Installing Forex Expert Advisors on MT4 requires a bit of technique. In this tutorial, we’ll take a look at how easy it is installing forex Expert Advisors on your MT4 trading platform. In case you are unsure about Forex expert advisors, the following articles help you to get more insight about forex expert advisors.
Most of the forex expert advisors are writting for the largely popular MT4 forex trading platform. At the outset, there are two formats of expert advisors available for use with the MT4 trading platform, namely the .mql4 format or the .ex4 format.
Regardless to the type of format you get your expert advisor in, both run well on your MT4 trading platform. The only difference being that an MQL4 file can be edited with the MetaEditor program available from the MT4 trading platform.
On the contrary, the EX4 expert advisor format is a compiled program hence cannot be edited or customized to your preferences. The steps mentioned below to installing forex expert advisors is similar with both the mt4 and the mt5 trading platforms
Installing Forex Expert Advisors on MT4 trading platform
- Before installing any forex expert advisors or indicators, always close the MT4 platform
- Locate your MT4 folder and open the ‘Experts’ folder. Copy your EA file that you wish to install into this folder
- The same procedure can be followed if you wish to install an indicator. Simply browse to your MT4 folder and open the indicators folder and paste your forex indicator files in the folder.
- Open your MT4 trading platform and click on ‘Tools>Options’ and click on the ‘Enable Expert Advisors‘ tab and check the box in order to enable the forex EA’s on your MT4 platform
- Now click on ‘File>New Chart’ from the top menu. Select any currency pair to open a new chart window
- Once you have the new chart window open, click on ‘Charts>Periodicity‘ and select a time frame of your choice
- In all probability you would have the ‘Navigator’ window open on your MT4. If you don’t click on the ‘View‘ from the menu bar and select navigator to see a folder list open up
- Expand the ‘Expert Advisor‘ folder by clicking on the ‘+‘ sign. Right click on your EA and select ‘Attach to chart‘. Alternatively you can drag and drop the file onto your chart os just double click the EA to activate it.
- Once the above step is complete, you would see a window prompting you to make any adjustments to the EA settings. Make sure to check the ‘Allow live trading‘ as well as ‘Ask manual confirmation‘ checkbox as per your preferences.
- A correctly installed indicator is confirmed by a little smiley face on the top right side of your charts. Refer to Figure V.
Notes about installing Forex Expert Advisors
- You cannot place more than one forex EA on a chart
- It is not advisable to execute multiple Expert Advisors at the same time as it results in conflicts
- You can place the same forex EA on multiple charts