18 Best Forex Expert Advisor Services

An Expert Advisor is an automated software that opens trades according to an algorithm embedded in its code. Algorithmic Forex trading helps savvy traders reduce their workload, save time, and increase profitability. However, it can quickly deplete your deposit if misused. A trading robot is an assistant that allows you to optimize manual trading systems and combine their advantages into a single algorithm.

This article provides a brief overview of the best Expert Advisors in the Forex currency market. If you follow the guidelines and check your EA periodically, it can bring profitability of 10-15% per month. The article also provides examples of the main settings of Expert Advisors and explains how to tune your EA.

The article covers the following subjects:

Key takeaways

What are Forex Expert Advisors and How Do They Work?

Forex trading robots or Expert Advisors (EAs) are automatic systems that open and close trades according to the algorithm set in the code at a fixed time interval without human involvement. They can also automatically place pending orders, including stop-loss and take-profit orders, increase or decrease the volume of open and subsequent positions in accordance with risk management rules, etc.

Advantages of Forex trading robots:

• Automation and time saving. Traders do not waste time searching for signals, the robot finds them automatically. Traders only need to periodically monitor what is happening on the chart.

• Speed of decision making. In high-frequency trading and scalping, Forex robots are widely used. These trading strategies imply short-term trades performed in the Forex market lasting several minutes, and a trader will not have time to analyze all the signals during the day. However, here a robot comes into play.

• Exclusion of the influence of psychological factors on decision making. Under the influence of emotions (fear, greed, excitement, and despair) a trader can make decisions contrary to risk management and common sense. A robot helps to exclude these mistakes.

Disadvantages of Forex Expert Advisors:

• Ignoring fundamental factors. Most classic Forex Expert Advisors do not take into account a sharp spike in volatility and trend reversal under the influence of news. Therefore, they can bring a loss where a trader would have made a profit from a short-term momentum. The news-sensitive Expert Advisors use neural networks and artificial intelligence.

• Exclusion of the intuition factor. A robot allows trading only according to a set algorithm, while a trader can intuitively make the right decision while taking a risk.

A Forex robot works in the Forex trading platform for which it is designed. For example, trading Expert Advisors for MetaTrader are written in MQL, and for cTrader – in the C# language.

An Expert Advisor looks like this:

1. The upper right corner shows the name of the Expert Advisor and its status (active/inactive). A Forex Expert Advisor can be inactive if the auto-trading function is disabled in the settings (Service/Settings).

2. The arrows indicate open/closed positions. Depending on the platform, they can be displayed differently.

3. A trade opened in the market by the Expert Advisor is displayed as a horizontal line indicating the opening level and its direction.

4. The dotted lines between the arrows connect the points where the robot opens and closes trades. Such trades can be closed manually while keeping the EA active.

Expert Advisor trades do not differ from manual trades. Only its active icon in the upper right corner indicates that the robot is running on the chart.

Choosing and Configuring an Expert Advisor

Let’s delve deeper into what you should pay attention to in order to choose the best Forex Expert Advisors:

• Price. Paid Forex Expert Advisors do not always guarantee profits, because the paid version may turn out to be a slightly modified version of a free robot. On the other hand, if everyone uses free EAs, someone will still make a loss because 100% of traders cannot generate profits forever. A paid EA has an advantage – it offers personalized help from the developer. If you are going to buy an EA, ask for a trial version for testing.

• Open source or proprietary software. If the source code is closed for editing, it is a disadvantage. You will not be able to edit it if optimization is needed.

• The principle of operation and the algorithm used. You should understand how the robot opens trades and what tools it uses. Otherwise, you will not be able to customize your EA.

• Availability of statistics. Backtest and equity obtained on a live account, not on a demo or on a test one. Sometimes, it is worth recalculating some backtest figures manually, as developers may draw these figures to boost sales.

• Settings. Lack of settings leads to poor customization. An abundance of settings will take you a lot of time to go through all available options. Basic settings include indicators, stop-loss orders, risk management, and trade volume.

