MT4 Fundamentals: How to Install an Expert Advisor (EA) by WikiFX

Now that you've got some experience with the MT4 platform's indicator tools, it's time to move on to the next level of your MT4 training: how to install an expert adviser.

An expert adviser, often known as a “EA” in the forex business, is a software that you put on the platform that will automatically follow a trader's instructions whenever a given condition is reached.

In a way, you might call it “automatic trading,” since orders are entered without ever touching your mouse or keyboard.

The benefit of employing an EA is that if you already have a mechanical system in place, you can design an EA to mimic the activities needed once your system sends you a signal.

This is especially handy if you like trading many pairs or just do not have the time to sit in front of your computer to trade.

But, before we go into how to install an EA, you should be aware that there are many individuals out there selling EA programs that may not operate as stated. They will tell you that their EA system has generated hundreds of pips for them without them having to do anything.

We're not saying it's impossible, but unless they offer you audited financial statements from a very credible third-party accounting company, you should take it with a grain of salt.

DO NOT BE DUPPLED BY THEIR GLIMPSE ADVERTISING OR PROMISES OF HIGHER RETURNS!

It would be preferable if YOU created the EA yourself. We won't lie - it's not simple, and you may have to spend some time figuring it out, but hey, if it was easy, everyone would do it, right？ We strongly advise you to grasp and comprehend all parts of the Expert Advisor that you want to employ.

If the EA is based on moving averages, make sure you understand if it employs simple or exponential moving averages and how many bars it covers.

If it employs Stochastic, ensure that you are aware of the parameters utilized to create the signals.

Remember, you're giving your hard-earned money to a computer program here.

Once you've mastered the EA, you'll be able to start loading it into the terminal!

Instructions in Steps: Putting in an EA

Step 1: File Transfer

• EAs may be created or downloaded. Make a mental note of where you stored it.

• Choose and copy the EA file that you want to install.

• Navigate to the MetaTrader4 folder. This is usually found in the C: drive.

• Copy the files and paste them into the Experts folder. If a popup seeking administrative permission appears, just click Continue.

Installing the EA on the MT4 platform is the second step.

• Start your MT4 platform.

• Look for the Expert Advisors section in the Navigator panel on the platform's left side. When you click on the Plus symbol, the available EAs should be shown.

• Drag the EA you wish to install onto one of your platform's charts by clicking on it.

Step 3: Fine-tuning the parameters

• A pop-up window will open, displaying your EA's settings.

• Before selecting OK, double-check that all of the settings and notifications are right.