An Expert Advisor, also known as an EA, is a mechanical trading system used for Forex trading. Expert Advisors allow for automatic trading to take place, freeing the trader from continuously having to watch the market. Making a profit while trading in the foreign exchange market is determined by a large number of human factors, such as emotions, knowledge, and even the psychology of the trader. Automated programs such as Expert Advisor remove a great deal of these factors from the equation and enable the trader to make better informed decisions by evaluating multiple factors at once.
FXOpen allows to use Expert Advisor in STP accounts.
Please, take these steps to install an Expert Advisor (EA):
Save the file with your EA into the experts/MetaTrader folder on your computer.
The default folder is C:/Program Files/MetaTrader – FXOpen/experts. However, if you installed your MetaTrader to another location, you may have to choose a different folder;
Open the MetaTrader, enable the Navigator window, click Expert Advisors. You should be able to see your EA in the list;
Double-click on your EA or drag and drop it onto the chart;
Adjust the necessary EA the right top corner of your chart. The logs of all operations performed by your EA are available in the MetaTrader, Terminal window, Experts and Journal tabs.
If your Expert Advisor doesn't trade in an STP account (while it trades in another broker's account or in an FXOpen Micro account), please, check the following suggestions:
Click Tools → Options → Expert Advisors. Make sure the options Enable Expert Advisors, Allow Live Trading, Allow External Experts Imports are checked.
Select Terminal window, Journal and Experts tabs. There should be logs about all actions that your EA takes. For example “Invalid Volume” error message means that your EA tries to open a trade with volume less than the minimum transaction size allowable in STP accounts (0.01 lot).
Also, your Expert Advisor might not be programmed to work with 5th decimal pricing in FXOpen STP accounts.
Here you can find various applications to automate analysis and trading in MT4.