• Potential profitability. Declared high profitability can be a marketing move.

• Reviews. You should be able to distinguish real reviews from fakes written for the sake of advertising.

• Customer support. The opportunity to ask questions to developers and get recommendations.

Automated trading systems have individual settings. There may be from 10-15 to several dozen options. Most of them can be divided into the following groups:

• Strategy indicator settings. An Expert Advisor can employ several strategies, each of them has its own indicator settings: time frames, conditions of signal appearance, etc.

• Trade volume management settings. Volume increase, averaging, hedging, and Martingale.

• Pending orders management settings. Especially relevant for grid trading.

• Risk management settings. Stop-loss and trailing orders settings. Parameters of partial and full exit from the Forex market.

• Additional settings. Magic number, displaying trades on the chart, etc.

Magic number is a parameter that allows you to use several different Expert Advisors simultaneously. Robots use it to distinguish their trades from trades performed manually or by another robot.

The screenshot above shows a basic set of settings. There is a general block, a risk management block and a volume control block.

In most cases, an automated Forex trading system goes with a manual or guidelines. Paid EAs always have it. The manual describes each parameter, provides optimal combinations of settings for different risk levels, and gives recommendations. Regardless of them, each Expert Advisor is always first tested on a demo account to determine the optimal combination of settings for the best profitability at an acceptable level of risk.

Top Expert Advisors to Consider

As mentioned above, Forex Expert Advisors are automated trading systems that represent a certain algorithm in the form of a script. 

Below are the best profitable Forex Expert Advisors. This review will help you understand their functions and working principles. You will learn how to choose an EA according to your trading goals, risk level, and personality type.

This table compares the best Forex Expert Advisors for automated trading:

Here are the main recommendations for using the above-listed Expert Advisors:

• Customize your EA to each asset, time frame and trading session separately. An Expert Advisor is unlikely to trade perfectly 24 hours a day on all instruments. You should select the optimal parameters for each trading instrument and time frame.

• Test Expert Advisors before launching them on a live account. The main requirements are rising equity without sharp and deep drawdowns. You can test EAs using MT4, MT5, Fx Blue, and Forex Simulator.

• It is better to refrain from trading during key news releases according to the economic calendar.

Our extensive list of Expert Advisors will help you choose the trading robot that best suits your trading goals.

Forex Diamond EA

According to the MQL5 portal (developer of MT4 and MT5 Forex trading platforms), signal providers often use this Expert Advisor. Its strengths are versatility, signal accuracy, automatic optimization, and a recovery factor of 40+ (norm from 20.0). It automatically calculates dynamic stop-loss and take-profit orders and has a built-in algorithm for protection against sharp spread widening and slippages.

Main characteristics of the Forex Expert Advisor:

• It has three built-in independent trading strategies: scalping, trend, and counter trend algorithms. The EA adapts to high market volatility. 

• Recommended trading assets: GBP/USD, EUR/USD, USD/CHF, and USD/JPY pairs.

• The developers do not disclose information about the EA’s basic tools.

• Potential profitability is about 644% or 1,700 pips in three months.

• The recommended deposit is $100-$500. However, it is better to have $1,000 or more on your account to unlock the Expert Advisor’s full potential.

Forex Diamond EA costs $287 with a discount for one live and several demo accounts. 

The guarantee of money return is 60 days. According to the developers, the money will be returned upon the first request without any explanation.

Forex Gump EA

Forex Gump EA is an Expert Advisor for Metatrader 4 and 5 platforms, using several scalping strategies. Scalpers will definitely appreciate this EA! Despite the potential profitability, it belongs to the high-risk ones due to aggressive trading strategies. According to the developers, even if you choose the most aggressive option out of 4 possible ones, the Expert Advisor will protect your deposit from a critical loss. In addition, the EA has a news filter.

