Algorithmic trading (automated trading) is one of the strongest features of MetaTrader 4 allowing traders to develop, test and apply Expert Advisors and technical indicators while eliminating any obstacles in analytical and trading activity.

Automated trading with EAs

In MetaTrader 4 your indicator analyses the markets, while an Expert Advisor trades in them. An Expert Advisor (EA) is essentially a robot which automatically places trades for you and is thus a form of automated trading. As well as placing trades, an Expert Advisor can also control the position size when entering an order. 

Expert Advisors are useful for traders who trade a number of currency pairs and those who are too busy to trade frequently. As such, an Expert Advisor continues to look for trading opportunities on a trader's behalf even when they are away from their computer.

How to set up an Expert Advisor

First, you need to create or download an Expert Advisor, copying the files from the location where you saved it. Next, you should locate the MT4 folder on your computer and look for the Experts folder. Open this folder and paste the EA files. At this stage, your computer may open a pop-up asking for admin permission. You should then click on the Continue button.

Next, open your MT4 platform and locate the Navigator window on the bottom left of the screen. Here, you will find a folder named Expert Advisors. Click on the + sign to the left of the EA folder. You will then be able to see the desired EA in this folder. Click on the desired EA and drag it onto a chart.

A pop-up will open and you can modify your settings and alerts. Click OK.

Please note that MT4 does not allow two Expert Advisors to be attached to the same chart although you can run more than a hundred Expert Advisors on the same trading terminal.