How to Install an Expert Advisor to the MT4Sunday, 16 July 2017 14:20
Expert Advisors are popular trading tools for the Forex market. They simplify the trader's work significantly, performing most analytical functions automatically, or completely take over the trading process. In fact, robots implement the built-in trading strategy in an automatic mode, and the effectiveness of such tools depends on the type of a strategy used.
Choosing the right adviser is not an easy task for a trader, but after you find the appropriate advisor, it's necessary to install it to the trading platform correctly.
Installing the Expert Advisor
- After the Expert Advisor is downloaded, most users begin to search for the installation file of the .exe type, which may not be included at all. However, you don't need it, since the Expert Advisor will only work as an addition to the MetaTrader4, not as an independent program. You need to find the .ex4, or .mql files in the robot folder, this is the advisor itself.
- The .ex4, and .mql files must be copied to the MQL4/Experts folder. To find such a directory, select the "Open Data Folder" item in the "File" menu:
When the folder window opens and the files are copied, you need to restart the MT4, or right-click on the "Expert Advisors" line in the Navigator window and select "Refresh":
- There may be additional files in the advisor folder, which should also be copied to the terminal directory:
The .dll files of the library should be copied to the MQL4/Libraries folder;
The .set files (configuration presets) should be copied to the MQL4/Presets folder;
The other .mql and .ex4 files should be copied to the MQL4/Indicators. These are the indicators that the advisor will use.
- To add the Expert Advisor to the chart, you need to drag it from the Expert Advisors list in the “Navigator” window. After that, a new settings window will open:
The data about the optimal settings of the robot is usually included in the additional files. Here you can set the options for the Expert Advisor, such as the operation period, the interface color, and so on.
- In case you've done everything correctly, you will see a smiley face on the chart of the robot:
Otherwise, you should check whether all the necessary checkboxes are set in the "Expert Advisors" → "Properties" → "Common":
It's also necessary to press the "Auto Trading" button on the top panel of the terminal. If it's active, it will display a green indication.
The installation of an adviser can take a time, but in case the trader follows all the instructions properly, it won't cause any trouble.
Before you start using any robot, it's recommended to read the tool documentation, and choose the right options, depending on the trader's goals, trading method used, and the market situation.