Main characteristics of the Forex Expert Advisor:

• Forex Gump EA employs scalping strategies. It can open trades on nine currency pairs simultaneously on M1-D1 time frames. It uses trend, price action, and news filters to generate trading signals. 

• Recommended trading assets: 25 currency pairs, including major currency pairs and cross currency pairs.

• Basic instruments – no information provided.

• Potential profitability is more than 200% per year.

• Recommended deposit – $4,000–$5,000.

The developers sell the original Expert Advisor only on their official website. A license for one account (+1 demo account) costs $199.

Armor EA

One of the popular free of charge Expert Advisors. You can find several versions of it on the Internet. There are also modified versions under other names. It belongs to the slow but consistent grid trading performers, designed mainly for EUR/USD.

Main characteristics of the Forex Expert Advisor:

• Armor EA sets a grid of pending orders according to the trend on the H4 and higher time frames. The grid can be up to 6 orders. If the trend reverses on correction, the Expert Advisor averages the position. The average number of trades is 10-12 per month, each trade is kept open for an average of 1-3 days. Martingale is not applied.

• Recommended trading assets: major currency pairs.

• Basic tools include pattern recognition tools, OsMA (difference between MACD and signal line), and other technical indicators.

• Potential profitability is about 15-20% per month.

• The recommended deposit is $100 for a demo account. To boost your profits, it is recommended to deposit from $1000, and a cent account requires $100.

On MyFxBook, you can find a backtest with a fantastic result of over 13,000% over 2 years of testing. The equity curve grows exponentially, reflecting most of the gains in the most recent period. Whether such a result can be repeated is a rhetorical question. Anyway, the Expert Advisor deserves attention, so it is worth trying it on a demo account at least.

Athena EA

Introduced by an independent developer, Athena EA is a proprietary software product. Details of its operation are not disclosed, but traders receive recommendations on setting and general instructions. The EA developers keep the code hidden so that it could not be copied and modified, thus turning the EA into a mass product.

Main characteristics of the Forex Expert Advisor:

• Athena EA is equipped with a grid trading algorithm with a special approach to take profit, which is aimed at ensuring that you never close the day with a loss. The grid of pending orders is set taking into account the current volatility. It can operate during minor price fluctuations.

• Recommended trading assets: EUR/USD, securities, futures. The Expert Advisor is customized for stock markets, but it can be adjusted for major currency pairs.

• The basic tools are classical moving averages and modified oscillators.

• Potential profitability is 8-25% per month.

• Recommended deposit is from $4,000.

The Expert Advisor’s performance statistics can be found on MyFxBook.

Forex Combo EA

The developers claim that their automated trading system is based on four key strategies: scalping, range trading, trend-following and counter trend trading. All strategies are applied independently, taking into account market conditions. Testing shows that the approach is quite effective; inside a wide channel, the movement from one of its boundaries to the opposite one is perceived as a trend. Trend and channel strategies filter each other’s signals, thus increasing their accuracy, although reducing their frequency.

Main characteristics of the Forex Expert Advisor:

• Forex Combo EA is a complex combined system that finds signals based on several algorithms.

• Recommended trading assets: EUR/USD, GBP/USD, EUR/AUD, and EUR/CAD.

• The basic tools are modified indicators, tools for detecting Price Action elements.

• Potential profitability is $275,000 in 11 years with a deposit of $5,000 USD (about 50% per year).

• Recommended deposit is from $1,000.

The Expert Advisor costs about $300 USD or $167 with a discount. 

However, it can be provided free of charge during promotion campaigns. It is not clear whether the instructions are also free of charge. In addition, you can find free upgrades on the Internet.

Learn2Trade EA

Learn2Trade EA is not an Expert Advisor, but it offers a toolkit for automated trade management. This is a company that provides traders with trading signals for automated copy trading. This is one of the largest and most reputable signal providers for trading on Forex and in the cryptocurrency market.

