In the forex market an expert advisor is an automated trading software that runs on the Metatrader Platform. Expert Advisors have many nicknames in the market such as: Forex Robots, EA (short for Expert Advisor), Metatrader 4 EA (because of the name of the platform), MT4 EA and Automated Forex Software.

An Expert Advisor is programmed using the MQL 4 (script language for metatrader 4) programming language. These robots are programmed to trade forex on the MetaTrader platform. Expert Advisors have different levels of automization. There are EAs that will alert you every time they find a profitable trading opportunity while others will open and close positions for you automatically. These strategies control the different variables of trading including automatically adjusting stop loss, trailing stops and take profit levels.

There are many Expert Advisors for MetaTrader and many of them use different strategies for entering and exiting the market. The true benefit of using automated software to trade for you is that it that it eliminates the element of emotion that is many times involved in trading. Trading based on emotions and not on raw statistical calculations can lead to huge losses in this market. Another problem Expert Advisors solve is the vast amount of parameters that one must take into account and integrate when deciding what trades to make. A robot can monitor multiple parameters and make split-second calculations much better than any human.

The MQL-4 programming language is very flexible and uses all of the functionality that the Metatrader 4 platform has to offer. All of the feeds and statistics available to the platform are available to the robot that integrates this into its strategy\algorithm. The many variables such as the different types of moving averages, relative strength index, commodity channel index and even your own custom indicator (if necessary) can be viewed and used for decision making by an Expert Advisor. 

In another section of the website we discussed the many types of expert advisors there are out there. In generall there are news based expert advisors, breakout based expert advisors, hedge based expert advisors and scalpers. There are those that enter and exit the market during certain market hours while other run 24 hours a day. There is one thing that they all have in common and that is that they attempt to make as much profit as possible. An experienced trader that feels his strategy is a good one and wants to make it more automated can make their own Expert Advisor or hire a MQL-4 programmer to translate their knowledge into an Expert Advisor.

Expert Advisors use the different technical indicators supplied by the metatrader platform in order to assess market conditions and execute trading decisions. Each Expert Advisor is attached to a chart on the Metatrader platform and takes into account the various factors in fractions of a second to make a correct decision. As mentioned before, the combination of processing multiple variables at once and trading without emotion lead to high win ratios and huge profits.

However, since there are so many Expert Advisors out there and some of them are much better than others. Our goal is to compare all of the expert advisors available on the Forex market and supply you with the information needed to decide which EA is the best one for you.

If you have any questions about a specific Expert Advisor or a general question feel free to contact us.