Experts in MetaTrader are known as Expert Advisors (EA) and are abbreviated as EA. An Expert Advisor can be defined as an automated program on the MetaTrader platform that allows for automated trading when executed. Experts are written in the programming language of the MetaTrader environment, which is MQL4 for MetaTrader 4 or MQL5 for MetaTrader 5.
These programs analyze the markets and identify entry and exit signals based on a set of predefined rules and algorithms. Additionally, experts automatically place buy or sell orders when necessary. On the other hand, some of these experts only issue alerts, some open orders, and others are used for full position management, including closing orders, setting stop loss, and take profit levels.
Guide to Adding an Expert in MetaTrader
What should be done to add experts in MetaTrader?
Opening the Data Folder in MetaTrader
To start the expert installation process, you first need to access MetaTrader’s internal data folder. After launching the MetaTrader software, select the “File” option from the top menu, and then click on “Open Data Folder.” This will open a window with the main MetaTrader files, where you can view and manage the folders related to experts, indicators, and other components of the software.
Location of the Expert File in the Experts Folder
Once the data folder is open, you need to navigate to the expert installation path. If you’re using MetaTrader 4, go to the MQL4 folder and then the Experts folder. If you have MetaTrader 5, the path will be MQL5 > Experts. This folder is where the expert files are located, and you must ensure that the file is placed exactly in this location.
Transferring the Expert File to the Correct Folder
At this stage, copy the expert file (with the extension .ex4 or .ex5) that you obtained from a trusted source to the Experts folder. This file may be executable or contain the source code, but to execute, only the executable file is required. Be aware that placing the file in the wrong path will prevent MetaTrader from recognizing and displaying it.
Updating the Expert List in the Navigator Window
Now, in order for MetaTrader to recognize the new expert, you need to update the expert list. On the left side of the software, there is a window called Navigator. Right click on the “Expert Advisors” section and select “Refresh.” This will make the newly added expert appear in the list.
Dragging and Dropping the Expert onto the Chart
To use the expert, you need to add it to the desired price chart. Simply drag the expert from the Navigator list with the mouse and drop it onto the chart of the trading symbol you want. This will open the expert’s settings window, and you can proceed with the next steps.
Initial Expert Settings in the Properties Window
In the window that appears, there are several configurable sections. In the “Common” tab, you need to enable the “Allow live trading” option so that the expert can execute live trades. You can also adjust settings for money management, entry into trades, and other parameters in the “Inputs” section according to your personal strategy.
Enabling Auto Trading in MetaTrader
One of the requirements for successfully running the expert is having the “Auto Trading” option enabled in MetaTrader. This option is located in the toolbar at the top of the software and should be turned on (green color). If this option is disabled, even if the expert is correctly installed, it will not be able to execute any trades.
Displaying the Active Expert on the Chart
Once the settings are done, if everything is correct, the expert’s name will be displayed in the upper right corner of the chart. In MetaTrader 4, there is usually a smiley face icon next to the expert’s name, indicating that it is active. These indicators will reassure you that the expert is ready to execute.
Checking Error Messages in the Experts Tab
If the expert does not run or behaves abnormally, you can go to the bottom section of the software and check the “Experts” tab. In this section, the system messages related to the expert’s execution are recorded, and you can identify potential causes of errors, incorrect settings, or data shortages.
Result of Running the Expert on a Demo Account
To ensure the proper functioning of the expert, it is recommended to test it on a demo account before using it on a real account. This way, you can assess the expert’s entry and exit points, profitability, response to market conditions, and alignment with your trading strategy without any risk, and make adjustments to the settings if necessary.
What are the most famous Forex experts?
Review of the most famous Forex experts:
Forex Fury
A semi automatic expert focusing on scalping strategies in lower timeframes. This expert is known for its flexible settings and the ability to filter trade times (to avoid important news). Many users use it for small accounts.
Forex Flex EA
One of the most well known experts with diverse strategies including Grid, Trend, Martingale, and combinations. This expert has the ability to learn and adjust parameters automatically and is compatible with various trading accounts.
GPS Forex Robot
This expert is designed with a unique algorithm that executes precise and successful trades 90% of the time, and for rare mistakes, it has an automatic reversal mechanism. It is primarily used for EUR/USD trades.
WallStreet Forex Robot
One of the oldest experts in the market with a focus on conservative strategies. Due to its proper risk management and support for various brokers, it is popular among traditional and conservative traders.
Reaper Forex EA
A newer and optimized expert with a multi pair structure that works based on price action and precise market timing. Its performance in long term backtests has been acceptable and stable.
Million Dollar Pips
This expert is one of the first very fast scalpers designed with specific algorithms for volatile markets. Although it has become less relevant today due to changes in spreads and broker structures, it remains one of the historically famous experts.
Happy Forex EA
A collection of specialized experts (Happy Gold / Happy MartiGrid / Happy News) designed for specific symbols like gold, news, or grid trading. This collection is legally offered with a license, and users can choose one based on their strategy.
Using Experts in a Professional Way
Professionals view experts as precise tools in an engineered trading system, rather than merely profit generating robots.
For them, an expert is part of a cohesive whole that must be synchronized with other components of the system, such as market analysis, capital management, trader psychology, and the current market conditions.
They understand that no expert, on its own, can guarantee sustainable success unless it is properly designed, continuously optimized, and implemented within a logical framework. Therefore, professionals see the expert not as a replacement for thinking and analysis, but as an intelligent tool that serves order and efficiency in trading.
Advantages and disadvantages of experts
| Advantages | Disadvantages |
| Execution of trades without human emotional interference | Complete dependence on the algorithm and the potential to overlook unpredictable conditions |
| The ability to trade 24/7 without the trader’s physical presence | Need for thorough testing and fine tuning before using on a live account |
| High speed in analysis and order execution | Limited performance during periods of high volatility or major economic news releases |
| Capability to backtest and review past performance under various market conditions | Risk of using high risk strategies like Martingale without the user’s awareness |
| Suitable for specific, programmable strategies | Many available experts in the market are unreliable or unoptimized |
| Ability to use in demo accounts for learning or performance evaluation | Need for a constant internet connection or VPS for stable operation |
| Reduction of human errors in entering and exiting the market | Inability to react to unpredictable events such as political news |