Main characteristics of the Forex Expert Advisor:

• Learn2Trade EA is a copy trading service. Its algorithm automatically opens and closes trades. Software installation and synchronization takes 10 minutes.

• It provides up to 70 signals per month, indicating market entry and exit points as well as stop-loss order levels.

• A free trial version offers three signals per week. You get a money-back guarantee for your subscription if your expectations are not met.

• Real-time alerts on Telegram with a maximum delay of a few seconds.

• The main signals are on 5 major currency pairs and top cryptocurrencies.

• It has a community with 70K+ active traders.

The service promises gains up to 76%. The monthly subscription costs from £58.

1000 Pip Climber Expert Advisor

1000 Pip Climber is the best Forex Expert Advisor for beginner algorithmic traders. You can download its MT4 version for free. It is also well described on trader forums and has test results on MyFxBook.

Main characteristics of the Forex Expert Advisor:

• 1000 Pip Climber uses several trading strategies depending on the market situation, placing pending orders on higher time frames: H1 and H4. 

• It catches trend movements and is designed for long-term trading in the Forex market.

• Recommended trading assets: EUR/USD, USD/JPY, AUD/USD, USD/CAD, USD/CHF and EUR/JPY. Testing shows that the EA performs weaker when trading cross currency pairs and commodities.

• Basic tools are customized indicators and algorithms.

• Potential profitability is 10,000-20,000 points in 3 years.

• Recommended deposit is from $1,000. The recommendations specify the amount from $10,000 with leverage 1:10.

At the same time, it is better to deactivate your Expert Advisors and refrain from trading in the financial market when the most influential news is released.

Flex Expert Advisor

The Flex Expert Advisor’s website says it is one of the best Expert Advisors in 2024, although the criteria used to evaluate it still need clarification. Meanwhile, this robot has confirmed real-time trading results and verified accounts of real traders. There is a money-back guarantee within 30 days if the trader is unsatisfied with the trading outcomes. On the downside, it costs $349.47, including the discount.

Main characteristics of the Forex Expert Advisor:

• Flex Expert Advisor has 15+ indicators, designed for different trading styles. It automatically adjusts lot size depending on the account balance, shuts down during news releases, and uses a partial exit model with trailing orders to protect your deposit against losses. The EA updates automatically, adjusting to current market conditions.

• Recommended trading assets: GBP/USD, USD/JPY, USD/CAD, USD/CHF, EUR/USD, AUD/USD, EUR/JPY, EUR/CHF, EUR/GBP, and NZD/USD.

• Basic tools are standard and modified indicators.

• Potential profitability is 300% per year.

• Recommended deposit – N/A.

The Expert Advisor is promoted by FTMO, a proprietary trading company, a reputable provider of financial services.

Ultima Expert Advisor

Ultima has basic tools and simple operation. There are no multiple strategies and dozens of settings. It uses only one trading algorithm. Therefore, it offers an easy start for beginner traders. The EA’s principle of closing trades is one of its advantages. Its goal is not to chase profit, but to minimize the number of losing trades. The Expert Advisor is conservative and cannot boast of high profitability, but the risk of loss here is insignificant.

Main characteristics of the Forex Expert Advisor:

• Ultima opens trades during price channel breakouts. The system of stop-loss and take-profit orders allows you to generate about 55-65% of profits.

• Recommended trading assets: EUR/USD on the M15 time frame. The EA was tested and customized for trading this pair, but you can try to apply it to other major currency pairs.

• Basic tools are Fibonacci levels, MACD, convergence/divergence of moving averages, etc.

• Potential profitability is about 50% per year.

• Recommended deposit could be any amount.

The Expert Advisor’s website offers several rental options, but does not specify the cost.

Zeus Expert Advisor

Zeus is an automated trading system designed to trade gold exclusively. Its algorithm has studied over 15 years of gold’s price history to recognize wave movements after the global recession and growth. According to the developers’ statements, the average profitability of Expert Advisor for the last five years has averaged 9% per month. The risk level is below average.

