Installing Expert Advisors on MT4 & MT5 can be quite challenging because of the differences in technicalities. They let traders set up automated transactions according to preset rules and personalize their trading tactics.

In this article, we will guide you through a successful installation of Expert Advisors on MT4 and MT5.

First, let’s take a look at MetaTrader 4

How to Install an Expert Advisor on MT4

• Download the EA file to your computer. It will have a .ex4 or .mq4 extension
• Open the MT4 platform
• Go to File > Open Data Folder
• In the Data Folder window, go to the MQL4 > Experts folder
• Copy the EA file to the Experts folder
• Close the Data Folder window
• In the MT4 platform, go to Navigator
• ‘Right-click’ on the Experts folder and select Refresh, or Close and reopen the platform
• Your Expert Advisor will now be listed in the Experts folder

To attach an EA to a chart, left-click on the EA and drag it onto the desired chart.

The Settings box, where you may adjust the EA’s inputs and characteristics, will show up after the EA is connected to a chart. Remember to choose “Allow live trading” if you’re using a live account. Select “OK” when you’re ready.

You can activate the EA by choosing Auto Trading at the top of the MT4 toolbar after you’ve set up its parameters.

Now, following its pre-established regulations, the EA will begin trading automatically. If the EA is active right now, you will see a smiley face. To reopen the EA’s properties, select the smiling face.

Tips for Installing and Using Expert Advisors on MT4

Here are some more pointers for installing and using EAs on MT4:

Since EAs can be complicated applications, it’s crucial to comprehend how they operate before utilizing them.

Before using EAs on a live account, it’s crucial to thoroughly evaluate them on a demo account because they can be dangerous.

EAs are to be utilized in tandem with sound risk-management procedures.

You might want to start with basic EAs if you’re new to them. There are a lot of paid and free EAs on the internet. You can employ more sophisticated EAs or begin creating your own when you’ve had some experience with them.

Check this article, EXPERT ADVISORS: Using Multiple Expert Advisors in MetaTrader to learn how to install multiple Expert Advisors on MT4 & MT5

How to Install Expert Advisors on MT5

• Download the EA file to your computer. It will have a .ex5 or .mq5 extension
• Open the MT4 platform and navigate to Files on the top Menu
• Click on  Open Data Folder on the files menu
• In the Data Folder window, go to the MQL5 and then Experts folder
• Copy and paste the EA file into this folder
• Close the Data Folder window
• In the MT4 platform, go to Navigator
• ‘Right-click’ on the Expert Advisors folder and select Refresh, or Close and reopen the platform
• Your Expert Advisor will now be listed in the Experts folder

Frequently Asked Questions

1. Where can I download Expert Advisors for MT4/MT5?

You can download EAs from several sources:

• MQL Community/Market: This is the official source within the MetaTrader platforms, offering both free and paid EAs. You can access it via the “Market” tab in MT4/MT5.
• Your Broker: Some brokers offer proprietary or recommended EAs for their clients.
• Third-Party Developers: Numerous websites and individual developers sell or offer free EAs. Exercise caution and research the reliability of these sources before downloading.

2. Can I use an MT4 EA on MT5 or vice versa?

No. Expert Advisors are programmed in different languages: MQL4 for MT4 and MQL5 for MT5. They are not cross-compatible. An EA built for MT4 will not work on MT5, and an EA designed for MT5 cannot be used on MT4.

3. Do I need to keep my computer running for the EA to trade?

Yes. Since EAs run locally on your computer’s MetaTrader platform, your computer and the MetaTrader terminal must be running and connected to the internet for the EA to execute trades automatically. If you cannot keep your computer running continuously, consider using a Forex Virtual Private Server (VPS). A VPS is a remote server that runs 24/7, allowing your EAs to trade even when your local computer is turned off.

4. How do I remove an EA from a chart?

• Right-click on the chart where the EA is running.
• For MT4: Select Expert Advisors and then click on Remove.
• For MT5: Select Expert List and then click on Remove.

5. How do I modify the settings of an EA that is already attached to a chart?

• Right-click on the chart where the EA is running.
• Select Expert Advisors (MT4) or Expert List (MT5).
• Select the specific EA from the list and click on Properties.
• In the properties window, navigate to the Inputs tab to modify the EA’s parameters. Click OK to save the changes. Alternatively, you can often press the F7 key when the chart with the EA is active to access its properties.

Difference Between MT4 & MT5 Trading Platforms

MetaQuotes created the well-known trading systems MetaTrader 4 and MetaTrader 5. For several reasons, including overall familiarity, a sizable and well-established community, and an extensive array of educational and support resources, many traders continue to use MT4, even though MT5 is the more recent and perhaps more potent platform.

Since MT5 is a more recent platform, it does not yet offer the same depth of resources as MT4 users. Many features that are only accessible on MT4 as third-party plug-ins, such as more advanced charting tools, more periods, and an integrated economic calendar and newsfeed, are included as standard.

Summary

MT4 and MT5 enable automated trading through Expert Advisors (EAs), though their technical differences can pose challenges for users. While both platforms support algorithmic trading, MT4 remains favored for its simplicity and established community support, despite being limited to Forex. MT5 offers expanded capabilities, including access to stocks and futures, more timeframes, and built-in tools like an economic calendar. However, many traders still prefer MT4 due to its extensive third-party resources and familiar interface. When using EAs, proper risk management is essential, and traders should thoroughly test strategies in demo accounts before live implementation. The choice between platforms ultimately depends on individual trading needs, with MT4 suiting Forex-focused traders and MT5 catering to those requiring multi-asset functionality.