A metatrader 5 install expert advisor is a forex trading tool used to set up/inputa program that automatically performs trades by following a group of trading strategies stated by a forex trader once certain criteria has been met. In another term, it can be called an automated trading system because a forex trader will not have to be touching the parts of the computer for trade orders to be entered. The main advantage of using a metatrader 5 install expert advisor is that it is a mechanical system put in place and used to create different EAs that duplicates trade actions once a trade signal is identified.
HOW TO INSTALL A FOREX EXPERT ADVISOR USING A METATRADER 5 INSTALL EXPERT ADVISOR
TRANSFERRING THE FILES
After the development or creation of an expert advisor, a forex trader should always take note of where the program file was saved in the computer. After this, the trader should select and copy the expert advisor program file he/she intends to install. Search for a metatrader 5 folder which is usually located at the C drive of the computer. After this, the forex trader should pass the files to the expert advisor folder which causes a caption requesting for the administrators consent to show up. If it does pop up, proceed by clicking continue.
INSTALLING THE EXPERT ADVISOR ON THE METATRADER 5 PLATFORM
A forex trader should his/her metatrader 5 platform. After this, search for the expert advisor unit at the navigator panel which is located at the left hand side of the software. Then the forex trader should click on the plus sign where the accessible expert advisor is registered. After this, he/she should click on the expert advisor intended to be installed and drag it toward the direction of one of the charts on the trading platform.
ADJUSTING THE SETTING
In terms of adjusting the settings of the installed expert advisor, a pop up option will show up indicating the settings of the expert advisor. A forex trader should be able to make sure that all the settings and alerts are accurate before clicking on the OK button.
THINGS TO CONSIDER BEFORE INSTALLING AN EXPERT ADVISOR USING A METATRADER 5 INSTALLER
Before installing an expert advisor using a metatrader 5 install expert advisor, forex traders should be warned that they are a lot of people who specializes in giving out EAs that won’t carry our successful trades as advertised. Forex traders should have the ability to learn and understand all aspects of the expert advisor they want to make use of. If the desired expert advisor is focused on moving averages, a forex trader should be able to know if it uses simple or exponential moving averages and ascertain the number of bars it covers. Forex traders should also go to the length of knowing the type of setting used by the expert advisor in the generation of signals.
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.