If you want to find a safe way to trade on Forex market and take advantage of the biggest and fastest growing money making market, then you will find robot trading of very good use.
And since MetaTrader 4 is the most popular Forex platform, the expert advisors MT4 are the solutions for you, provided you choose the one suited for your trading needs. In short, MT4 offers you the opportunity to trade without being stuck behind the computer.
How does EA work?
MetaTrader4 includes the automated trading tool, that lets traders create, check out and start real time trading with Expert Advisors (EA) in MetaQuotes Language 4 IDE (Integrated Development Environment).
If you are good at programming, then you can create your own EA, but don’t worry if you know zero about programming. You can still use EAs developed by other programmers. EAs are quite fast, specifically thanks to the MQL4 language that is among the fastest available programming languages worldwide.
Basically, the developer of the EA uses the MetaEditor to create a trading strategy, the MetaTrader 4 tests it and optimizes it, and then it is ready to trade for you.
What to look for in best expert advisor MT4
Since MetaTrader 4 is one of the most popular trading platforms you will find a wide variety of EAs available in the market section. Some of them are free, while others come with a fee.
It is not a rule that the highest price brings the best results, as there are quite a few free EAs available that bring good results both to beginners and to experienced traders.
- Currencies pairs
- Trading mode
Depending on their programming, the EAs analyze news, send reports, can copy deals and, of course, monitor the currencies 24/7. It can open and close orders, lets you set the trading lots.
Some robots have two trading models: conservative, where it uses stop losses, or aggressive, where it uses several averages and doesn’t include stop loss. Most of them use the popular currency pairs, such as USD/EUR, USD/GBP, USD/CAD or USD/JPY.
Each of the EAs available has a free demo solution, meaning that you can put it to test before actually using it. MT4 offers a strategy tester just for this purpose. Just download the free expert advisor MT4 and you will find it in your Market Purchased tab. There you can test it or launch it to start trading. However, a test is advisable in the first instance.
And testing includes using historical data to perform transactions based on the algorithm programmed. Once you see the results of the test automated trading, you can assess the effectiveness of the product, based on the report provided by the app and determine if you want to start using it in real life trading.
Best free expert advisors for MT4
Now that the theoretical use of the EAs is covered, you need to know that there are over 1,700 EAs available in the market, some of them free, each of them having specific features and strategies. You can check the best of them using this table!
Types of EAs
- Neural networks based
- Trends trading
Any strategy you want to use has an available free EA on the MT4 Market, just check it out, test it and use it in your automated trading. But let’s see how each type works and what to look for when you want to choose one to work for you.
Some of the top free expert advisors for MetaTrader 4 are night scalpers on USD/GBP and USD/EUR and look for trades with high profitability rate. Others use only one pair, such as EUR/USD or work on any timeframe. They have the possibility to set a maximum orders or spreads allowed or maximum risk, to stop loss in pips and to set start time and stop time. What you should look for is also the minimum deposit they require, as some go as high as USD 1,000.
The main parameters to look for in scalpers, just to keep you on the safe side of automated trading are:
- StopLoss – to limit potential losses and make the most of the trading
- TakeProfit – to set the level for taking profit order
- TraillingStop – when the trading is profitable
Features to look for:
- Currency pairs – low spread mainly
- Deposit – some go below USD 100
- Account currency
- Trading hours – some work 24/7, others work on specific intervals
Neural networks based
A less common trading system, based on trainable algorithms, neural networks, is also available in the MT4 market and can be a good choice of MetaTrader 4 expert advisor free. Basically, it recognizes patterns, predicts behavior and, based on that, it does the automated trading. The MT4 platform uses the Hlaiman EA Generator, a neural network engine. And based on these, you will find some free EAs that use all major currency pairs, and have up to 30 indicators.
In choosing this type of EA, you need to look for the availability of some indicators:
- BuyOpenThreshold and SellOpenThreshold
- BuyCloseThreshold and SellCloseThreshold
- Max Spread
This type of trading also allows you to add the filters of your choosing, and among them timeframe is relevant, with:
- Trade permission – the days the trades are allowed
- Sunday trading
- Friday stop
Trading tools to look for:
Another popular EA that can be ranked as best MetaTrader 4 expert advisor is the robot that trades based on trends. What it does is analyze trends on several charts at the same time, and trades accordingly. It uses oscillators on many timeframes and puts buy/sell orders.
Features to look for:
- Pairs – most of them using the best trade pairs
Build your own free EA
If you looked for an expert advisor to accommodate your trading needs and feel you have to change one thing or another in the ones already available in the Market or that you gained enough experience to put different indicators in a robot to trade with better results, know that MT4 allows you to build your own EA, without much difficulty.
Just go to EA in your MT4 platform, click create and go to Expert Creation Wizard. There, you can add a parameter (eg TakeProfit, Lots, TraillingStop etc). Know that the trade operations have specific names in MQL4 (eg OP_BUY for buying position).
The MetaEditor tool includes data on this language, in the Help section.
Once the EA compiled, it will appear in the EA section of your platform. Enable it and you can launch it, add charts, remove indicators etc.
Another feature that you will need to use is the testing of your robot, to determine how good it is and if it can run properly. And once it passes the test, it can start working for you, and you can even exchange it with other traders or sell it on the Market.
This is a MetaTrader 4 expert advisor free that includes exactly the features, strategy, and data you want to use in your trading, without being tight up to a third party – programmer, fellow trader.
MT4 platform offers a wide variety of free Expert Advisors, developed either by programmers with technical skills and theoretical knowledge of the market or by actual traders who put their experience to use and come up with automated trading tools.
If you decide to use one EA or another, know that you can test it, see how it works and how much money it can make for you. Moreover, some developers would even offer the possibility to include other features in the robot they offer (but this is, most likely, a paid solution).
In order to determine what is the best free EA for you, you will need to determine some facts:
- Trading time
And don’t leave aside a major aspect: money. Set a minimum amount you want to trade, as most of the free robots will require a deposit for trading.
In case you don’t find what you need in the existing expert advisors, another method to get a free EA is to build your own. The community of traders may offer you some advice, the MT4 help center will also provide information on the subject, and, provided you manage to build a good EA, you may even earn some money by selling your own robot to other traders.
Anyway, you choose to go with the free EA – buy or build – you should keep in mind that all these robots are tested and the results are relevant to your decision to use them in real life trading.
The demo version of the EA available on the Market exists with each robot, and you may check its power by seeing how it reacts to historic data so that you can determine its effectiveness.
But probably the most important thing is experience – trade, demo trade, see how your strategy works and determine future steps in your currency pairs trading. And gain information in terms of market news and events that can influence currencies. This will support your decisions and will bring the necessary success in this field.