MetaTrader 4 is the trading platform of choice for thousands of forex traders because it allows charting, back-testing, the coding of expert advisors and lots more. It’s a true all-in-one package that can be downloaded free from most brokers. Expert Advisors are simply trading systems that use MT4’s own built in programming language and using a MetaTrader 4 Expert Advisor is not so difficult once you know how.
MetaTrader 4 Expert Advisor – Free Examples
The easiest way to set up a MT4 EA is through the MT4 application itself. The first thing to do is to head over to a decent forex broker such as Pepperstone. Pepperstone offers ECN and PAMM accounts with spreads as low as 0.1-1 pips for EURUSD so they are a good one to choose. Once you’ve opened an account you can download the MetaTrader 4 software.
The pdf on Pepperstone will guide you through the rest of the process of installing the software.
Once you have MetaTrader 4 open, you can find many expert advisors pre-loaded onto the system. Look at the navigator panel on the left and you will see several expert advisors pre-loaded such as MACD Sample, Moving Average and OneClickTrading EA.
Right click on one of these EA’s and you have the option to ‘attach to a chart’. This will load the EA onto your chosen market; EURUSD, USDJPY or whatever and will bring up another window where you can adjust the expert advisor’s settings.
Usually, the EA will start working straight away. You can turn it on or off using the two buttons at the top of the MT4 platform. Clicking the button from red to green turns it on and vice versa.
Going into the trade and account history (at the bottom of MT4) will allow you to watch the EA working in the market, entering and exiting trades.
Other Free MT4 Expert Advisors
To try out another free MetaTrader 4 Expert Advisor look to the right of ‘mailbox’ on the bottom panel and you’ll see the ‘experts’ tab. Click into here and you’ll see lots of new expert advisors that have recently been added to the MetaTrader 4 community which you can load up and try. (Remember, it’s always best to know exactly how an expert advisor works and always demo trade it first).
The Free MetaTrader 4 Expert Advisor From FXeeda
Another place to get a free MT4 expert advisor is from the guys at FXeeda.com. At the moment, FXeeda are offering their EA completely free of charge. To get hold of it you just need to go to the scripts page, copy the script and then paste it into MetaEditor in MT4 using the expert advisor wizard. This will save the EA onto your system which you can then activate in the same way as mentioned above.
Other Free Expert Advisors
Probably the best place to find more free EA’s is in the MetaTrader community itself. There’s plenty of EA’s floating around there and lots of knowledgeable traders who will help you put them together. Trading System Forex is another place to go and provides a list of free EA’s such as the MasterMind 3 EA, the RSI MA Scalper, The Channel Scalper and lots more…
Once you have got an EA you can begin trading it on live markets and see how it does. Crucially, you can also try back-testing it on past data and start writing your own EA’s. When you have your own EA you can even earn money from it by offering it to people to follow on ZuluTrade. There are so many possibilities out there.
Thank You For Reading
Joe Marwood is an independent trader and the founder of Decoding Markets. He worked as a professional futures trader and has a passion for investing and building mechanical trading strategies. If you are interested in more quantitative trading strategies, investing ideas and tutorials make sure to check out our program Marwood Research.
This post expresses the opinions of the writer and is for information, entertainment purposes only. Joe Marwood is not a registered financial advisor or certified analyst. The reader agrees to assume all risk resulting from the application of any of the information provided. Past performance is not a reliable indicator of future returns and financial trading is full of risk. Margin trading can lead to losses more than in your account. Mistakes in backtesting and presenting of analysis regularly occur. Please read the Full disclaimer.