The main characteristics of the Forex Expert Advisor:

• The robot’s developers do not disclose details of the EA’s operation.

• Recommended trading assets: gold.

• Basic tools are also not disclosed.

• Potential profitability is 5-15% per month.

• Recommended deposit is from $500-$2,500.

Sponsored and full license cost €749 and €999 respectively. There is a free version for residents outside the USA and Canada. In this case, you cooperate with a partner broker and share 30% of profit with it. The conditions are subject to change.

FX Fortnite Expert Advisor

The best trending Forex Expert Advisor, which belongs to the category of trading robots with increased risk. Its algorithm uses hedging tools that determine the category of risk: low, medium, and high. The risk level can be specified in the settings. However, not all brokers welcome this approach. The cost of a license for one account is $149.

The main characteristics of the Forex Expert Advisor:

• FX Fortnite employs a trend following strategy, aiming to earn the highest risk adjusted returns. It enters the market at the moment of sharp increase in volatility and confirms signals during divergence/convergence in the currency market.

• Recommended trading assets: major foreign currency pairs, although experienced traders recommend using it exclusively for EUR/CHF on the H1 time frame.

• Basic tools – not disclosed by the developers.

• Potential profitability is 7.5-10% per month.

• Recommended deposit is $1,000, with a leverage of 1:100. The developers recommend first tuning the EA on a cent account with a deposit of $10 or more.

The developers promise a refund for the Expert Advisor if it shows more than a 40% drawdown in 30 days without interrupting its work and following the specified settings. However, it is hard to prove since it requires a trader to record their round-the-clock trading on a VPS server.

Calypso Expert Advisor

Calypso is an Expert Advisor with a high level of risk for aggressive trading. It can trade several currency pairs simultaneously. You select them in the settings, and when the Expert Advisor is launched, trades are opened regardless of the currently active chart. Meanwhile, Forex traders should constantly monitor trading charts. The EA can trade without stop-loss orders, but there is a 50-60% drawdown risk, according to test results.

The main characteristics of the Forex Expert Advisor:

• Calypso is a multi-functional and multi-currency (up to 15 currency pairs simultaneously) Expert Advisor based on Martingale. It supports night scalping, grid trading, position trading, rebound trading from resistance/support levels, etc.

• Recommended trading assets: USD/CHF, GBP/USD, EUR/USD, USD/JPY, USD/CAD, AUD/USD, and EUR/JPY.

• Basic tools – standard and modified indicators. The developers stress that the EA’s key point is not the set of indicators, but the model of trade volume calculation depending on the previous results and timely position closing.

• Potential profitability is 200-300% per year.

• Recommended deposit is from $1,000.

It has many modifications and upgrades. All of them can be customized and adjusted.

Forex Fury

Forex Fury appeared in 2015, and since then, more than six updates have been introduced. This medium-risk Expert Advisor costs $250-450 for 1 and 2 licenses respectively. The payment includes lifetime updates and a complete manual. The disadvantage is that there is no free trial version.

The main characteristics of the Forex Expert Advisor:

• Forex Fury offers automated range trading during high volatility in the market. It can open between one to seven trades a day.

• Recommended trading assets: all currency pairs, stock indices, and cryptocurrencies. Individual settings are required for each asset type.

• Basic tools include Donchian channels, Haken Ashi, stochastic, modified indicators based on algorithms for calculating range deviations. Averaging tools for risk optimization, stop-loss level calculation by ATR.

• Potential profitability is 10-20% per month.

• Recommended deposit is from $100.

The software is promoted by Benzinga, WikiJob, Forex Robot Nation, but this is more of a marketing move. Trading results on some assets are presented on MyFxBook, the Expert Advisor’s official website contains a link to monitoring.

Happy Frequency Expert Advisor

Happy Frequency was designed for professional traders. It takes into account fundamental factors. Its algorithm processes the news, while other Expert Advisors lack this function, and traders have to manually disable the software and close trades before the news release.

