Trader’s Tech #12 – Indicators, Scripts and EAs Part 3


Previously we wrote about Metatrader 4 (MT4) Indicators and Scripts. Today, to further our discussion of Forex trading software, we’ll be talking about EAs. EA is an abbreviation for Expert Advisor and is Metatrader’s terminology for their automation technology built into their trading platform. You may also hear them called “Forex robots“. EAs combine the functionality of indicators with the ability to execute trades and pending orders automatically. Unlike a script, an EA continues to operate and is triggered each time a market “tick” occurs (a market tick happens whenever a trade occurs in the market between any two parties.) EAs can be used to draw lines, text or objects on the chart as well as planning and executing trades.

EAs

Trader's Tech #12 - EAs 1

To use an EA, the steps are very similar to using Indicators:

   Click on the Navigator toolbar button in the upper toolbar to open the
Navigator window, then click on the plus sign to the left of Expert Advisors in
the Navigator window to open the list of Expert Advisors that are installed on
your platform.  

Trader's Tech #12 - EAs 2 Click on your desired EA, drag and drop it anywhere on your chart.
Trader's Tech #12 - EAs 3 When you drop it, you will see the properties dialog box appear on the chart.
Enter values for the properties that you want to change and click OK to finish.
 
Trader's Tech #12 - EAs 4

If you were successful and everything is working properly, you will see the name of the EA in the upper right-hand corner of your chart followed by a “smiley face” icon.  You EA should now proceed to do what it was programmed to do.

 

Trader's Tech #12 - EAs 5 If you see a small "x" following the name of your EA, you will need to click on
the "Expert Advisors" button in the upper toolbar to enable Expert Advisors on
your trading platform.    

That completes our explanation of the differences between, and the use of,
Indicators, Scripts and EAs. In future articles we'll explore in some detail how
to develop them. Until next time, trade well and safely and please feel free to
follow me on Twitter at IsItCoffeeYet.

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