Expert Advisors (EAs) can be used on MetaTrader 4 (MT4) and MetaTrader 5 (MT5), subject to the applicable account terms and trading rules. To use an EA, install the EA file in the platform's Experts folder, enable automated trading, and attach the EA to a chart.
What do I need before installing an EA?
Before installing an EA, make sure you have:
- MT4 or MT5 installed on a desktop computer. EAs do not run directly on the MT4/MT5 mobile app.
- A compatible EA file, normally
.ex4for MT4 or.ex5for MT5. - An account and strategy that comply with the applicable trading terms.
- A running, connected platform while the EA operates locally.
How do I install the EA file?
- Open MT4 or MT5.
- Select File → Open Data Folder.
- For MT4, open MQL4 → Experts. For MT5, open MQL5 → Experts.
- Copy the EA file into the Experts folder.
- Return to MT4/MT5.
- In the Navigator panel, right-click Expert Advisors and select Refresh, or restart the platform.
How do I enable automated trading?
- Select Tools → Options → Expert Advisors.
- Enable Allow automated trading or Allow algorithmic trading, as shown in your platform.
- If the EA requires access to an external website or service, enable Allow WebRequest for listed URL and add the required URL.
- Select OK.
- Enable the platform's AutoTrading or Algo Trading toolbar control.
Enable WebRequest access only if it is required by the EA and you understand why the EA needs the connection. This permission allows the EA to send information from your platform to an external server.
How do I attach the EA?
- Find the EA under Navigator → Expert Advisors.
- Drag the EA onto the chart of the product you want it to trade.
- Enable the EA's trading permission where shown, such as Allow live trading or Allow Algo Trading.
- Review the EA settings under the Inputs tab.
- Select OK.
The EA is attached to that chart and operates according to its programming and enabled permissions.
Must the platform remain open?
Yes, for an EA running locally. A closed or disconnected terminal cannot continue sending the EA's new trading instructions.
Closing the platform does not itself close existing server-held positions or orders. Locally managed functions depend on the terminal continuing to run and connect.
Can I use more than one EA?
EAs normally operate from the charts to which they are attached. Use the appropriate charts and review each EA's settings before running multiple strategies.
Should I test an EA first?
Consider Testing an EA on a demo account first before using it on a live account. Demo accounts offer leverage of up to 1:500. If your live account has leverage above 1:500, margin requirements and position sizing on the demo account may not match live conditions. Results achieved on a demo account may differ from live trading outcomes due to factors such as market conditions, execution, slippage, spreads, latency and account settings.
What risks and trading rules apply?
EA trading carries the same risks as manual trading. Trades opened by an EA are subject to applicable spreads, commissions, margin requirements, stop-out conditions, and other trading conditions.
Automated trading does not permit prohibited strategies. Strategies that are prohibited under the applicable Client Agreement or trading conditions remain prohibited when executed through an EA.
Why does my EA not appear?
If the EA does not appear under Navigator → Expert Advisors:
- Confirm that the EA is compatible with your platform. MT4 EAs cannot be installed on MT5, and MT5 EAs cannot be installed on MT4.
- Confirm that the file was copied to the correct Experts folder.
- Right-click Expert Advisors and select Refresh.
- Restart MT4/MT5 and check again.
Who can help with an EA problem?
If you experience any issues installing or using an EA, please contact the EA provider directly for assistance. As third-party EAs are not provided or supported by Moneta Markets, the EA provider is best placed to assist with installation, configuration, or functionality issues.
