Expert Advisor Installation
An Expert Advisor is a piece of software written specifically for the MetaTrader Platform. An Expert Advisor can just advise traders which trades to make or can be programmed to automatically execute the trades on a live account.
Expert Advisors are very flexible pieces of software that can take any information into account that is available on the metatrader platform. They are written in their own proprietary programming language called MetaQuotes Language Version 4.
Let us see how to install an Expert Advisor in MT4 platform in the following steps.
1. Create or download an EA you wish to install.
2. Select and copy the EA from the location where you saved it.
3. Open MT4 client terminal and go to File → Open Data Folder
4. In this folder, click on MQL4
5. Open MQL4 and you will find the window as shown in below. Here click on Experts
6. After open the Experts, paste the Expert Advisor you already copied or drag the EA from the location where it is saved.
7. Congratulations you have successfully installed your Expert Advisor! To double check that you were successful, open up the Bluemax Meta Trader 4 Platform and the EA will be listed under Expert Advisor in the Navigator window.
8. To use the installed expert advisor, double click the EA name or just click its name and drag it into the chart or right click on the EA name and select Attach to a chart option.
A pop-up box will appear showing the settings of your EA.
Make sure that all the settings and alerts are correct before clicking OK.
In Inputs tab, you can change value of variables such as take profit, lots…
9. After adjusting the settings, click OK. The Expert will now be attached to the price chart. Its name will appear in the upper right-hand corner of the chart. The Expert’s name will be followed by a smiley face. An Expert with a smiley face indicates that live trading has been enabled.
If it’s not enabled, Expert’s name will appear with a frowny face.
To enable it, click on Auto trade which is available in the tool bar
10. To remove an Expert, right-click on the active price chart, select “Expert Advisors” and then “Remove,” as shown below