Installing a robot for the MetaTrader 5 platform is not much different from installing one for the MT4 platform. The use of a Forex robot on an MT5 setup over a distant network connection provides an alternative, though. As a result, we will also discuss this installation as well as the conventional desktop/laptop portal setup.

What is a Forex Trading Robot?

Trading robots can be fully or semi-automated. They generate various types, transaction sizes, exit points, and entries. As a prior article on this website stated, the trading methods used to build these robots rely on rules generated from factors like price action, market microstructure, economic data (news events), and statistical models.

Installing forex trading robots on trading platforms and software like Metatrader 5 and getting them to operate on virtual private servers is a crucial part of employing them.

How Do You Install a Forex Trading Robot in MetaTrader 5?

To enable you to trade your desired assets, you must install a forex trading robot on the MT5 by loading its files into the MQL5 software folder and activating it on the platform.

After that, you can either trade locally on your PC or connect it to a Forex VPS and set up your trading bot to trade around the clock.

Here is a procedure for those who would prefer to install their forex trading robot on an MT4:
How to Set Up an MT4 Forex Trading Robot

Method 1: Configure the MetaTrader 5 Desktop Client with a Forex Trading Robot

The MetaTrader 5 platform is available as a desktop client, a mobile app for Android users, and a browser-based version. A forex trading robot can only be installed on a desktop client. The procedure is simple and only requires a few steps to finish.

If you coded your Forex trading robot with MQL4, it won’t function on MetaTrader 5. You must recode its parameters in C#, the MQL5 programming language. This ensures your bot’s executable file is a .mq5 or .ex5 type. Once you set everything up, you can start the actual installation.

• Make sure your desktop client for MetaTrader 5 is open. By selecting File -> Open Data Folder -> MQL5 -> Experts, you can use the data folder to install the Forex bot’s file. This opens the subfolder where the .mq5 file should be stored.
• The .mq5 EA system file for your trading robot should be copied and pasted into the Experts subdirectory.
• You don’t need to restart your MetaTrader 5 client or reload the navigator tab on more recent MT5 trading platforms. After installing the EA into the MQL5 Experts subdirectory, it is ready for use right away.
• You can either restart your MetaTrader 5 desktop client or right-click on the Expert Advisors tab in the Navigator window and select Refresh from the dropdown menu that displays if your MetaTrader 5 is an older version of the MetaTrader platform. This tab will display the name of the EA, enabling you to set up an automated trading robot on the asset of your choice.
• To activate the EA, select “Auto-Trading” or “Algo Trading” at the top of the screen. The forex robot is operational when a happy face appears in the upper-right corner of the chart.

Method 2: Set up a Forex VPS with a Forex Trading Robot

Installing your trading robot on the MetaTrader 5 desktop client is covered in the previous method. By connecting the configuration to a Forex virtual private server, you can advance this installation.

By using a Forex virtual private server (VPS), you can use your Forex robots to trade continuously, preventing downtime and missed opportunities.

• Choose the right VPS provider: Even though many VPS providers are available, choose one whose servers and infrastructure specifically meet the demands of the forex market. In terms of virtualization, pricing, and performance, ForexVPS offers a service that satisfies the demands of forex traders. Another important factor is colocation with the trading hubs where liquidity providers are situated.
• Set up the virtual computer on the server to configure the VPS. When you pay for your Forex VPS, you’ll usually see a range of plans and packages. These come with instructions on how to allocate system resources and complete other network setups.
• To facilitate subscriptions for assigned packages, a reputable VPS provider will offer compatible payment methods. Some providers offer free VPS packages to live account holders; others deduct the service fee directly from the trader’s live MetaTrader 4 or MetaTrader 5 account.

By the way, here’s a guide on how to create a Forex VPS in three straightforward steps.

Frequently Asked Questions

Summary

Now, you ought to be able to configure a forex trading robot on a remote server or your MT5 desktop application. Your robot can trade constantly, even when your PC is not running, by using a remote server.

You must fully comprehend the inherent hazards of forex trading before you begin to trade.