To make use of an Expert Advisor, you have to install it on MetaTrader and then attach it to the appropriate chart on MetaTrader 4. It will be just as simple. Take time to read entirely if there are any instructions included with your Expert Advisor.
The first thing to do is, you have to put the it in a place where MetaTrader 4 will be able to use it. In most installations of MetaTrader 4 that place is C:Program FilesMetaTrader 4experts. The actual Expert Advisor is a file without an icon that ends with.EX4. Secondly, now that the it is in the correct location within your computer, re-start MetaTrader 4. And third, when MetaTrader 4 starts up again you will now see the new Expert Advisor on the left navigation menu.
A prompt will show up you to open a demo trading account when you run MT4 for the first time it. You have to do so as it is free. In fact you can open as many free demos as you want over and over on the same instance of MetaTrader without re installing the MT4 software by simply going to File > Open Account.
Place your expert advisor EA file (usually a file ending in.EX4) in the “experts” folder while MetaTrader is not running, to automate MetaTrader 4. The experts folder of your MT4 installation is usually: C:Program FilesMetaTrader 4experts
Start the MT4, you will notice the new EA in the navigator window on the left under “Expert Advisors”. Drag and drop the icon of the EA to the chart you want to run it on. This will result in a pop-up box that will allow you to enter any external variables that may be needed on the “inputs” tab. So the EA will work, make sure you click on “Allow live trading” under the ‘common’ tab of that box.
Click the OK button. You will see a tiny smiling face at the top right hand corner of the chart with the name of the Expert Advisor program that you are running next to it, if you did everything right. That’s it! Your automated trading system is now up and running!
If you see that the little face is not smiling, and it is frowning, it means you did not check the “allow live trading” check box when you attached it. To fix this simply left click anywhere on the chart, and select “expert advisors” from the drop down menu and then “properties” to get to the current EAs properties. Click to allow live trading and click OK, once there on the common tab.
Lee OBrien is an expert consultant for MetaTrader. Do you want to learn more about how to use MetaTrader? I have just completed my brand new guide. Check it out – MetaTrader Global – http://www.MetaTraderGlobal.com/
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