What is an Expert Advisor

Al Parsai

If you have any questions about the articles and/or tutorials please do not hesitate to contact me. My email address is aparsai@pipboxer.com. It might take a few days to reply back to you but I'll do my best not to miss a single question.

Expert Advisor (EA) is a software program that we write in a special language called MetaQuote Language or MQL for the MetaTrader trading platform. The current version of MQL is MQL4.

The MQL4 code is designed for the MetaTrader 4 platform. When you compile the code the extension of the file name is .ex4 meaning that you can't run the program independently but you need to run it within MetaTrader 4 environment. We run Expert Advisors (EAs) by attaching them to our charts in MT4 environment.

You can use an Expert Advisor for the following purposes:
 

• Placing pending orders
• Managing pending orders
• Entering new trades
• Managing open trades
• Analyzing the market and generating trading or advisory signals
• Closing open trades
• Adding graphical items to a chart
• Position sizing by analyzing the trade history or other methods
• Analyzing the trade history and creating reports
• Creating reports based on currently open trades
• Fully automated trades (position sizing, placing orders, managing trades, closing trades, etc.)
• ...

An EA can analyze the market based on...
 

• Indicators
   
• Price action and chart patterns
• Account info (such as free margin, account balance, etc.)
• Open trades
• Trades history
• External database
• ...

You can enhance the capabilities of an EA with the help of
 

• MQL libraries
• DLL files
• Data files
• ...

I added ellipsis (...) to each item because possibilities are almost endless.
 

Click here to find out if PipBoxer is the right choice for you.

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