By allowing traders to implement many automated trading methods at once, multiple expert advisors (EAs) improve traders’ capacity to handle a variety of asset classes and market situations. To reduce risk and maximize performance, traders should diversify their trading strategies by executing different EAs on platforms such as MetaTrader 4 or MetaTrader 5. A comprehensive trading strategy is made possible by the ability to tailor each EA to target particular market characteristics like trend following, mean reversion, or scalping. This post will teach you how to use several expert advisors (EAs) on MT4 and explain the advantages of doing so.
How to Use MT4 with Many Expert Advisors
When EAs are downloaded from the MetaTrader market, they are automatically installed on MT4 and are available for use right away. To install EAs that were acquired from external sources, take the following actions:
- Make a copy of the EA files.
- Open your MT4 account and log in.
- From the menu bar, select File > Open Data Folder.
- Open the “MQL4” folder, then the “Experts” folder, and paste the EA files.
- For the modifications to take effect, you need to restart the MT4 Platform
- Log in, then click View > Navigator
- Click the + sign next to “Expert Advisors” in the Navigator window to see all EAs;
- Select the chart that you would want the EA to trade on.
- Either right-click the EA and choose “attach to a chart” or drag it onto the chart;
- After setting the EA parameters, click OK.
We also recommend that you become acquainted with the list and terms of trustworthy brokers that provide the option to trade with a number of expert advisors.
Developing Your Own Expert Advisor
By using the MQL4 programming language in the “MetaEditor” software to code their strategies, traders can produce their own EAs. Use the MT4 platform first, then right-click “Expert Advisors” in the Navigator window and choose “Create in MetaEditor.”
Several Expert Advisor builder programs, such as EA Builder Pro, EA Studio, and StrategyQuant X, can assist you in creating an EA without coding if it is not your forte.
Other Sources
Expert Advisors can also be obtained via brokers that provide free EAs, Forex forums, or third-party websites. You can consult articles such as “What Is The Best Forex EA For MT4” for advice on locating EAs.
This article Trading Algorithm: How to Create an Algorithm can give you further understanding in creating your own Expert Advisor.
Common Problems of Expert Advisors on MT4
Sometimes, using Expert Advisors (EAs) on the MT4 platform can be difficult. To make sure your EAs function properly, below are some typical problems and their fixes;
- Zip Files: Your EAs may be in archived or zip files if you downloaded them from websites. Before using these files, they must be extracted. Right-click on a zip file and choose “Extract All” to begin the extraction process. Move the files that have been unzipped to the MT4 Experts folder.
- Expert Advisor not Visible in MT4: Try logging out of the MT4 platform and shutting down the window if, after pasting your EA there, it does not appear in the Expert Advisors area of the “Navigator” window. After that, restart MT4 and sign in to your account once more. Make that the download was not interrupted and that the EA file has the correct .ex4 extension.
- Expert Advisor not Working: Click the “AutoTrading” button on the MT4 toolbar to activate your EA on the charts. When it is idle, it will display red, and when it is active, green. A smiling face will show up in the upper right-hand corner of the chart if your EA is functioning. The EA is not active if they have a sad expression.
- Enable DLL Files if Required: For some EAs to work, .dll files are necessary. Click Tools > Options on the MT4 menu bar, then choose the “Expert Advisors” tab to activate these. Click OK after selecting “Allow automated trading” and “Allow DLL imports.” Next, double-click the EA in the Navigation window, choose the “Allow DLL imports” checkbox, and click Ok.
- VPS Usage: Use a Virtual Private Server (VPS) if your computer’s limits cause performance problems. A VPS offers a quick and reliable environment for uninterrupted, continuous EA operation.
Following these steps, you’ll be able to resolve some common issues and make sure your expert advisor work effectively on the MT4 platform.
You might also like Expert Advisors (EA) Automated Trading Bots
Conclusion
It is simple for traders who wish to use EAs to obtain and install them on the MT4 platform, whether they are sourced from third parties, developed themselves, or purchased through the MetaTrader Market. Comprehending the installation procedure and resolving typical problems guarantees that your EAs operate efficiently, optimizing your trading possibilities. Traders can maximize their Forex strategies with several EAs, utilizing automation to improve trading performance and efficiency, by weighing the benefits and drawbacks and adhering to best practices for installation and purchase.