The main characteristics of the Forex Expert Advisor:

• Happy Frequency uses trend trading, grid trading, and hedging strategies. Trade volume calculation takes into account the Martingale coefficient. You can adjust the risk level. The higher the risk, the higher the potential income.

• Recommended trading assets: USD/CAD, EUR/USD, EUR/GBP, EUR/JPY, EUR/CHF, GBP/USD, AUD/USD, USD/CHF, and USD/JPY.

• Basic tools – not disclosed by the developers.

• Potential yield depends on the risk level. At a low level, the yield on the backtest is 5-7% per month. A high risk level allows traders to get 15-20% of profits per month.

• Recommended deposit is from $4,000 or $40 for cent accounts.

This Expert Advisor is not the most budget-friendly. In the full version two licenses cost €699 at a discount, and five licenses cost €899. There is a money back guarantee within 30 days. Refund terms are available in the User Agreement.

FX Classic Trader

FX Classic is the best conservative Forex Expert Advisor that should work 24 hours a day to achieve its maximum efficiency. The developers insist on renting a VPS-server for this purpose.

The main characteristics of the Forex Expert Advisor:

• FX Classic Trader is based on indicator analysis, which involves searching for trading signals between key support and resistance levels on higher time frames. Martingale is not used.

• Recommended trading assets: AUDUSD on M30. The developers do not specify other instruments, although it is a question of settings.

• Basic tools: not disclosed by the developers.

• Potential profitability is not specified. Some backtests show the potential of 250% per a year.

• The recommended deposit is from $100-200.

The cost of a license for one account is $109.

Carina Bot Expert Advisor

Carina Bot is an AI-integrated advanced trading software. According to the developers, it is based on triangular modeling. The EA works on the basis of real market data, recalculating its decisions depending on changes in the market situation.

The main characteristics of the Forex Expert Advisor:

• Carina Bot is based on mathematical triangular-modeling. It finds correlations between prices of major currency pairs. The trading bot looks for deviations, generating signals for transactions.

• Recommended trading assets: EUR/USD.

• Basic tools – AI does not use standard indicators and oscillators. No other information available.

• Potential profitability is 3.9-4.0% per month.

• Recommended deposit is $100 in the first month. After the first month, it is necessary to replenish the deposit in the amount of $500.

The EA is compatible only with the Torobase platform.

Regarding the paid and free versions of the Expert Advisor, the first three months of using the Advisor are free. The developers are ready to give away the Expert Advisor for free if you agree to pay 10% of profitable transactions.

In addition, there is a chatbot on EA’s official website. It answers all questions immediately. Sometimes it is superficial, but it is quite reliable.

GPS Forex Robot

GPS Forex Robot is an Expert Advisor actively promoted on different platforms. Some websites criticize it, but the issue lies in the complexity of its settings. There is monitoring on MyFxBook.

The main characteristics of the Forex Expert Advisor:

• GPS Forex Robot’s algorithm immediately opens and closes a trade in the opposite direction in case of a losing trade. The developers say that the EA does not use Martingale, but this point is controversial – sharp drawdowns are visible in backtests.

• Recommended trading assets: EUR/USD, EUR/CHF, EUR/GBP, and USD/CHF.

• Basic tools are not disclosed by the developer.

• The potential profitability is high, showing a staggering 400% per year. I tested this advisor just for fun: you can really get profits with it, but 400% is still impossible. Nevertheless, the EA is quite decent and leaves a lot of room for experiment.

• The recommended deposit is $100.

The 30% per month promised by the developers is more of a marketing ploy. Some backtests show that this is possible in some months if you try hard. GPS Forex Robot costs $149.

Alfa Scalper

Alfa Scalper is the best classic Forex Expert Advisor for scalpers. It is similar to HFT. The EA opens trades on M1 and M5 time frames, holding them in the market sometimes for up to a minute, but more often for several minutes. It has three risk level options: conservative, medium, and aggressive. The difference lies in the interpretation of the trend. In the conservative mode, the Expert Advisor filters signals and only detects a clear trend; in the aggressive mode, the robot opens trades often mistaking corrections or price noise for a trend.

