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.
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
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