

How does Forex Robot or EA work?

The Expert Advisor is written in the proprietary programming language MetaQuotes Language version 4 or 5 (MQL4, MQL5), which traders use to create algorithms in accordance with their trading strategies:

 

The algorithms here are a set of conditions and rules to initiate a strategy trading decision, if the trading conditions and rules are satisfied, the EA will inform the trader or automatically open a trade without any intervention.

It should be noted a fairly wide choice of strategy options , on the basis of which transactions are opened, these can be models based on indicators or such technical tools as a trend line, support / resistance levels, candlestick patterns.

When the EA is launched, the robot will scan and analyze the market on the price chart to identify buy or sell opportunities based on previously programmed strategies.

When opening trades, most EAs also set position management parameters such as stop loss, take profit or trailing stop orders .

Main types of Expert Advisor scripts

Expert Advisors can be divided into two main types – fully automatic and semi-automatic scripts.

Automated Expert Advisor – performs opening trades as soon as the price and market conditions reach the planned parameters. An order is opened without additional notice to the trader.

 

That is, you add the robot to the chart of the selected currency pair, while all the settings are entered at the time of installation on the chart, then the robot opens and closes transactions, and you analyze the trading statistics. If necessary, the settings are changed.

Semi-automatic adviser – analyzes the market and gives signals to open deals, based on these signals, the trader decides whether or not to open an order at the moment. This Expert Advisor option is safer, but it requires constant intervention from the trader.

For example, you have programmed a signal to open a trade, as soon as the price crosses the resistance line, an event occurs and you receive a message by email or mobile phone, open the trading platform and decide whether or not to open a new trade.

There is also a division of advisers based on the trading strategy they use, for example, scalping advisers , martingale advisers .

You can buy Expert Advisor both for money and completely free of charge:

There are free script options on our website – http://forexluck.ru/sovetnik-forex

There are also free advisers in the metatrader trading platform , you can buy robots in the “Market” section

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