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 ECN accounts on the MT4/MT5 platform.
Download MT4 (MetaTrader 4 for ECN/Crypto) or MT5 (MetaTrader 5 for ECN) from FXOpen official site. Install it.
Sign up for MQL5 services.
Run the trading platform (MetaTrader ECN - FXOpen/ MetaTrader 5 - FXOpen) and log in to MQL5.community.
Select File → Login to MQL5.community or click the icon in the top right corner of the platform (ALT+M): (MT4) or (MT5).
Select Help → MQL5 Market in FXOpen MetaTrader (MT4/MT5) or select Market → Experts in the Terminal (Ctrl+T) window in MT4; select Tools → MQL5 Market to access the Market window in MT5.
You can also go directly to mql5.com and select Market → MetaTrader 4/MetaTrader 5 → Experts.
Choose an Expert Advisor according to your trading needs. Use a search box or click the tabs to sort them according to the following criteria: Popular, New, Free or Paid.
Pay attention to the Trading platform for which you are downloading an EA as they differ for MT4 and MT5.
For Paid Expert Advisors there may be several options to choose: Buy, Rent or try Free demo.
Note that Demo version can be run only in the Strategy Tester (Ctrl+R).
Download the Expert Advisor. Click the Download button.
You will be offered two options depending on whether you have a Trading Platform installed or not. Click 'Yes, I have MetaTrader 4" or 'Yes, I have MetaTrader 5' (depending on your trading platform installed and run). The site (mql5.com) will ask you a permission to open MetaTrader, click Open.
The EA will be automatically installed and will appear in the Navigator window (Ctrl+N), Expert Advisors list.
Click the chart (if you have multiple charts). Then double-click your Expert Advisor (e.g. Dark Venus) or drag and drop it onto the chart.
If the EA is enabled, you will see the EA icon in the top right corner of the chart: the smiley for MT4 or academic cap for MT5 .
To remove the EA from the chart, right-click the chart with the EA, and select Expert Advisors/Expert List → Remove.
To change the EA Inputs, right-click the chart with the EA, and select Expert Advisors/Expert List → Properties.
Right-click the Expert Advisor in the Navigator window to manage it. You can add the EA to Favorites, set the hotkey, attach to a chart, or delete, etc.
Run MT4/MT5, enable the Terminal/Toolbox window (Ctrl+T) and select Code Base tab.
Right-click the Terminal/Toolbox area and select Expert Advisors menu item to be displayed all the available EAs in the library.
Select the expert advisor in the list and click Enter (or double-click the EA) to view the detailed information on the program on the official MQL5.com website.
Right-click the expert advisor and select Download in the context menu (or select the EA and press D) to download the program.
The EA is saved to /MQL4/Experts/Downloads or /MQL5/Experts/Downloads depending on your MetaTrader (MT4 or MT5).
After the download, the EA is automatically compiled.
It will appear in the Navigator window (Ctrl+N), in Expert Advisors/Downloads list.
Save the file with the EA to your PC. If the program comes with the readme.txt file, please follow the author's instructions.
Otherwise, double-click the EA file (mq4/mq5) to open it in the MetaQuotes Language Editor.
The EA is saved to /MQL4/Experts or /MQL5/Experts respectively. Open the EA source code and click Compile.
You should be able to see your EA in the Navigator window (Ctrl+N), in Expert Advisors list.
Double-click your EA or drag and drop it onto the chart.
Adjust the necessary EA on the right top corner of your chart. The logs of all operations performed by your EA are available on Experts and Journal tabs in the Terminal window (Ctrl+T).
If your Expert Advisor doesn't work properly in an ECN account, please check the following suggestions:
Some EAs may request adding the Advisor address in the list of allowed URLs.
To do this, select Tools → Options→ Expert Advisors. Check the 'Allow WebRequest for listed URL' and enter the address from the error message box.
Click the icon (smiley or academic cap) on the right top corner of your chart or right-click the chart with the EA and select Expert Advisors/Expert List → Properties to open the settings and inputs of the Expert Advisor.
Select 'Allow live trading'/'Allow Algo Trading' and 'Allow import of external experts'. Here you can also enable alerts and allow modification of Signals settings.
Select Experts and Journal tabs in the Terminal/Toolbox window (Ctrl+T). 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 ECN accounts (0.01 lot).