The main characteristics of the Forex Expert Advisor:

• Alfa Scalper opens a lot of trades during short-term trends and sets stop-loss orders that can be changed at the trader’s discretion.

• Recommended trading assets: all currency pairs, including cross and exotics pairs.

• Basic tools are correlation search tools and Martingale.

• Potential profitability is $100 per day, but the developer does not specify the amount of deposit used. There are backtests with a series of 6 out of 6 successful trades and backtests with 150 points of profit. For obvious reasons, there are no unprofitable backtests on the developers’ website.

• The recommended deposit is from $250.

The price for a live account is $147 (discounted) with a 30-day money back guarantee. It is possible to start with a demo account, but there is no free trial.

Conclusion

Let’s conclude our review:

• Profitable Forex Advisors help to automate trade management and pending orders setting. Advantages: they save trader’s time and eliminate emotions in decision-making. Disadvantages: fundamental factors are not taken into account.

• The best option is to write code using your own ready-made and proven trading system.

• Paid and free advisors do not guarantee profitability. The only advantage of a paid robot is that its developer can help you with the settings and teach you how to trade with it. 

• However, this is not always the case. 

• Instead, you can find paid versions with a free trial period.

• Every robot is always tested first using the quote history on a demo account. If during live trading there is a deviation from the statistics obtained on the demo account, the robot should be shut down and optimized.

A profitable Expert Advisor is a tool that does not guarantee income in a few clicks. Whether it will generate income depends on your ability to handle it. If maintained poorly, the robot can quickly drain the entire deposit. But if used correctly, it will simplify the trading process. So take your time to study all the nuances.

Learn how to trade with an Expert Advisor on a demo account, assess the risks and try to switch to live algorithmic trading gradually.

FAQs

What is an Expert Advisor?

It is a program that works according to an algorithm written in code. It is an encoded trading system based on indicators, searching for trading signals and relying on rules of risk management. It is installed on the platform as an .exe file. Once started, it works automatically and can be deactivated at any time.

How does a Forex Expert Advisor work?

The program automatically manages transactions according to a preset algorithm. In addition, an Expert Advisor can calculate the volume of each trade, set stop-loss orders, average positions, send alerts, etc.

How to run an Expert Advisor on MT5?

The Expert Advisor must be written in MQL5. In MT5 click on “File/Open Data Folder”. In the window that opens, browse to the MQL5/Experts directory and paste the Expert Advisor installation files there. Restart the platform. Open the Insert/Experts/Custom menu. If everything is done correctly and the Expert Advisor is seen by the platform, it will appear in the list of user Expert Advisors. To start, click with the left mouse button on the advisor on the selected chart.

Do Forex Expert Advisors really work?

It depends on what strategy you convert into the code, what assets and at what time you want the EA to trade, what settings you make and how you control the trading. Before launching the EA on a live account, each Expert Advisor should be tested using a price history of at least 3 years or with a number of at least 300 trades.

What types of Expert Advisors are there on Forex?

Trend, scalping, grid (using a grid of pending orders), Martingale, indicator and indicator-free Expert Advisors are available on Forex. There is no single classification of them. There are also auxiliary scripts installed as advisors. They provide additional information: the width of the current spread, trading session zones plotted on the chart, etc.

Is it allowed to use Expert Advisors on Forex?

Brokers do not prohibit traders to use Expert Advisors. However, there may be exceptions. For example, the construction of a grid of orders in scalping can overload the broker’s server. The broker may set restrictions on the speed of placing orders and the minimum time they are kept open in the market. In some countries, the use of HFT robots, which place and immediately delete orders in a fraction of a second, is considered fraudulent when the trading volume is inflated artificially.

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteFinance. 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.