In the world of exchange (forex) trading, an expert advisor (EA) may be a piece of software that tells you when to form trades or maybe automatically initiates and executes trades according to preprogrammed instructions. Expert advisors are most frequently deployed on the MetaTrader 4 or 5 forex trading platforms.
- Before you begin using and expanding your EAs, first you would like to form sure that they’re enabled and configured consistent with your trading account. To do that, use the Auto Trading button within the toolbar. A single click enables/disables the automated trading for your MT4 platform
- To enable EAs and to configure them, select Options from the most menu Tools
- From the choices window that pops up, go to the Expert Advisors tab and make sure Allow automated trading is ticked
This enables the utilization of Expert Advisors and other scripts. Please note that even when this setting is deactivated, scripts and Expert
Advisors should seem active, but they’re going to not be ready to execute any trades. When in disabled mode, the analytic capabilities of the EAs can still be tested in real-time mode (they are often also tested together with your history data). Enabling and disabling automated trading from the most menu or the toolbar effects the whole MT4 terminal, overwriting the settings of each individual Expert Advisor. To activate a specific EA, both the overall auto trade settings and therefore the settings of the EA itself got to be enabled.
From the Options window, you’ll set under what conditions auto trading is enabled. If you don’t want your EAs to stay activated once you switch to a different account, tick the primary option: Disable automated trading when the account has been changed.
Similarly, you’ll disable it once you change your MT4 profile by selecting Disable automated trading when the profile has been changed. This option is especially important since profiles usually contain tons of chart data (including expert advisors attached to it). When this is often ticked, you prevent EAs from another profile to be instantly activated and to start out placing trades. Just as described, the last option Disable automated trading when the charts symbol or period has been changed allows you to deactivate EAs once you make key configurations to your charts: change of time period and symbol.