There is a whole host of Forex MT4 trading robots and add-ons out there to make your trades faster, better and easier. But before we get into them, let’s understand briefly what MT4 is.
What is MT4?
Back in 2005, MetaQuotes Software developed this electronic trading platform that is today a go-to tool for most traders.
MT4 stands for MetaTader4 – one of the most popular Forex trading platforms that analyses financial markets, gives expert advice and automates trades. Around the world, hundreds of millions of people use MT4 to give themselves the best chance of making a good deal.
MetaTrader4 also comes with additional services like Signals and Market. A signal is a tool that allows users to copy trades of others. Markets, on the other hand, are a tool that uses Expert Advisors and technical indicators to create profitable openings.
However, there are furthermore software tools developed to work with MetaTrader. In fact, a quick search on the internet will give you plenty of free MT4 Forex robots to use.
What are the best Forex MT4 trading robots available?
Think of each of these MT4 trading robots or expert advisors as your football coach. For a player to work well with a coach, he needs to understand the coach’s philosophy and strategies.
Similarly, each of the following robots has a distinct strategy or a set of strategies. Ask yourself if you’re convinced with a strategy before plunging to purchase.
Big Breakout EA –
One of the most downloaded tools, the Big Breakout EA uses a number of strategies mentioned below:
Trading each breakout of the top and bottom of the zigzag indicator.
1-2-3 & 1234 breakout:
Trading the breakout of each 1-2-3 as well as 1234 formation of a zigzag indicator.
Breaking out the Forex robot mq4 through the high or low of the last X candle.
Additionally, it also uses the slightly lesser popular but potentially just as effective Fractals and Inside Bar breakout strategies. Users can use a big breakout EA on both a demo as well as a live account.
Chaos Trading System EA
Developed by Bill Williams, the chaos trading system uses indicators like Fractals, Alligators, Accelerator & Decelerator Oscillator and Awesome Oscillator (iAO).
The basic strategy of this system is that it trades in cycles. This means that if one observes the right signals, it opens up more than one trade in the same direction. The exit strategy it uses is lack of an uptrend by its Alligator indicator – where it closes all trades.
You can use this on both demo and live systems, however, note that the functions on a demo software are limited.
Apart from these two, there are several other very popular Forex MT4 trading robots available like the Ichimoku EA, Supertrend EA, Bollinger Bands EA, ADX EA and plenty more. Each of these has a distinctive way of functioning owing to its algorithm. The best way to make use of these Forex Expert Advisors is to study the strategies in great detail.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.